The U.S. House of Representatives recently released a discussion draft of the "Digital Asset Market Structure" in an attempt to establish a clear regulatory framework for the cryptocurrency market. The draft clarifies the boundaries of whether digital assets are considered securities, allowing certain assets to be issued and traded without the applicability of traditional securities laws, while maintaining strict regulations on similar derivatives.

The draft also designs a legal recognition mechanism for existing blockchain networks, aiming to strike a balance between protecting investors and promoting innovation. Although the direction is positive, the provisions are complex, and it will still require multiple rounds of discussions and revisions in the future. Market participants should closely monitor its progress.