#USHouseMarketStructureDraft

1. The U.S. House releases a regulatory draft for digital asset market structure

The U.S. House Financial Services Committee and the Agriculture Committee jointly released a (Digital Asset Market Structure Regulatory Draft) aimed at establishing a clear regulatory framework for cryptocurrencies to protect consumers, promote innovation, and strengthen America's leadership in this field. A joint hearing is scheduled for May 6, but Democratic congresswoman Maxine Waters plans to block the meeting and will hold a 'shadow hearing' focusing on the relationship between the Trump family and the crypto industry.

2. U.S. President Donald Trump has scheduled two crypto-related dinner events this month

U.S. President Donald Trump has arranged two crypto-related dinner events this month aimed at fundraising and engaging with the crypto community. The first event is the 'Crypto and AI Innovators Dinner' on May 5, with an entry fee of up to $1.5 million, hosted by MAGA Inc., with special guest David Sacks, who is actively involved in crypto and AI policy-making. The second event will take place on May 22 at Trump National in the Washington area, with eligibility determined by the holding of $TRUMP meme tokens; the first 220 holders will be invited to dine with Trump.

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3. The crypto market is stagnating, and forex may become the next macro storm's leading signal

QCP analysis points out that implied volatility in the crypto market remains low, with short-term options skew returning to neutral, and spot prices lacking clear direction. Meanwhile, gold rose nearly 3% on Monday, reflecting that the market is increasingly pricing in dollar weakness and geopolitical uncertainty. Going forward, the market may experience two distinctly different trends: one being a sudden volatility shock that detaches Bitcoin from its safe-haven correlation with gold and re-links it with risk assets; the other is that trade factors become the dominant logic, with strong Asia-Pacific currencies enhancing regional bargaining power.