In 2023, the United States House of Representatives is discussing reforms to the capital market structure, with a focus on a key draft aimed at enhancing market transparency and competitiveness. The draft proposes optimizing order execution mechanisms, limiting Payment for Order Flow (PFOF) practices to reduce potential conflicts of interest, and strengthening investor protection. At the same time, there is a proposal to enhance regulation of high-frequency trading and dark pool trading to ensure market fairness. Legislators are also concerned about the participation thresholds and trading costs for retail investors, intending to promote a more inclusive and equitable market environment. If the draft is passed, it could have far-reaching impacts on exchanges, brokerages, and fintech companies.