#美国众议院市场结构讨论草案 The U.S. House of Representatives' "Market Structure Discussion Draft" proposes to include digital assets in a dual regulatory framework for securities and commodities. The core content includes: 1) Clarifying the division of responsibilities between the SEC and CFTC, with security tokens under the jurisdiction of the SEC and commodity-like tokens regulated by the CFTC; 2) Requiring trading platforms to register compliantly, strengthening information disclosure and anti-fraud provisions; 3) Setting exemption clauses for certain token issuances. If the draft is passed, it may accelerate the compliance process for exchanges, but stringent custody and operational rules could squeeze the survival space for small and medium platforms. The focus of contention lies in the ambiguity of DeFi regulation and the applicable scope of the definition of "securities," which could ultimately reshape the competitive landscape of the industry and promote compliance-driven leading institutions to dominate the market.