The recent draft "Market Structure Discussion Draft" proposed by the U.S. House of Representatives aims to optimize the efficiency of capital market operations, focusing on reforming stock trading rules and information disclosure systems. The core content of the draft includes: simplifying the order execution process, adjusting market maker obligations to enhance liquidity, reducing compliance costs for small public companies, and exploring the feasibility of shortening the trade settlement cycle to T+1. There are disagreements among bipartisan lawmakers regarding the strengthening of retail investor protection provisions, with some clauses potentially undermining SEC regulatory authority. If passed, this legislation will reshape the operational framework of the U.S. stock market for the first time in nearly 20 years, but critics are concerned that excessive deregulation could exacerbate market volatility. The proposal will subsequently enter the committee review and public consultation phase.