The United States passed the Digital Asset Market Structure Act | CFTC and SEC redistricting powers, comprehensively upgrading the regulatory framework for the crypto industry

1. Historic Moment: The United States Passes the First Systemic Crypto Market Regulation Bill

On October 3, 2025, the U.S. House of Representatives passed the Digital Asset Market Structure Act (DAMSA ) with an overwhelming vote of 312 to 118. This legislation, known as the " digital asset version of the Securities Act ," is the most landmark regulatory action in the United States since the birth of Bitcoin.

The bill, drafted jointly by the House Financial Services Committee and the Agriculture Committee, aims to establish a clear, unified, and enforceable legal framework for the rapidly growing crypto asset market, ending a long-standing state of regulatory ambiguity and departmental competition.

📊 Background data:

• Total U.S. crypto market capitalization: $2.9 trillion (Q3 2025)

• Digital asset platforms registered in the United States: 142

• Annual on-chain transaction volume: $8.7 trillion

II. Redrawing Regulatory Responsibilities: The SEC No Longer Has a Monopoly, and the CFTC Expands Its Powers

The most groundbreaking part of DAMSA is the systematic redrawing of the regulatory powers of the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) :

🔎Key transformation:

• Bitcoin (BTC), Ethereum (ETH), and major stablecoins will be explicitly classified as “ Digital Commodities ” → CFTC Regulation

• Yield tokens (e.g., staking tokens, DAO equity) will be considered “ security assets ” → SEC regulation

• All trading platforms must complete re-registration within one year and undergo double review

3. Four core clauses: The industry landscape may be completely reshaped

The Digital Asset Market Structure Act establishes a new regulatory framework in four core areas:

📌Industry analysts’ views:

“The passage of this bill marks a shift in the US regulatory stance from ‘vague suppression’ to ‘systemic acceptance.’ Crypto assets have officially entered the mainstream regulatory system alongside securities and futures.”
— Laura Chen, Chief Compliance Officer, Galaxy Digital

IV. Direct Impact on the Market: Exchanges and Stablecoins Bear the Bruins

📉In the short term , the bill is expected to trigger a round of "compliance reshuffle":

• More than 40% of small and medium-sized trading platforms may withdraw from the US market due to failure to meet registration and compliance requirements

• Some stablecoins (such as USDT) may face delisting due to issuance qualification issues

• DAOs and revenue-generating protocols will be required to submit annual reports and smart contract audits

📈In the medium and long term , analysts believe that the new regulations will attract more institutional funds and compliant capital inflows, bringing greater transparency and trust to the crypto market.

5. Global Impact: US and European Regulation Enter a Phase of “Co-opetition”

The passage of DAMSA will not only have a profound impact on the US domestic market, but will also accelerate the synchronization and competition of global regulations:

6. Future Outlook: A Compliance Bull Market May Begin

The passage of the Digital Asset Market Structure Act is seen as a turning point for the crypto industry from "disorderly and barbaric growth" to "institutionalized development."
Many investment banks and research institutions predict that as the regulatory framework improves:

• The scale of digital asset custody in the United States will exceed US$3 trillion in 2026 ;

• More than 70% of institutional investors will enter the market through compliant channels;

• Trading volume in the crypto derivatives and ETF markets will double.

📊 Summary in one sentence:

“The arrival of regulation is not the end of the crypto industry, but the beginning of mainstreaming.”