According to the latest discussion by crypto czar David Sacks, the market structure bill is highly likely to pass in August. This represents a more significant step toward regulatory clarity for crypto than the GENIUS stablecoin bill. The table below summarizes the key points of the market structure bill: From the perspective of secondary market investment, the "asset classification" section of the bill is likely to classify tokens as commodities regulated by the CFTC, which will be a long-term benefit for PerpDEX. Leading projects in the PerpDEX sector, such as @HyperliquidX and @SynFuturesDefi, are expected to benefit from this bill. Meanwhile, the "market rules" section of the bill will impose significant regulatory pressure on the product paradigms and business models of existing offshore exchanges. Accelerated decentralization/walletization of CEXs will become an adaptive evolution strategy under the new industry environment. CEX platform tokens will face certain adjustment pressures, and it is advisable to proactively avoid them at this stage.