According to the latest conversation with crypto czar David Sacks, it is highly likely that the market structure bill will be passed in August. This is a more significant progress in clarifying cryptocurrency regulation than the GENIUS stablecoin bill. The following table summarizes the key contents of the Market Structure Act: 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 benefit PerpDEX in the long run. The leading projects on the PerpDEX track, including HyperliquidX and SynFuturesDeFi, have benefited from this bill. The "market rules" section of the bill will exert enormous regulatory pressure on the current product paradigm and business model of offshore exchanges. Accelerating decentralization/wallet based CEX will be an adaptive evolution strategy that the industry must adopt in the new environment. CEX platform coins will face certain adjustment pressures, and should be actively avoided at this stage.