Democrats are preparing a new round of regulatory battles against the US crypto industry. Eleanor Terrett revealed that House Democrats are discussing expanding Maxine Waters' 2025 "Crypto Investor and Consumer Bill of Rights" into a comprehensive crypto market structure bill for the next Congress, incorporating some provisions previously negotiated between Senate Democrats and Republicans. This proposal has three directions: First, expanding the SEC's regulatory power over the crypto market and reducing the CFTC's role; Second, adding stricter ethical provisions to limit the involvement of Trump and other federal officials in crypto businesses; Third, strengthening consumer protections for exchanges and platforms. Waters' list of investor rights proposed last year included: 24/7 live customer service with a wait time not exceeding 5 minutes. Withdrawals and transfers must, in principle, be completed within 24 hours. Customer assets must be segregated and held in custody, and cannot be misappropriated, lent, or re-pledged without consent. At least one cryptographically verifiable proof of reserves per month, certified by a certified public accountant. Introduce a customer asset protection mechanism similar to SIPC. Mandatory fiduciary duty and best execution are required, prohibiting platforms from preemptively trading and engaging in related-party proprietary trading for speculative purposes. The problem arises: The core direction of the Republican version of the Clarity Act is to allow the CFTC to lead the regulation of the digital goods spot market. Democrats now want to shift the regulatory focus back to the SEC. This means a heavier compliance burden for exchanges, greater securities regulatory uncertainty for token projects, and DeFi may become the focus of the next round of regulatory controversy.