I heard that executives at a major U.S. exchange recently commented on a market-structure bill getting stuck, blaming bank trading organizations as the main obstacle. This involves market-structure reform, which has always felt like a hot topic. Regulators want to push for improved market structure, but traditional financial forces are putting up strong resistance in the middle; meanwhile, internet finance and the crypto industry want a more open market-structure environment. In the end, all kinds of interest groups are bickering with each other. I don’t know whether this market-structure bill will ultimately pass—both sides seem to have their own reasons. What do you think about this?

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