#数字资产法案 The House Republicans plan to release a cryptocurrency regulatory draft before the hearing on May 6. If it continues the classification framework for decentralized assets established by the FIT21 bill, it is expected to provide clearer regulatory guidance for the market. However, political interference from the Trump administration may introduce uncertainties to the details of the bill. Historical experience shows that overly strict regulations (such as the EU's MiCA regulation's high capital requirements) can stifle innovation, while overly lenient regulations may lead to risks. Ideal regulation should clarify asset classification (such as distinguishing between commodity/security attributes), simplify compliance processes, and reserve space for emerging areas like DeFi; such balanced policies can promote adoption.