The emergence of the Digital Asset Act #数字资产法案 is undoubtedly a key milestone in the development of the digital asset ecosystem. With the passage of the U.S. FIT21 Act, which clearly delineates the responsibilities of regulatory agencies, a clear path for digital asset regulation has been established, ending the long-standing chaotic regulatory period in the industry. We can see its positive significance for the construction of market order. The UK’s legislation, which includes cryptocurrencies within the scope of personal property, provides strong legal protection for investors and greatly enhances market confidence. ​

Although these acts have their highlights, they also face challenges. For example, the lack of uniform standards among some state-level acts can create opportunities for regulatory arbitrage, allowing some criminals to take advantage. Moreover, the issues arising from the inherent characteristics of digital assets, such as severe price volatility and technological security risks, are not adequately addressed by current legislation.