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. The passing of the U.S. FIT21 Act, which clearly delineates the responsibilities of regulatory agencies, has provided a clear path for digital asset regulation, ending the industry's long-standing period of regulatory chaos. We can see its positive significance for the construction of market order. The U.K. bill that includes cryptocurrencies and other digital assets within the scope of personal property provides strong legal protection for investors, significantly enhancing market confidence.

Although these bills each have their highlights, they also face challenges. For instance, the lack of uniform standards among some state-level bills can create opportunities for regulatory arbitrage, allowing some criminals to take advantage. Additionally, issues such as severe price volatility and technical security risks inherent in digital assets mean that the current legislation is still not comprehensive enough to address these challenges.