The introduction of the Digital Asset Act $BTC is undoubtedly a key milestone in the development of the digital asset ecosystem. The passage 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 long-standing regulatory chaos in the industry. We see its positive significance in building market order. The U.K.'s legislation that includes cryptocurrencies as part of personal property provides strong legal protection for investors and greatly enhances market confidence.

Although these acts each have their highlights, they also face challenges. For instance, the lack of uniform standards among some state-level regulations can create opportunities for regulatory arbitrage, allowing certain criminals to take advantage. Additionally, the inherent characteristics of digital assets, such as severe price fluctuations and technical security risks, mean that the current legislation is still inadequate in addressing these issues.