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 passage of the FIT21 Act in the United States, which clearly delineates the responsibilities of regulatory agencies, has provided a clear path for digital asset regulation, ending the long-standing period of regulatory chaos in the industry. We can see its positive significance for the construction of market order. The UK’s legislation that includes cryptocurrencies and other digital assets under personal property categories provides strong legal protection for investors, greatly enhancing market confidence.

Although these acts have their highlights, they also face challenges. For instance, the lack of uniform standards in some state-level acts can lead to regulatory arbitrage, allowing some criminals to take advantage. Moreover, issues such as the severe price volatility inherent in digital assets and potential technological security risks indicate that the current legislation is still insufficient in addressing these concerns.