#数字资产法案
Global digital asset regulation is undergoing a profound transformation, with multiple countries and regions introducing relevant legislation aimed at balancing innovation and risk control. The following is the current analysis of digital asset legislation in the cryptocurrency sector:
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Overview of Legislation and Regulatory Trends
1. United States 'Financial Innovation and Technology Act of the 21st Century' (FIT21)
This legislation aims to establish a unified regulatory framework for digital assets, clarifying the distinction between commodities and securities. However, the Biden administration and SEC Chairman Gary Gensler oppose it, believing it undermines investor protection and could lead to regulatory arbitrage.
2. Pennsylvania Passes Digital Asset Regulatory Legislation
This state legislation clarifies the regulatory rules for digital assets, protects residents' asset custody rights, and allows the use of Bitcoin for payments. This move provides clear guidance for the development of cryptocurrency.
3. California Digital Financial Assets Bill
This legislation requires crypto companies to obtain operating licenses and prohibits the use of non-bank issued stablecoins, aiming to strengthen regulation of the crypto market.
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Market Response and Controversial Focus
• Industry Support and Opposition Coexist
Major cryptocurrency companies such as Gemini, Kraken, and Coinbase support the FIT21 legislation, believing it contributes to industry development. However, some lawmakers and regulatory agencies are concerned that the legislation may weaken investor protection.  
• Redefinition of Regulatory Authority
The FIT21 legislation attempts to redefine the regulatory authority of the CFTC and SEC, clarifying that most digital currencies are commodities regulated by the CFTC. This has raised concerns about regulatory overlap and regulatory arbitrage. 
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International Perspective and Future Outlook
• Global Regulatory Tightening
New U.S. laws grant the president the power to block access to digital assets and provide a broad definition of digital assets, which could have far-reaching impacts on the cryptocurrency industry.
• Industry Needs to Strengthen Compliance and Transparency
With the strengthening of regulations, cryptocurrency companies need to enhance compliance and transparency to adapt to the new regulatory environment.