#DigitalAssetBill 👇🏻💥🚀

The latest development in digital asset legislation centers on the Property (Digital Assets etc.) Bill in the UK and the Financial Innovation and Technology for the 21st Century Act (FIT21) in the US, reflecting global efforts to regulate digital assets.

In the UK, the Property (Digital Assets etc.) Bill, introduced on September 11, 2024, to the House of Lords, aims to recognize digital assets like cryptocurrencies and NFTs as personal property under a new "third category" of property rights. This follows the Law Commission’s 2023 report, which highlighted the need for legal clarity as digital assets don’t fit traditional categories (things in possession or action). The bill, updated as of April 22, 2025, allows courts to define this category’s boundaries, enhancing legal protections for owners in disputes, inheritance, or insolvency. It aligns with the UK’s goal to remain a fintech hub, supported by an expert panel to guide technical issues.

In the US, FIT21, passed by the House in May 2024, is gaining traction in 2025 under a crypto-friendly administration. It clarifies SEC and CFTC roles, categorizing digital assets as commodities or securities. On February 4, 2025, congressional leaders expressed intent to pass FIT21 with minor changes, aiming for Senate approval within the first 100 days of the new administration. This reflects a push for regulatory clarity to foster innovation and maintain US leadership in digital finance.

These developments signal a global trend toward integrating digital assets into legal and financial frameworks, balancing innovation with consumer protection. #DigitalAssetBill