Against the backdrop of blockchain technology driving the digital asset market to surpass $2.72 trillion, a global regulatory framework is rapidly taking shape. Represented by the U.S. 'Financial Innovation and Technology Act of the 21st Century' (FIT21), the legislation classifies digital assets into two categories: commodities and securities, regulated respectively by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). It clarifies asset attributes through standards such as 'investment contract test' and 'degree of decentralization'. For example, public chain tokens like Bitcoin are classified as commodities due to their function as a medium of exchange, while some governance tokens may be considered securities.

At the local level, Arizona has passed the 'Strategic Digital Asset Reserve Act', allowing the state government to invest 10% of public funds in cryptocurrencies like Bitcoin, and establishing a 'hybrid custody mechanism' to balance security and flexibility. Hong Kong has introduced a stablecoin bill, requiring issuers to operate under a license and meet reserve requirements, setting a regulatory benchmark for the Asian market.

These legislations not only prevent risks such as money laundering (AML) and terrorist financing but also provide pathways for compliant innovation. For instance, FIT21 facilitates the approval of ETH spot ETFs, accelerating institutional entry; Arizona injects 30% of digital asset earnings into an education fund, exploring the balance between public interest and market development. In the future, global regulation will place greater emphasis on cross-border coordination and technological adaptation, seeking a dynamic balance between protecting investors and stimulating innovation.