#数字资产法案 , U.S. 'FIT21 Act' and Subsequent Developments

Core Content

Regulatory Division of Responsibilities: Clearly defines that the Commodity Futures Trading Commission (CFTC) is responsible for regulating digital commodities (such as decentralized cryptocurrencies), while the Securities and Exchange Commission (SEC) regulates restricted digital assets (such as security tokens).

Classification Standards: Digital assets are divided into three categories:

Restricted Digital Assets (must meet decentralization standards, such as no single entity controlling more than 20% voting rights);

Licensed Payment Stablecoins (must be 100% backed by reserve assets);

Digital Commodities (assets based on decentralized blockchain networks, such as Bitcoin).

Compliance Pathway: Allows project parties to self-certify or submit materials to the SEC to prove compliance with decentralization requirements, thereby classifying them as digital commodities.

Latest Developments

The Republican Party in the U.S. House of Representatives plans to release a new draft on May 6, 2025, with an expected 90% content alignment with the FIT21 Act, aiming to further clarify the regulatory boundaries between the SEC and CFTC.

Senator Tim Scott revealed that the cryptocurrency market structure bill may pass in August 2025, which will complement the existing regulatory framework.

Impact

Promoting Compliance Development: Provides a clear regulatory pathway for crypto projects, reducing legal risks and facilitating institutional capital inflow (such as the expansion of spot ETFs).

Global Demonstration Effect: May become a reference standard for regulation in other countries, indirectly affecting compliance requirements for offshore exchanges.

2. UK 'Property (Digital Assets, etc.) Bill'

Core Content

Legal Status: For the first time, cryptocurrencies, NFTs, and other digital assets are included in the category of personal property rights, applicable to England and Wales.

Rights Protection: Clarifies the legal remedies available to digital asset owners against fraud and disputes, such as divorce property division or trading dispute cases.

Significance

Filling Legal Gaps: Addresses the judicial identification challenges previously posed by the 'intangible' nature of digital assets.

Enhancing Market Confidence: Attracts investment from crypto companies through legal certainty, consolidating the UK's competitiveness in the global digital economy.