The introduction 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 clarifies the responsibilities of regulatory agencies, providing a clear path for digital asset regulation and ending the long period of regulatory chaos in the industry. We see its positive significance for the construction of market order. The UK’s legislation that includes cryptocurrencies in the category of personal property further provides strong legal protection for investors, significantly enhancing market confidence.

Although these laws have their highlights, they also face challenges. For instance, the lack of uniform standards in some state-level laws can create opportunities for regulatory arbitrage, making it easier for some criminals to exploit the system. Additionally, the inherent characteristics of digital assets, such as extreme price volatility and technical security risks, mean that current legislation is still insufficient in addressing these issues.