The Law on Financial Innovations and Technologies for the 21st Century, known as the Digital Asset Bill, aims to create clear definitions, exceptions, and registration procedures for participants in the digital asset market under the oversight of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill provides a mechanism for recognizing blockchains as decentralized, allowing the SEC to challenge the claims of token issuers. It also introduces a disclosure system requiring issuers to provide information about the economics of projects, development plans, and potential risks.