#数字资产法案 Digital Asset Legislation: A New Starting Point for Regulation and Development

The digital asset market has developed rapidly in recent years, with cryptocurrencies such as Bitcoin and Ethereum, as well as various NFTs, attracting significant attention. However, due to their virtuality and innovation, there are gaps and challenges in regulation, leading to the emergence of digital asset legislation.

Taking the U.S. FIT21 Act as an example, it establishes a regulatory framework, clearly delineating the regulatory responsibilities of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) regarding digital assets. It distinguishes categories of digital assets based on factors such as investment contracts, use and consumption, and degree of decentralization, providing direction for the compliant development of digital assets and spot ETF applications, allowing Crypto to say goodbye to the gray era.

The UK's Digital Assets Property Act is similarly significant, incorporating Bitcoin and others into personal property categories, providing legal protection for holders, and establishing clear legal grounds for asset disputes, inheritance, and other issues, reducing legal loopholes and fraud risks, and enhancing market confidence.

Arizona's Strategic Digital Asset Reserve Act allows the state treasury to invest up to 10% of public funds in digital assets, ensuring security through a “hybrid custody mechanism,” and allocating 30% of the profits to an education fund. Although it has sparked controversies such as price volatility and regulatory arbitrage, it also opens new pathways for public fund investments.

Although these acts differ in content and focus, their goals are consistent: to provide clear rules for the digital asset market, protect investors, and promote healthy market development. In the future, digital asset legislation will continue to improve, driving the digital asset market to progress steadily on a compliant track.