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 clearly delineates the responsibilities of regulatory agencies, providing a clear path for digital asset regulation and ending the industry’s prolonged regulatory chaos. We can see its positive significance in constructing market order. The UK’s legislation that includes cryptocurrencies and others within the scope of personal property provides strong legal protection for investors, significantly enhancing market confidence.

Although these acts have their highlights, they also face challenges. For instance, the lack of uniform standards among some state-level acts can lead to regulatory arbitrage, allowing some criminals to exploit gaps. Furthermore, the inherent characteristics of digital assets, such as severe price volatility and technical security risks, mean that current legislation is still not sufficiently comprehensive in addressing these issues.