The emergence of the #数字资产法案 Digital Asset Act is undoubtedly a key milestone in the development of the digital asset ecosystem. The passage of the FIT21 Act in the United States, which clearly delineates the responsibilities of regulatory agencies, provides a clear path for digital asset regulation, ending the long-standing regulatory chaos in the industry, and we see its positive significance for the construction of market order. The UK's legislation, which includes cryptocurrencies within the scope of personal property, provides strong legal protection for investors and greatly enhances market confidence.

Although these laws each have their highlights, they also face challenges. For example, the lack of uniform standards in some state-level legislation can create opportunities for regulatory arbitrage, allowing some criminals to exploit the situation. Furthermore, the issues brought about by the inherent characteristics of digital assets, such as extreme price volatility and technical security risks, are not adequately addressed by the current legislation.