The emergence 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 defined the responsibilities of regulatory agencies, providing a clear path for digital asset regulation and ending the industry's long period of regulatory chaos. We see its positive significance for the construction of market order. The UK's legislation that includes cryptocurrencies within the category 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 instance, some state-level legislative standards are not uniform, which can create regulatory arbitrage opportunities for some criminals. Moreover, issues arising from the inherent characteristics of digital assets, such as severe price volatility and technological security risks, are not adequately addressed by the current legislation.