The emergence of the #数字资产法案 Digital Asset Bill is undoubtedly a key milestone in the development of the digital asset ecosystem. The passage of the U.S. FIT21 bill clearly delineates the responsibilities of regulatory agencies, providing a clear path for digital asset regulation and ending the long-standing regulatory chaos in the industry, which we see has positive implications for market order construction. The U.K.'s bill that includes cryptocurrencies in the category of personal property further provides strong legal protection for investors, significantly enhancing market confidence. These bills each have their highlights, but also face challenges. For instance, the lack of uniform standards in some state-level bills can create regulatory arbitrage opportunities, allowing some wrongdoers to take advantage. Additionally, issues such as severe price volatility and technical security risks inherent to digital assets mean that current bills are still not comprehensive enough in addressing these concerns. Overall, the emergence of digital asset legislation is more beneficial than detrimental. It lays a solid foundation for the healthy development of the industry.