#DigitalAssetBill

As of May 2025, both the United Kingdom and the United States are advancing significant legislation to clarify the legal status and regulatory frameworks for digital assets such as cryptocurrencies and NFTs. 

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🇬🇧 UK: Property (Digital Assets etc.) Bill

Introduced in September 2024, the UK’s Property (Digital Assets etc.) Bill aims to provide legal certainty by recognizing digital assets—including crypto tokens and NFTs—as a distinct third category of personal property under English and Welsh law. This classification ensures that digital assets are afforded the same legal protections as traditional property, facilitating their use in commerce and enabling legal recourse in cases of theft or disputes. 

The bill follows recommendations from the Law Commission, which highlighted the need for the legal system to adapt to technological advancements. By establishing this new category, the legislation aims to support the UK’s ambition to become a global hub for digital assets.

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🇺🇸 US: Financial Innovation and Technology for the 21st Century Act (FIT21)

In May 2024, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with bipartisan support. This landmark legislation seeks to create a comprehensive regulatory framework for digital assets by delineating oversight responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).  

Under FIT21:

• The SEC would regulate digital assets deemed securities, typically those associated with centralized entities.

• The CFTC would oversee digital commodities, such as decentralized cryptocurrencies like Bitcoin.

• The bill introduces tailored disclosure and registration requirements for digital asset companies.

• It also includes provisions to protect self-custody rights and prevent regulatory duplication.