Wang Yongli, former vice president of the Bank of China: A dialectical view of the US's cryptocurrency policy

In his article "A Dialectical View of the US Crypto Asset Policy," Wang Yongli, former Vice President of the Bank of China, points out that the interpretative and guiding implementation details of the Clarity Act on Crypto Asset Classification and Regulation, titled "Application of Federal Securities Acts to Certain Crypto Assets and Related Transactions," represent a significant improvement in the US's definition and regulation of crypto assets. He argues that this approach is worthy of global learning and emulation in understanding, defining, and appropriately regulating crypto assets. However, he maintains a dialectical approach to US crypto asset policy. While the US's categorized regulation of crypto assets is commendable, effective regulation is essential for the innovative development of crypto assets. A dialectical view of the changes in US crypto asset regulatory policy reveals three key points: first, the development of the on-chain crypto world must be given high priority; second, effective categorized regulation must be implemented based on an accurate understanding of the essential attributes of crypto assets; and third, while learning from the US's experiences and lessons, it is crucial to be pragmatic and adhere to the principles of national conditions.