Former Vice President of Bank of China Wang Yongli: The U.S. crypto-asset classification and regulatory approach is worth learning from, but it needs to be handled dialectically

Gate News message. On April 12, the former vice governor of the Bank of China, Wang Yongli, wrote an article titled “A Dialectical View of the U.S. Crypto Asset Policy.” He pointed out that the interpretive and guidance implementation rules document, “The Application of Federal Securities Laws to Certain Crypto Assets and Related Transactions,” which relates to the U.S. Crypto Asset Classification Regulatory Clarity Act (CLARITY Act), is an important improvement in the United States’ approach to defining and regulating crypto assets, and is worth learning from worldwide in terms of how crypto assets are understood, classified, and appropriately regulated. However, he also said that U.S. crypto asset policy still needs to be viewed dialectically. He put forward three recommendations: first, the development of the on-chain crypto world must be given high priority; second, classification-based and effective regulatory oversight must be implemented on the basis of accurately grasping the essential attributes of crypto assets; third, regarding crypto assets, we should both learn from the United States’ experiences and lessons, and also must be realistic and, based on our country’s actual conditions, adhere to proceeding from national circumstances.