TechFlow News, April 12: Wang Yongli, former deputy governor of the Bank of China, published an article titled “A Dialectical Perspective on U.S. Cryptocurrency Policy.” In it, he stated that the interpretive and guidance-oriented implementing rules—“Application of Federal Securities Laws to Certain Digital Assets and Related Transactions”—issued under the Cryptocurrency Clarity, Regulation, and Innovation Act (CLARITY Act) represent a significant advancement in the United States’ classification, characterization, and regulation of digital assets. This framework merits global study and reference for improving understanding, classification, and appropriate regulation of digital assets. Nevertheless, U.S. cryptocurrency policy must still be assessed dialectically: its classification-based regulatory approach is worth learning from, and effective, proportionate regulation is essential to foster innovation in the digital asset space.
Wang Yongli emphasized adopting a dialectical perspective on evolving U.S. cryptocurrency regulatory policies: First, the development of the on-chain crypto ecosystem must be accorded high priority; second, classification-based, effective regulation must be grounded in an accurate grasp of digital assets’ essential attributes; third, while drawing lessons—both positive and negative—from U.S. experience with digital assets, countries must also uphold a pragmatic, context-specific approach aligned with their own national conditions.
