Former Vice President of Bank of China: The U.S. cryptocurrency regulation policy should be viewed dialectically, and efforts should be made to adhere to national conditions

ME News report, April 12 (UTC+8). In an article, Wang Yongli, former Vice President of the Bank of China, said that countries need to view changes in the U.S. cryptocurrency regulatory policies dialectically. They should learn from and draw on its experience in classification-based regulation, while also being practical and adhering to their own national conditions. Wang Yongli believes the U.S. is pushing for legislation on cryptocurrency regulation with a strategic intent of “America First,” aiming to strengthen the international standing of the U.S. dollar through dollar stablecoins. China should continue to uphold its strict ban on virtual currencies and further intensify efforts to develop digital renminbi.

On March 17, 2026, the U.S. SEC and CFTC jointly issued implementation details for the CLARITY Act, a set of clear rules on the classification and regulation of crypto assets. Under the plan, crypto assets are divided into five categories: digital commodities, digital securities, payment stablecoins, digital tools, and digital collectibles, and the relevant regulators are specified. Among them, BTC, Ethereum, SOL, XRP, ADA, DOGE, SHIB, and others are classified as digital commodities and regulated by the CFTC; assets issued via ICO are considered digital securities and regulated by the SEC; payment stablecoins are handled by the FED or OCC. In addition, Hong Kong has also shown prudence in licensing approvals. On April 10, 2026, it announced that the first batch of stablecoin issuer licenses would be approved only for HSBC Hong Kong and Anchor Point Financial (a joint venture formed by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Animoca Brands). (Source: Foresight News)