Former Vice President of Bank of China: We should view U.S. cryptocurrency regulatory policies dialectically and adhere to a national-conditions approach.

ME News report, April 12 (UTC+8), former Bank of China Vice President Wang Yongli wrote that countries need to view changes in U.S. cryptocurrency regulatory policies in a dialectical way: they should learn from its classification-based regulatory experience, and at the same time must be realistic and uphold their own national conditions. Wang Yongli believes that the U.S. is pushing cryptocurrency regulatory legislation with a strategic intent of “America First,” aiming to strengthen the international standing of the U.S. dollar through dollar stablecoins. The United States should continue to adhere to a strict ban on virtual currencies and further intensify efforts to develop the digital renminbi. China should continue to insist on a strict ban on virtual currencies and step up efforts to develop the digital renminbi.

On March 17, 2026, the U.S. SEC and CFTC jointly released implementation details for the CLARITY Act, a clear bill for the classification and regulation of crypto assets. The Act divides crypto assets into five categories: digital commodities, digital securities, payment stablecoins, digital tools, and digital collectibles, and clarifies the competent regulatory authorities. Among them, BTC, Ethereum, SOL, XRP, ADA, DOGE, SHIB, and others are classified as digital commodities and are regulated by the CFTC; assets issued via ICO are considered digital securities and are regulated by the SEC; payment stablecoins are overseen by the FED or OCC. In addition, Hong Kong has also shown prudence in license approvals. On April 10, 2026, it announced that the first batch of stablecoin issuer licenses will be approved only for HSBC Hong Kong and Anchor Point Financial (a consortium formed by Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Animoca Brands). (Source: Foresight News)