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 message, April 12 (UTC+8). Former Vice President of the Bank of China Wang Yongli wrote that countries need to view changes in the U.S. cryptocurrency regulatory policies dialectically: they should learn from and draw on its experience with classification-based regulation, but they must also take a realistic approach by adhering to their own national conditions. Wang Yongli believes that 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 dollar through dollar stablecoins. China should continue to uphold a strict prohibition on virtual currencies and further increase efforts to advance the development of digital RMB.

On March 17, 2026, the U.S. SEC and CFTC jointly released implementation guidelines for the CLARITY Act, a clear law on the classification and regulation of crypto assets. Under the guidelines, crypto assets are divided into five categories: digital commodities, digital securities, payment stablecoins, digital tools, and digital collectibles, with the regulatory authorities clearly defined. Among them, BTC, Ethereum, SOL, XRP, ADA, DOGE, SHIB, etc., 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 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 consortium of Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Animoca Brands). (Source: Foresight News)