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: On April 12 (UTC+8), Wang Yongli, former vice president of the Bank of China, wrote that countries need to dialectically view changes in the United States’ cryptocurrency regulatory policies. They should learn from and draw on its experience in classification-based regulation, while also remaining realistic and 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 U.S. dollar through dollar stablecoins. China should continue to maintain a strict prohibition on virtual currencies and further intensify efforts to develop the digital renminbi.

On March 17, 2026, the U.S. SEC and CFTC jointly released implementation rules for the crypto-asset classification and regulation clarity bill (CLARITY Act). Under the rules, crypto assets are divided into five categories: digital commodities, digital securities, payment stablecoins, digital tools, and digital collectibles, and the relevant regulatory authorities are clarified. 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 handled by the FED or OCC. In addition, Hong Kong has also shown caution in license approvals. On April 10, 2026, it announced that its first batch of stablecoin issuers’ licenses were approved only for HSBC and Byndpoint Financial (formed by a consortium of Standard Chartered Bank (Hong Kong), Hong Kong Telecom, and Animoca Brands). (Source: Foresight News)