Wang Yongli, former Deputy Governor of the Bank of China: Dialectically View U.S. Crypto Asset Policies

Wang Yongli, former deputy governor of the Bank of China, authored an article titled “Dialectically Viewing U.S. Cryptocurrency Policy,” in which he stated that the interpretive and guidance-oriented implementing rules document—“Application of Federal Securities Laws to Certain Digital Assets and Related Transactions”—issued under the Cryptocurrency Liquidity and Regulatory Clarity Act (CLARITY Act) represents a significant advancement in the United States’ classification, characterization, and regulation of digital assets. This development merits global study and reference for understanding, characterizing, and appropriately regulating digital assets. Nevertheless, U.S. cryptocurrency policy must still be approached dialectically: its classification-based regulatory framework is worthy of emulation, and effective, proportionate regulation is essential to foster innovation in the digital asset space.