Wang Yongli, former vice president of the Bank of China, has called for a pragmatic approach to U.S. cryptocurrency regulation, emphasizing the need for countries to learn from U.S. regulatory experiences while considering their own national contexts. Wang suggests that the U.S. aims to bolster the dollar's global position through dollar-backed stablecoins, urging China to maintain its ban on virtual currencies and focus on the digital yuan. The U.S. recently introduced the CLARITY Act, categorizing crypto assets into five groups with specific regulatory bodies. Major cryptocurrencies like Bitcoin and Ethereum are classified as digital commodities under CFTC oversight. Meanwhile, Hong Kong has issued its first stablecoin licenses to HSBC Hong Kong and a consortium including Standard Chartered and Animoca Brands.