The biggest boss of the micro-strategy in the cryptocurrency circle, Michael Saylor, recently accepted an interview with CNBC reporters, where he classified Crypto assets into four categories:

◦ Digital Commodities: For example, Bitcoin $BTC is an asset in the form of a commodity, with no issuer; the government needs to clarify that this is neither a security nor a token, nor a collectible or currency.

◦ Digital Currency: For instance, USDC, a dollar stablecoin issued by regulated banks like Circle;

◦ Digital Securities: Stocks like Apple and Tesla, tokenized stocks that can circulate globally 24/7 at lightning speed, or tokenized bonds;

◦ Digital Tokens: Such as tokenized fan clubs, tickets, memberships, etc. These types of tokens can create innovative business models and should have some digital or real-world utility, but should not offer securities or financial utility.

Currently, the industry is in a transitional period, without a market structure bill. If we want the industry to grow 100 times or 1000 times, we need clear legal definitions of the four new asset types (digital commodities, currency, securities, tokens). Before the United States defines commodities, currencies, securities, and tokens, innovations in countries around the world face obstacles.