Michael Saylor, the boss of the largest Mingzhuang microstrategy in the currency circle, recently made four major classifications of Crypto assets in an interview with CNBC reporters: ◦ Digital commodities (Commodity): Bitcoin $BTC for example, is such a commodity form of an asset with no issuer; The government needs to be clear that this is not a security or a token, not a collectable and not a currency. ◦ Currency: such as USDC, a U.S. dollar stablecoin issued by a regulated bank like Circle; ◦ Security: Stocks like Apple and Tesla, tokenised stocks that circulate around the world 24 hours a day, at the speed of light, or tokenised bonds; ◦ Digital tokens: such as tokenised fan clubs, tickets, memberships, etc. These tokens can create innovative business models and should have some kind of digital or physical use, but should not provide securities or financial uses. The industry is currently in a transition period and there is no market structure bill. If we want the industry to grow another 100x or 1,000x, we need a clear definition of the four new assets (digital goods, currencies, securities, tokens) by law. Until the U.S. defines commodities, currencies, securities, and tokens, innovation in countries around the world is stymied.