Michael Saylor, the owner of the largest Mingzhuang micro strategy in the cryptocurrency industry, recently classified Crypto assets into four categories in an interview with CNBC reporters: Commodity: For example, Bitcoin BTC is an asset in the form of a commodity without an issuer; The government needs to clarify that this is not a security or token, not a collectible or currency. Digital currency: such as the USDC stablecoin issued by regulated banks like Circle; Digital securities (Security): tokenized stocks or bonds that circulate globally at the speed of light, 24/7, for stocks like Apple and Tesla; 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 practical use, but should not provide securities or financial purposes. At present, the industry is in a transitional period and there is no market structure bill. If we want the industry to grow another 100 or 1000 times, we need clear legal definitions for the four new assets (digital goods, currency, securities, tokens). Before the United States defined commodities, currencies, securities, and tokens, innovation in countries around the world faced obstacles.