The biggest player in this round of the crypto market, Michael Saylor, recently gave an interview to CNBC, where he categorized Crypto assets into four major types: ◦ 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: Such as the USDC stablecoin issued by regulated banks like Circle; ◦ Digital Securities: Stocks like those of Apple and Tesla, which are tokenized stocks that can circulate globally at lightning speed 24/7, or tokenized bonds; ◦ Digital Tokens: For example, 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 provide 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 for the four new asset types (digital commodities, currency, securities, tokens). Before the U.S. defines commodities, currencies, securities, and tokens, innovations in countries around the world face obstacles.