Host: Thanks Vitalik for your insightful sharing. Next, let’s invite Mr. John Riggins, CEO of Moon Inc, to deliver the keynote speech.

John Riggins: Let’s give a warm welcome, hello everyone!

I am pleased to be back in Shanghai, I haven't fully verified this, but I believe this must be the longest-running event in our entire industry. This fully demonstrates the importance of Shanghai in the global ecosystem, as well as the value and effort dedicated to its development. The industry here brings in companies from around the world to discuss development and explore policies. Here, I will focus more on the perspective of the United States and provide more background information regarding policies for you all.

I think we received a lot of attention last week, with the spotlight focused on U.S. policies, particularly with the failure of the "Clarity Act" not passing Congress. So, I will provide some background on who is making decisions, what has happened, what the positive developments are, what is upcoming, and why this is important.

For the development of Web3, it is important not only in the U.S. but globally. I am the CEO of Moon Inc, and some of my relevance on this topic comes from my previous position at BTC, which has now rebranded as Nuck Models. We founded the Great Coin Policy Institute, which is the largest and, in my opinion, the most important Web3 policy group, located in Washington, D.C. We are communicating with Congress, the administration, regulators, and businesses, trying to formulate "pro-business, growth-promoting" policies to have them implemented in the U.S.

We also held a conference, which I believe merely to reiterate how important these activities are, gathering executives from the administration, the business community, and regulators. I think these initiatives are very good. Why is policy important? It affects every group here, including individuals, companies, financial products, and the governments that regulate these, as we all desire a smoothly growing economy, which is a key link in this chain. Especially with the advancements in artificial intelligence, I believe that AI and Web3 will only make our economy more efficient, promote economic functioning, and benefit everyone.

Looking at the U.S., Congress is ultimately responsible for passing laws. They debate and discuss with business stakeholders, such as policy groups like the Policy Institute, finalizing comprehensive bills that are then submitted to the President for signing and implementation like the "GENIUS Act". The "GENIUS Act" related to U.S. stablecoins and payments has passed, as the new government has taken office. However, the President also has the power to issue executive orders, appoint agency heads that must be confirmed by the Senate, and then sign those final bills into law. These are the agencies regulated by the President, including important ones like the Securities and Exchange Commission (SEC), responsible for securities; the Commodity Futures Trading Commission (CFTC), responsible for commodities derivatives; the Treasury and banking regulators responsible for U.S. overseas affairs. Thus, it is a complex system.

All the financial institutions in the U.S. we collaborate with are involved in these discussions. But in the end, we must follow the authority of these organizations. So, the resolved, ongoing, genius, stable, coin, policy framework has already passed. The President has signed it, and it has moved forward; now the only question is execution. The clear market structure legislation has stalled in Congress, and together with this department of Congress, we hope it can return to the agenda for discussion again in the next Congress, looking forward to favorable resolutions for the industry. Once the next election cycle begins, i.e., after the midterm elections in the U.S.

There are a few interesting things to note, one of which is that the U.S. is considering establishing a strategic reserve for digital assets. But this is all that has been done so far. The "so far" I mentioned is because the new government and new regulatory agency leaders are now in place. They have changed the landscape and are pushing the development of the entire industry.

Here’s a brief overview of what has happened and the future direction. One reason is that ten years ago, I was in Wangshan's office, and we were engaged in some Web3 business, learning from other companies, all belonging to the Wanxiang family, where Vitalik often studied Mandarin in the office and did very well; I think he learns much better than I do.

And I believe this will become a global trend. Therefore, I think one of the most exciting areas is water development, and China is just such a place. I reside in Hong Kong and also love to return to Shanghai to see the developments here. Therefore, each agency detailed this somewhat vaguely; for those outside the U.S., they might roughly know who should be responsible for what is happening. We’ve heard about the debates in Congress, and we have seen the President making demands to the business community and to regulators. But the real implementation details are very critical, as the SEC oversees securities again, including exchanges, brokers, funds, and advisors, public companies, and information disclosure—all of these important matters. One of the key trends for Web3 implementation is clearly tokenization, the digitalization of digital assets, including tokenized stocks and tokenized funds.

I believe the current leadership's attitude toward international circumstances is very positive, which is a good thing. The Commodity Futures Trading Commission (CFTC) is again involved with commodities and derivatives, including futures, options, and swaps, as well as the infrastructure supporting these financial instruments. How does Web3 play an important role here? Theories and Bitcoin, some of which are now regulated as commodities. How are these commodities traded and integrated into settlement infrastructure? Web3 will provide an efficient overview that benefits CFTC. Then, there’s finance and banking, which I am also very clear about; how banking will implement not only infrastructure but also manage payments and asset transaction settlements.

Moreover, the regulatory trends and all these changes, especially in this era, the era of artificial intelligence, will strengthen the security of digital assets and make them increasingly important.

As agents operate everywhere on the internet, doing various things, the SEC has been positive so far. Here’s a key point: they allow DTC to tokenize assets, that is, to tokenize the assets it holds. They also approved tokenized stock trading on NASDAQ and the New York Stock Exchange, which happened just a few months ago; I think this is a very significant step. For the development of tokenization, how will this become a source of continually growing market efficiency? So, the Federal Communications Commission (FCC) is positive about this aspect.

Paul Atkins, the Chair of the SEC, is someone we have kept in contact with for a long time, and we are well aware that he sees the value of Web3 and the value of developing infrastructure for the U.S. securities market. There are still follow-up matters, but he is optimistic about the current direction.

At the beginning of the new government’s term, the CFTC announced a Web3 sprint program aimed at studying how to focus on this emerging area. Here is an important factor: this digital asset pilot program allows assets to be used as collateral in the derivatives market. This is again positive for the industry, as it will flow into liquidity and other aspects. For digital assets, there’s also how the entire ecosystem operates, with more initiatives to be launched. But I believe the current leadership is proactive. I think we see a good direction.

The U.S. Treasury and banking regulators, one key point is that the "GENIUS Act" has been signed, and the Treasury is deeply involved in execution, guiding how these rules are to be implemented, with the Federal Deposit Insurance Corporation (FDIC) involved in stablecoin issues. Around April, together with the SEC, the FDIC’s standards are inclusive of token deposits and anti-money laundering (AML) measures. So, token deposits once again become part of the tokenization trend, including how individuals and companies interact with Web3 technology to offer banking systems, so a little more.

One important trend is that, as the Web3 industry develops, the trend of tokenization has been validated over the past 12 years, as everything is being digitalized, and this trend will only accelerate. With the advancements in AI, the way organizations change, how securities records are kept, and how securities transfers are done are all heading in a positive direction. Moreover, the SEC recently allowed the trading of tokenized stocks, permitting trading in the largest market in the U.S., but with specific conditions and under regulation. I think it gradually evolves into our natural way of handling things, that is the American way. Tokenization and the development of securities tokenization will make these markets more efficient.

Additionally, investor rights and market protection are their key focus areas, as they are trying to promote infrastructure development by leveraging Web3 innovative technology. There are also several positive developments recognized by the SEC, the CFTC, and the U.S. Treasury.

I will talk about some of these aspects, such as fractional ownership, micro shares of funds, making early-stage investments simpler and more accessible. Individual and family access to those performing well, which only large institutions used to have access to, faster collateral. Therefore, trading, payments, and settlements in the same tech stack without relying on multiple different participants brings again tremendous efficiency gains, saving time, and once again tokenization will become a trend.

With the development of Web3, stablecoins will again be tokenized, and the digitalization of all assets will be something we witness. Marc Andreessen is known for software, he changed the world about twenty years ago. He changed the world about twenty years ago.

Corporate cash management, programmable payments—these are how the treasury is delivered, all these trends, and why the "GENIUS Act" is important for them. Passing in the U.S., so this belongs to the policy layer. From the U.S., who makes the decisions? What are their considerations? What initiatives may follow? What really matters are the largest financial institutions, asset management firms, investors, and managers, as well as banks, all thinking about this issue for practical execution, for practical application scenarios, they will interact with the scenarios that businesses want to engage in, our companies can become suppliers as the entire industry continues to evolve.

So, as previously mentioned, tokenized deposits: JPMorgan, Citibank, the big four U.S. banks plan to establish a shared deposit network, which will be implemented next year. JPMorgan is a pioneer in this field. Exchanges, tokenization of securities on NASDAQ, NYCC, DTCC; then there are investment managers, the largest managers are already looking into tokenization, how to tokenize assets, to improve efficiency and accessibility to drive their product development. All of this is happening, these are the most well-known companies in the U.S. that are embracing Web3 innovation and applying it to core infrastructure and core functionalities.

There’s a timeline about what we have seen since the last government took office. Since these business leaders realized this trend, they are advancing more towards digitization, including Web3 innovations we have already seen a lot of, and will see even more in the future. So, this is an overview of what is happening in the U.S.

I moved back to China because I believe that what is happening here is the most exciting in the world, but it is always good to gain more internal perspectives on those things that might be somewhat unclear.

Thank you, I’m glad to be in Shanghai, and I’m happy to see all of you today. Thank you all!

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。