Online reports that on February 22, 2025, the China Digital Economy Development and Governance Academic Annual Conference was held at Nankai University. Chen Yulu, former deputy governor of the central bank and president of Nankai University, delivered a keynote speech titled "The Rise and Challenges of Cryptocurrencies." Chen Yulu said that the US-led hegemony strategy of crypto-assets poses multiple threats to my country's financial security. The first is capital outflows and exchange rate pressure. The long-term appreciation trend of crypto assets represented by Bitcoin against international currencies such as the US dollar, as well as the rapid expansion of the trading scale of US dollar stablecoins, have further strengthened the dominant position of the US dollar in the global monetary system through cross-border payment facilitation and value storage functions., this will undoubtedly squeeze the valuation and internationalization space of the RMB. In addition, the dollar-dominated encryption channel has become a new path for capital flight. In recent years, the large-scale allocation of bitcoin by leading companies in the United States and the large-scale financing wave of on-site cryptocurrency ETFs have produced a strong "demonstration effect" and may attract some domestic capital to flow out through gray channels. Second, DeFi regulatory arbitrage creates cumulative industrial competitive advantages. The relatively loose regulatory and tax policies in the United States attract the inflow of global DeFi innovation resources, which in turn reap more full-chain technological dividends from the underlying standards to the application level. After long-term accumulation, it will form a competitive advantage for my country's digital financial infrastructure technology in the future. The third is the competition for underlying technical standards and innovation capability resources. On the one hand, the United States is currently in a leading position in innovation in areas such as ZKP and Layer2, while the European Union is also acquiring the network effect of a unified large market through MiCA integrated supervision and setting up technical barriers. Our country needs to be vigilant and guard against the risk of passing the right to set standards for the crypto-asset industry. On the other hand, my country is facing pressure to relocate innovation resources in the blockchain industry: the EU's carbon emission policy for the encryption industry and tax incentives for U.S. mines have made China mines and blockchain venture capital companies move to Central Asia, the Middle East and The trend of transfer to the United States is objectively not conducive to the innovation capabilities and computing power security of the domestic blockchain industry. The fourth is the threat of U.S. crypto asset hegemony. First of all, the United States is accelerating the gradual integration of mainstream cryptocurrency assets into its financial hegemony system. Once this trend is established, it will inevitably squeeze my country's strategic development space in the field of digital finance in the future. Secondly, after the Russia-Ukraine conflict, the U.S. government, together with the United Kingdom, the United Arab Emirates and other countries, imposed large-scale long-arm financial sanctions on the Russian government, institutions, and individuals in the field of cryptocurrency, seized and confiscated a large number of cryptocurrency assets, and arrested Relevant practitioners, the power of their digital financial hegemony is beginning to show. Finally, the Trump administration has promoted the Bitcoin Strategic Reserve Plan and boycotted foreign sovereign digital currencies, which has also intensified the confrontation between China and the United States in the field of digital currencies. Of course, crypto assets represented by Bitcoin have now shown a serious market bubble, and continued appreciation is unsustainable. Once the bubble bursts, it will be a huge blow to the U.S. crypto asset hegemony strategy. In this regard, we must maintain a clear understanding and strategic determination, unswervingly adhere to the value concept of financial services to the real economy, and firmly follow the path of a financial power with China characteristics.