According to online reports, Hong Kong Legislative Council Member Wu Kit Chuang posted on social media saying that David Sacks, the "czar" of U.S. AI and cryptocurrency, held a press conference with Republican representatives in Congress on February 4 to announce the formation of a working group of the two houses to formulate cryptocurrency regulatory regulations. Wu Jiezhuang pointed out that although Hong Kong has established a three-tier regulatory structure similar to the United States, including the Third Generation Internet Development Task Force, the Legislative Council's Web3 and Virtual Asset Development Subcommittee, and the HKMA's stablecoin regulatory sandbox, it still needs to accelerate the pace of development. He put forward five suggestions: first, speed up the study of the feasibility of Bitcoin as a strategic reserve in Hong Kong; second, expand the authority of stablecoin companies in the approved sandbox and speed up their implementation; third, strive for national support to establish stablecoin application pilots in the Greater Bay Area; fourth, relax the trading varieties of licensed virtual asset trading platforms; fifth, set up a digital asset office to promote the development of AI and virtual assets. Wu Jiezhuang revealed that he has been invited to participate in the Bitcoin US Summit held in Las Vegas in May, which will promote cooperation in the cryptocurrency industry between China and the United States.