
Rubio and Wang Yi met July 22 in Manila to prepare for Xi's September US visit. Crypto did not make the agenda, a State Department official said, as trade and security dominated the talks.
US Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi met on July 22 in Manila, Philippines, to lay groundwork for Chinese President Xi Jinping's September visit to the United States. The talks, held on the sidelines of the ASEAN foreign ministers' meetings, did not include digital assets, a State Department official said.
Rubio described the session as constructive. Both sides focused on trade and security issues, including potential bilateral trade boards and cooperative economic frameworks, according to a readout from the State Department. The two officials had spoken by phone on June 30 to maintain communication ahead of the face-to-face meeting.
US-China tensions over trade disputes and South China Sea security issues continue to shape the relationship. US President Donald Trump has acknowledged the planned summit while continuing to address friction points with Beijing. Rubio told reporters after the meeting that the goal was to create "concrete outcomes" before the September summit, adding that the talks covered "a range of issues important to both countries."
The two governments did not discuss digital assets during the Manila talks, the State Department official said. The US has been working through SEC enforcement actions and congressional bills to classify digital assets. China banned crypto trading and mining in 2021 and has since pursued its digital yuan central bank digital currency.
US crypto regulation remains unsettled. The SEC has brought enforcement actions against several exchanges and platforms. Congress has advanced bills to create a regulatory framework without passing a comprehensive law. The White House has issued executive orders on digital assets. No law has been enacted. In China, the digital yuan pilot has expanded to cover hundreds of millions of users. The ban on private cryptocurrencies remains in force.
No timeline has been set for further bilateral discussions on crypto. The next scheduled high-level contact is Xi's visit to the US in September. The State Department did not say whether digital assets would be discussed at that meeting.
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