Cryptocurrency develops wantonly in the absence of both regulatory guidance and private law protection for over ten years. China is currently stuck at the contradiction between policies and judicial practices in cryptocurrency governance. What kind of clear cryptocurrency governance mode is the problem that needs to be solved. The United States is one of the first choices for ICO. The Congress has introduced the Crypto-Currency Act of 2020. The Crypto-Currency Act of 2020 defines the cryptocurrency as commodity. The US case law clarifies that the cryptocurrency is the object of property rights. According to the United States’cryptocurrency governance model, combined with the legal characteristics and judicial practice of China, China’s proposal of cryptocurrency governace is finally introduced.