On the evening of January 3, the third debate of SheKnows's final debate at the end of the year began. The theme of this debate was "2020, the year when the public chain supervision broke the game." Regarding what the subject of supervision is and how the current regulatory authorities around the world define these two issues, Zhang Ye, a partner of Wanshang Tianqin Law Firm, said that we should distinguish public chain projects from public chain ecology. The goal of the public chain project is to develop and form a public chain ecology, but there are some differences in the regulatory logic of the two. Maintaining the public chain is not the same as using the public chain. In addition, whether it is developed as a public chain project or as an ecological public chain, it is a new thing compared to the legal systems of various countries, and the relative lag of laws is a logical necessity. Therefore, the continuous development of public chain projects and public chain ecology, and the continuous establishment and improvement of the corresponding legal system, as a process, the regulatory issues formed may be different.