The former chairman of the China Securities Regulatory Commission, Xiao Gang, said at the Global Financial Forum of the Tsinghua Wudaokou in 2019 today that all parties in the securities market generally have a positive attitude toward the application of technological innovation, but have experienced events such as HOMS off-site fund-raising, ICO suspension, and other big data. The consideration of privacy protection and division of responsibility of artificial intelligence restricts the development of innovation. Adopting a “response” supervision model to deal with technological innovation can indicate the application direction and methods of technological innovation and dispel the concerns of all parties in the market. The mode of “sports-style” supervision is characterized by fragmentation of supervision. There is often a sharp turn from blindness to sudden brakes, lack of tolerance for financial technology innovation, and related trading systems to some extent restrict technological innovation.