US Secretary of State Marco Rubio sat down with Chinese Foreign Minister Wang Yi on July 22 in Manila, Philippines, to lay the groundwork for Chinese President Xi Jinping’s visit to the United States in September. The talks, held on the sidelines of the ASEAN foreign ministers’ meetings, were described as constructive by Rubio, with both sides focused on creating a favorable environment for the summit.

What actually happened in Manila

The two officials spoke by phone on June 30 to maintain open communication channels, and this face-to-face session in Manila was designed to move the needle on specific deliverables ahead of Xi’s September arrival.

Rubio’s focus centered on advancing trade and investment mechanisms, including potential bilateral trade boards and cooperative economic frameworks. US-China tensions over trade disputes and South China Sea security issues continue to simmer. US President Donald Trump has acknowledged the planned summit while continuing to address friction points with Beijing.

Why crypto markets should pay attention to what wasn’t said

The US and China are the two most consequential regulatory environments for crypto on the planet. The US has been wrestling with how to classify and oversee digital assets through a patchwork of SEC actions, Congressional bills, and executive orders. China banned crypto trading and mining in 2021 but has aggressively pursued its digital yuan central bank digital currency.

When these two countries sit down and crypto doesn’t make the agenda, it suggests that neither government views digital asset policy as a near-term priority in the bilateral relationship.

The macro angle investors can’t ignore

Rubio’s emphasis on developing specific trade and investment mechanisms before Xi’s visit suggests both sides want concrete outcomes. Notably absent from any discussions or official remarks were topics related to cryptocurrencies, blockchain technology, or digital assets, underscoring a focus purely on traditional diplomacy and economic relations.