美国区块链代币销售监管

Houman B. Shadab
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引用次数: 1

摘要

本章概述了美国证券监管如何适用于使用分布式账本(即所谓的首次代币发行)销售加密代币。符合“投资合同”定义的代币销售交易符合1946年证券交易委员会对W. J. Howey公司诉讼的开创性法院判决后的受监管证券交易资格。目前,关于代币销售的监管分类存在很大的法律不确定性,这些代币涉及为其持有人提供非金融、基于软件的功能的实用代币。正如美国证券交易委员会一位高级官员在2018年6月的讲话中所暗示的那样,代币的销售最初可能符合受监管的证券交易资格,但如果代币的底层网络变得足够分散,那么后来就不符合受监管的投资合同资格。分布式账本技术正在扰乱早期筹款和获取软件服务的性质和运作,并允许销售作为加密货币运行的数字代币,或通过使用区块链或分布式账本提供对软件服务的访问。此类代币的销售,即所谓的首次代币发行(ICOs),通常是为了换取加密货币,如以太坊或比特币(然而,代币可以出售以换取法定货币)。从2018年1月到5月,全球537家公司或项目销售了137亿美元的代币,超过了之前所有时期的总和。本章讨论在何种情况下美国证券法适用于此类代币的销售。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Regulation of Blockchain Token Sales in the United States
This chapter provides an overview of how US securities regulation applies to the sale of cryptographic tokens using a distributed ledger, so-called initial coin offerings. Token sale transactions that meet the definition of ‘investment contract’ qualify as regulated securities transactions following the seminal 1946 court decision in the Securities Exchange Commission’s lawsuit against the W. J. Howey company. Currently, there exists substantial legal uncertainty regarding the regulatory classification of token sales involving utility tokens that provide their holders with non-financial, software-based functionality. As implied in a June 2018 speech by a high-ranking SEC official, sales of tokens may initially qualify as regulated securities transactions, yet later fail to qualify as regulated investment contracts if the tokens’ underlying network becomes sufficiently decentralized. Distributed ledger technology is disrupting the nature and operation of early-stage fundraising and access to software services and enabling the sale of digital tokens that operate as a cryptocurrency or provide access to a software service through the use of a blockchain or distributed ledger. The sale of such tokens, so-called initial coin offerings (‘ICOs’), is often in exchange for cryptocurrencies, such as Ethereum or Bitcoin (however, tokens could be sold in exchange for fiat currency). From January to May 2018, globally US$13.7 billion in tokens were sold by 537 companies or projects, an amount greater than all previous time periods combined. This chapter discusses under what circumstances US securities law applies to the sale of such tokens.
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