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SEC主席拒绝更新加密货币监管标准,遭多名国会议员联名抗议

全新的互联网金融模式国际资讯

SEC主席拒绝更新加密货币监管标准,遭多名国会议员联名抗议

据CNBC9月28日报道,十多名美国国会议员本周五给美国证券交易委员会(SEC)主席Jay Clayton写了一封联名信,要求该机构用简明扼要的语言告诉投资者,他们计划以何种方式来监管加密货币市场。

如今不仅是比特币狂热者,一些国会议员也在呼吁相关监管机构在加密货币的监管方面给出更明确的指导。这些国会议员在信中说道:

如今遇到的关键问题是,所有的政策制定者都要在对SEC政策解读的基础之上,对于证券型代币和非证券型代币制定更清晰的指导方针,并最终通过正式程序来立法。

然而,当前SEC将大部分数字代币视为证券,监管法律与股票相同。该机构明确表示,比特币和以太坊是商品,由CFTC监管。但对于其他通过首次代币发行(ICO)而创建的数千种加密货币,该机构使用了一种被称为“Howey测试”的标准,这一规定来自于1946年美国最高法院的一项判决。

Clayton已经明确表示,他不打算更新加密货币监管标准。作为一个独立的机构,美国证券交易委员会可以制定比现有的更明晰的监管标准,但如果没有国会法案,就无法改变现状,这封信让大门敞开了。

上周,明尼苏达州的议员Tom Emmer表示,他计划推出三项法案来支持区块链技术和加密货币的发展,而俄亥俄州的议员Warren Davidson透露他正在起草一项相关法案,将于今年秋季推出。

本周五,十多名国会议员的这封信反映了加密货币行业利益相关者的一个共同的担忧:监管明晰的缺失可能导致创新流向海外。他们在信中写道:

目前有关数字代币发行和交易政策的不确定性阻碍了美国的创新,最终会将该领域的发展机会拱手让给其它地区。我们认为SEC可以采取更多措施来澄清自己的立场。

自去年年底比特币飙升至近2万美元以来,SEC一直在打击首次代币发行(ICO)中的欺诈行为。根据Autonomous Next公布的数据,仅今年ICO就筹集了120亿美元的资金。消费者保护一直是该机构关注的焦点,虽然一些ICO项目已被证明是彻头彻尾的骗局,但有一些ICO项目由于没有在SEC注册等各种各样的原因,也面临该机构的指控。

这些国会议员只是在信中陈述了一些问题和敦促SEC注意行业的发展速度,并没有给SEC回应的最后期限。以下是议员们提出的一些要求:

1、美国证券交易委员会(SEC)应澄清数字代币达到哪些标准后,它们的发行和销售才能视为“投资合同”和证券类产品?

您自己、Peirce专员和Hinman主管的公开声明,对SEC对数字代币平台看法的改变起到了有益的指示作用。请详述SEC目前正在使用什么样的标准来决定在什么情况下数字代币的发行和销售应被视为“投资合同”,以及在什么情况下可被视为证券法管理之下和可通过Howey测试的证券。

Hinman主管演讲时提出的各项标准是有帮助的。尽管如此,具体的FAQ类型示例说明了这些因素能如何应用于实践,并有助于市场参与者更好地理解应该如何应用这些因素。

数字代币市场正在发展壮大,市场上存在一些不在证券法规定的投资合同定义范围内的数字代币。目前SEC在做出决定时还没有考虑到这类数字代币的特殊性。

2、您是否和Hinman主管一样也认为最初通过投资合同发售的代币不属于证券?由此得到的代币是否与原购买协议另当别论?

3.请描述SEC所使用的工具(所衡量的标准),以便让我们以这为基础为创新者提供更具体的指导。

Calls for more clarity on cryptocurrency regulation are now coming from Congress, not just bitcoin fanatics.

More than a dozen members of the House of Representatives sent a letter to Securities and Exchange Chairman Jay Clayton Friday urging his agency to tell investors, in plain English, how it plans to regulate cryptocurrency.

"It is important that all policy makers work toward developing clearer guidelines between those digital tokens that are securities, and those that are not, through better articulation of SEC policy, and, ultimately, through formal guidance or legislation," the letter said.

For now, the SEC treats the majority of this new digital asset class as securities, using the same laws that govern stocks. The agency did clarify that bitcoin and ether are commodities, regulated by the CFTC. But for thousands of others created through initial coin offerings, the agency uses a yardstick known as the "Howey Test." The rule comes from a 1946 U.S. Supreme Court decision.

Chairman Clayton has made it clear that he does not intend to update those standards for crypto. As an independent agency, the SEC can give clarity on existing laws but cannot change them without an act of Congress. This letter leaves the door open to that.

Last week, Rep. Tom Emmer, R-Minn., said he plans to introduced three crypto and blockchain friendly bills, while Rep. Warren Davidson, R-Ohio, is drafting one to be introduced this fall that he says not yet "fully cooked."

Friday's letter echoed a chief concern from crypto industry stakeholders: Lack of clarity could cause innovation to flee overseas.

"Current uncertainty surrounding the treatment of offers and sales of digital tokens is hindering innovation in the United States and will ultimately drive business elsewhere," the letter said. "We believe that the SEC could do more to clarify its position."

The letter comes on the back of a four-hour meeting on Capitol Hill this week, attended by representatives from Wall Street, venture capital, and cryptocurrency firms. Among the roughly 50 participants present were Fidelity, Nasdaq, State Street, Andreessen Horowitz, and the U.S. Chamber of Commerce.

"We all want fair and orderly markets, we want all the same things regulators do," said Mike Lempres, chief policy officer at San Francisco-based Coinbase said during the meeting. "It doesn't have to be done in the same way it was done in the past, and we need to be open to that."

In the letter, lawmakers admonished the idea of using punishment as way to tell the industry where they stand.

"We are concerned about the use of enforcement actions alone to clarify policy and believe that formal guidance may be an appropriate approach to clearing up legal uncertainties which are causing the environment for the development of innovative technologies in the United States to be unnecessarily fraught," the letter said.

The agency has cracked down on frauds in initial coin offerings, or ICOs, since bitcoin's epic rise to almost $20,000 at the end of last year. ICO fundraising has brought in $12 billion this year alone, according to data from Autonomous Next. Consumer protection has been a focus for the agency and while some ICOs have been proven to be outright frauds, others have been prosecuted for less egregious violations, like not registering with the SEC.

The letter was an effort from both sides of the aisle, and was lead by Rep. Ted Budd, R-N.C., Reps. Emmer and Davidson, as well Darren Soto, D-Fla. In addition, David Schweikert, R-Ariz., Jeff Duncan, R- S.C., Alex Mooney, R- W.V., John Curtis, R-Utah, Ralph Norman, R- S.C., Andy Biggs, R-Ariz., Mark Meadows, R-N.C., Derek Kilmer, D-Wash., Greg Gianforte, R-Mont., and Sean Duffy, R-WI, were among the signatories.

The group did not give a deadline for a SEC response but urged the agency to "be mindful of the speed at which the industry is developing."

Here are some requests from Congress:

1. The SEC should clarify the criteria used to determine when offers and sales of digital tokens should properly be considered "investment contracts" and therefore offerings of securities.

The public statements made by yourself, Commissioner Peirce, and Director Hinman are helpful indicia of the evolution of the SEC's views of digital token platforms. Please expand on what criteria the SEC is currently using - specific to digital tokens- to determine under what circumstances the offer and sale of a digital token should properly be considered an "investment contract," and therefore, and offer or sale of "securities" under the Securities Acts and the Howey Test.

The various criteria set out at the end of Director Hinman's speech are helpful; nevertheless, specific FAQ-type examples illustrating how these factors may be applied in practice could aid market participants in better understanding how these factors should be applied.

The marketplace for digital tokens is expanding. Other digital tokens in existence today should also be deemed to fall outside the parameters used to define an investment contract under the securities laws. In the current environment it is unclear which other unique characteristics of digital tokens are also considered by the SEC when making this determination.

2. Do you agree that a token originally sold in an investment contract can, nonetheless, be a non-security as Mr. Hinman stated? Can the resultant token be analyzed separately from the original purchase agreement, which may clearly be an investment contract? And, if so, could the resultant token, nonetheless be a non-security?

3. Please describe the tools available to the SEC to offer more concrete guidance to innovators on these topics.


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