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证券法豁免是否可行?美国加密法案挑战SEC监管行动

据Bitcoin.com消息,上周五,美国科罗拉多州的立法者提出了《科罗拉多数字代币法案》(Colorado Digital Token Act),其中包括免除某些证券法对加密货币的限制。该法案指出,现行的科罗拉多州证券法存在监管的不确定性。与此同时,美国证券交易委员会(SEC)从去年10月份开始加大对那些其认为属于欺诈或者并未注册的ICO的打击力度,并且科罗拉多州证券专员已经对已对涉嫌欺诈的首次代币发行(ICO)项目提起20宗诉讼。

数字代币的有限豁免

根据备案文件,“科罗拉多数字代币法案”提到::

“该法案对数字代币交易人员,在证券注册、证券经纪自营商和销售人员执照申请方面提供有限豁免。”

该法案解释说,现行的科罗拉多州证券法存在着监管的不确定性。除了对数字代币的规定外,该法案还指出,对于在科罗拉多州加密货币行业经营的“消费型”企业来说,证券注册成本和复杂性可能会超过其收益。根据该法案,“消费型”企业是指提供或接受商品、服务或内容的相关企业。

该法案进一步声称,这项新法案将有利于该州的企业借助加密经济生态系统获得资本增长,进一步成长和扩张。

《科罗拉多太阳报》的报道称,如果某个数字代币不符合科罗拉多州安全港法规的规定,它将需要“根据典型的证券法——豪威测试(Howeytest)进行分析”。

1933年的法规真的适用么?

去年4月份,科罗拉多州的立法者提出了一项建议将代币与证券区分开监管的法案,该法案在众议院以压倒性优势通过,但是在参议院投票中,总检察长办公室和科罗拉多州法规事务部反对这项法案,因为他们担心这个新法案会给加密货币行业带来太多的回旋余地。

与此同时,科罗拉多州证券部门一直在对涉嫌在该州非法经营的ICO项目采取行动。该部门去年11月20日宣布,证券专员杰GeraldRome已对涉嫌欺诈的ICO项目提起20宗诉讼。

回望2018年,在数字代币的监管方面,美国监管机构在不断探索同时,也加大了对涉嫌欺诈和未注册ICO项目的打击力度。美国证券交易委员会(SEC)主席JayClayton上个月表示:

“我相信首次代币发行可以成为企业家和其他人筹集资金的有效途径。不过在涉及到证券时,我们必须要遵守《证券法》。”

然而,1933年制定的美国证券法,是否适用于新时代的这个去中心化的筹资方式?这个问题已经多次被提起。《科罗拉多数字代币法案》的有限豁免条款在美国监管领域是一个新的尝试,如果能成功通过,或许能为加密货币领域的监管明晰打开另一扇门。

The U.S. state of Colorado has introduced the “Colorado Digital Token Act” which provides some “exemptions from the state securities laws for cryptocurrencies,” according to the text of the bill. Meanwhile, the state’s securities commissioner has already taken action against 20 initial coin offerings.

Colorado Digital Token Act

Lawmakers in Colorado introduced the “Colorado Digital Token Act” on Friday which, among other proposals, exempts cryptocurrencies from certain securities laws. According to the filing:

The bill provides limited exemptions from the securities registration and securities broker-dealer and salesperson licensing requirements for persons dealing in digital tokens.

Colorado businesses “face regulatory uncertainty” under the state’s securities laws, the bill explains. In addition to defining digital tokens, the bill notes that “The costs and complexities of state securities registration can outweigh the benefits” for businesses with “a primarily consumptive purpose” operating in the cryptocurrency space in Colorado. According to the bill, consumptive purpose “means to provide or receive goods, services, or content, including access to goods, services, or content.”

The bill further asserts that this new act will enable businesses in the state “that use cryptoeconomic systems to obtain growth capital to help [them] grow and expand.”

The Colorado Sun publication elaborated, “If a token doesn’t qualify under the Colorado safe harbor” law, it will need to be “analyzed under typical securities law, or what is known as the Howey Test.”

Colorado’s Crypto Regulatory Attempts

In April last year, lawmakers in Colorado introduced a bill entitled the “Virtual Currency Exemption Money Transmitters Act.” It was initially passed by a single vote but, according to the news outlet, it later failed after some lawmakers changed their minds.

In June, Gov. John Hickenlooper created the Council for the Advance of Blockchain Technology. The group is tasked with providing recommendations for “a comprehensive legal framework to support blockchain technology that considers potential applications and boundaries of the technology and protections for consumers,” the state announced at the time. Shapeshift CEO Erik Voorhees was among the blockchain industry leaders appointed for the council.

Meanwhile, the Colorado Division of Securities has been taking action against initial coin offerings (ICOs) allegedly operating illegally in the state. The division announced on Nov. 20 last year that Securities Commissioner Gerald Rome had filed 20 cases against allegedly fraudulent ICOs. These orders resulted from investigations by the ICO Task Force, which is part of the state’s Department of Regulatory Agencies (DORA).

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