退一步, there is an underlying technology behind Cryptocurrency known as “Blockchain”, 但这到底意味着什么? 也, 让很多人感到惊讶, Cryptocurrencies aren’t just a currency replacement, although some such as 比特币 are designed for that, so we have what’s known as 安全令牌 和 效用的令牌. The following explains this in a simplistic, easy to underst和 way. No need to be a computer programmer, or finance expert!

什么是cryptocurrencies?

Cryptocurrency是, 以任何其他名称, a currency—a medium of exchange used to purchase goods 和 services. Or, as some have suggested, cryptocurrency is a “peer-to-peer version of electronic cash.“然而,这种货币有两个特点,使其有别于传统纸币和硬币.

首先,加密货币是一种通过加密技术创建的虚拟货币(i.e. 编码),并通过一个称为哈希的过程,由数学公式开发. 第二个, 不像传统的纸币和硬币是由世界各地的政府印刷和铸造的, cryptocurrency is not tied to any one government, 和 thus is not secured by any government entity. 加密货币不受政府机构保护的事实导致了 担忧的批评 这是神的第二次降临 郁金香, because we are ascribing value to an otherwise valueless item. 然而,加密货币作为交易媒介的潜力仍然巨大.

什么是区块链?

Blockchain is the technology at the heart of most cryptocurrencies, 和 explaining the technology in detail would require a 自己的博客帖子. 重要的是要知道区块链是分布式账本上按块分类的点对点交易的记录. 尽管术语晦涩, 区块链的功能类似于当地银行授权和记录交易, but instead of only one party holding the entire ledger book, the transactions are recorded communally by member nodes, with each node being a computer in a peer-to-peer distributed network.

The blockchain can confirm a transaction within minutes, 消除在试图协调和审计独立的分类账和事务时存在的错误. Whenever a transaction takes place, 区块链上的矿工开发一个新的散列和数字签名来更新分类帐并创建一个新的“块”.“这一块, 或记录交易, is time-stamped 和 encrypted 和 will remain on the blockchain for life.
Regulation in the US – 效用的令牌 v. 投资令牌

在美国,没有对加密货币的联邦监管. 而不是, 加密货币通常分为两类不具约束力的类别:(1)投资代币,属于现有美国政府的管辖范围.S. 《hg2088平台》和《1934年证券交易法, (2)效用令牌, which remain largely unregulated (for now).

安全令牌

与特定加密货币相关的代币是否为证券代币取决于具体情况,甚至经验丰富的证券律师也可能不同意. 令牌通常在下面四部分Howey测试下进行分析,以查看令牌是否实际上是一个证券. Securities must meet the following criteria:

  1. 金钱的投资
  2. 在一个共同的企业中
  3. 对利润的期望
  4. predominantly from the efforts of others

根据这个框架分析令牌的每个特征,以确定加密货币是否在现实中发挥新时代安全的作用. 如果它是, 然后监管机构就会这样对待它, 然后,加密货币必须像在美国或美国出售的任何其他证券一样,进行注册和处理,并采取所有相同的披露和预防措施.S. 投资者.

效用的令牌

Cryptocurrencies can also be categorized as non-security utility tokens. These tokens purport to offer intrinsic utility 和 value, 和 are typically instrumental in powering the blockchain technology. These tokens function more like commodities than securities, 和 while they may act like currency in a fully functional network, 他们也有其他的价值观.

然而, 拥有具有适当形式和功能的网络的实用令牌并不排除该令牌被SEC标记为证券. 在《关于蒙奇公司的事》中.美国证券交易委员会(SEC)将一个具有非功能网络的所谓实用令牌标记为证券. 而标记一个没有网络作为安全功能的令牌——因为它没有当前的实用工具——是意料之中的, SEC还得出结论:“即使(Munchee)代币在发行时有实际用途, it would not preclude the token from being a security.”

After analyzing the Munchee Tokens under the Howey test, SEC的结论是,它们是投资合同,因为代币的购买者期望主要从Munchee及其员工的努力中获得利润. 美国证券交易委员会进一步得出结论,蒙奇公司通过营销努力预先准备了这种预期.

虽然这种新情况并没有消除实用程序和安全令牌之间的区别, 它提醒我们, when deciding whether a given token is a security, the SEC will look beyond utility at the character of the instrument, 和 base their conclusion based on the terms of the offer, 分配方案, 和 the economic inducements held out by the token issuer.

国家规定

到目前为止,只有纽约州专门针对加密货币发布了任何类型的监管 BitLicense. 比特许可证是纽约试图通过要求加密货币企业注册并遵守几种不同的披露和财务义务来控制其境内的加密货币. The regulation has been divisive, 和 many businesses have rallied against its 高成本. While a few companies have applied for 和 received the license, 其他大多数公司只是离开了该州,或者停止了为当地居民提供服务.

Regulation Abroad – The Ever-Shifting Jurisdictional Question

美国并不是唯一一个努力研究如何最好地监管加密货币的国家. 许多加密货币企业面临着令人生畏的问题,即在哪些司法管辖区成立和开展业务. 最后, the question is quite difficult 和 fact-specific, 要求不同司法管辖区的法律顾问之间进行沟通,并考虑到各国模糊不清和支离破碎的规定. 如果不了解一个国家现有的证券法,就不可能进行详细的分析, 金融监管, 银行监管将与加密货币一起运行(或适应于运行). 特定于加密货币的监管仍在发展,这一事实无助于增加透明度, 和 makes the analysis even more challenging. Yet a few global trends are noticeable:

调节Cryptocurrencies

其他国家, 比如日本和澳大利亚, have adopted disclosure 和 regulatory measures, or have companies register with the applicable government authority. 一些国家还试图在加密货币方面实施披露或注册监管制度, but such regimes are cumbersome 和 expensive to fledging companies.

Cryptocurrencies随着大宗商品

另一方面, 瑞士 和 新加坡, two of the countries at the forefront of the cryptocurrency market, have simply stated that cryptocurrencies are 资产而不是货币, 和 that they will treat them as such under existing regulations.

结论

Cryptocurrency regulation remains in its infancy. 随着政府颁布新的法规来控制和合法化加密货币,监管已经开始, 或者干脆禁止它们. 这些试图控制全球现象的尝试可能会让加密货币市场波动, 和 pose a challenge to 投资者 和 users alike. 他们将继续在加密货币领域工作,同时推动立法和监管,消除歧义,使加密货币合法化. 同时, they must grapple with the possibility that new regulations may be confusing, 有害的, or have negative inadvertent effects.

Thanks to UpCounsels team for this easy to underst和 article!