在古希臘的俄狄浦斯故事中，偉大的回報等待著能夠解決困難謎語的旅行者

這種令牌化可以打開可能性，例如瞬時和解，共享分數和每日股息支付，從而使產品更有效

In the Ancient Greek tale of Oedipus, great rewards awaited travelers able to solve difficult riddles, but a powerful sphinx posed the riddles and devoured those who failed to solve them. Similarly, in ancient crypto times, circa 2017, blockchain technology stood to revolutionize finance and other fields. But two challenges stood in the way of this technology enjoying its full potential: (1) securities laws that don’t easily map onto decentralized systems, and (2) a securities regulator hostile to digital assets, which often posed grave risks to those who tried to solve the first challenge.

在古希臘的俄狄浦斯故事中，偉大的獎勵等待著能夠解決困難的謎語的旅行者，但強大的獅身人面像卻帶來了謎語，併吞噬了那些未能解決這些問題的人。同樣，在大約2017年的古代加密時報中，區塊鏈技術代表著革新金融和其他領域。但是，這項技術具有全部潛力的方式有兩個挑戰：（1）不容易映射到分散系統上的證券法，以及（2）對數字資產敵對的證券監管機構，這通常給那些試圖解決第一個挑戰的人帶來嚴重的風險。

Today, the sphinx has resolved to be more helpful, and the riddles remain. The Securities and Exchange Commission’s (“SEC”) Crypto Task Force has stated that the agency’s previous regime created “an environment hostile to innovation” and has committed to working with industry participants to craft sensible regulations. While promising, significant challenges remain. U.S. securities laws are a mix of statutes passed by Congress and rules adopted by the SEC. The Task Force has signaled the SEC’s willingness to make the latter more workable through new rules and exemptions. Statutes, however, present most of the challenges and only Congress, not the SEC, can change them.

如今，獅身人面像已決定更有幫助，並且謎團仍然存在。美國證券交易委員會（“ SEC”）加密委員會工作隊表示，該機構以前的政權創造了“創新敵對的環境”，並致力於與行業參與者合作以製定明智的法規。在有希望的同時，仍然存在重大挑戰。美國證券法是國會通過的法規和美國證券交易委員會通過的規則的組合。該工作隊表示，SEC願意通過新規則和豁免使後者更加可行。然而，法規提出了大多數挑戰，只有國會而不是國會議員才能改變它們。

Below is a primer on the more common riddles currently facing developers of tokenized securities.

以下是當前面臨的標記證券開發商面臨的更常見的謎語的入門。

Regulatory Considerations

監管考慮

For tokenized securities, the developer creates on-chain tokens that each represent a share of equity in a company or other security, or another asset that offers the right to cashflows. This tokenization can open up possibilities—such as instantaneous settlement, share fractionalization, and daily dividend payments—that make the product more efficient or functionally diverse than its TradFi counterpart.

對於代幣化的證券，開發人員創建了鏈上代幣，每個鏈代表公司在公司或其他擔保中的股權份額，或者提供現金流的其他資產。這種令牌化可以打開可能性，例如瞬時和解，共享分數和每日股息支付，從而使產品比tradfi的效率更有效或功能多樣化。

Even though the SEC may be more receptive to ideas for tokenized securities, it doesn’t have the authority to change statutes. Tokenized securities projects, therefore, will still need to solve or avoid the riddles these statutes present.

即使SEC可能更容易接受令牌化證券的想法，但它沒有權力更改法規。因此，令牌化證券項目仍然需要解決或避免這些法規所存在的謎語。

The Investment Company Act

《投資公司法》

If a token gives its holder economic exposure to assets that the developer has pooled, that token project could be an investment company covered by the Investment Company Act, which regulates companies, like mutual funds, that invest in securities and let investors get exposure to those investments through shares that they issue.

如果代幣將其持有人的經濟風險投入開發商匯集的資產，那麼代幣項目可能是《投資公司法》所涵蓋的投資公司，該公司可以通過投資證券進行投資，並讓投資者通過發行的股票獲得這些投資。

This riddle existed well before crypto, and most opted to navigate it by avoiding being classified as an investment company in the first place. That’s because the requirements imposed by the Investment Company Act don’t work well with business models that involve more than the buying and selling of securities. There are substantial restrictions on debt and equity raises, borrowing, and even business with affiliates. For those unable to avoid triggering these requirements, there are exemptions that may be available.

這個謎語在加密貨幣之前就已經存在了，大多數人首先避免被歸類為投資公司來駕駛它。這是因為《投資公司法案》施加的要求與不僅僅涉及買賣證券的商業模式效果不錯。債務和股權提高，借貸甚至與分支機構業務有很大的限制。對於那些無法避免觸發這些要求的人，可能會有豁免。

Broker-Dealers Under the Securities Exchange Act

根據《證券交易法》的經紀交易商

Anyone who buys and sells securities for others or stands ready to buy and sell securities for their own account may be a broker or dealer. There is no bright line rule for qualifying as a broker-dealer, but the SEC and courts consider as indicia whether you provide liquidity, charge a fee related to the trade price, actively find investors, or play a role in holding customer funds or securities.

任何購買和出售證券的人或準備出售自己帳戶的證券的人都可能是經紀人或經銷商。作為經紀交易商的資格符合資格，沒有明亮的線條規則，但是SEC和法院認為您是否提供流動性，收取與貿易價格相關的費用，積極尋找投資者或在持有客戶資金或證券方面發揮作用。

While there’s no practical way to trade digital assets as a broker-dealer currently, the SEC could use its existing authority to chart a realistic path for doing so. In the best case, that will take time and still come with some compliance obligations.

雖然目前沒有實際作為經紀交易商來交易數字資產的實際方法，但SEC可以利用其現有權力來繪製這樣做的現實途徑。在最好的情況下，這將需要時間，並且仍然需要一些合規義務。

Exchanges Under the Securities Exchange Act

根據《證券交易法》的交流

While it may not look like a traditional securities exchange, a platform using smart contracts to bring together orders for tokenized securities from multiple buyers and multiple sellers for matching and execution could qualify as one, depending on its structure.

雖然它看起來不像是傳統的證券交易所，但使用智能合約的平台將來自多個買家的令牌證券和多個賣家的匹配和執行者匯總起來，可以根據其結構來符合條件。

Currently, only broker-dealers can trade on exchanges, and exchanges can’t hold customer accounts or custody customer securities. Even if the SEC is able to rework these rules, some requirements would no doubt persist.

目前，只有經紀交易商才能交易交易，交易所不能持有客戶帳戶或監護客戶證券。即使SEC能夠重新制定這些規則，毫無疑問，某些要求仍然存在。

Security-Based Swaps Under the Securities Exchange Act

根據《證券交易法》的安全掉期

If a tokenized security gives its holder exposure to the economic performance of one or more securities, it may have crossed over into the complicated world of security-based swaps. Generally, tokens that provide for the exchange of future payments based on the value of a security (or events relating to that security) without conveying ownership rights are likely to be swaps. Security-based swaps are under the joint jurisdiction of the SEC and the Commodity Futures Trading Commission. The requirements for them are many, with the most notable being rules prohibiting retail investors from purchasing swaps.

如果一個令牌的安全性使其持有人接觸一項或多種證券的經濟績效，那麼它可能已經跨越了基於安全掉期的複雜世界。通常，在不傳達所有權的情況下，根據安全價值（或與該安全性有關）的價值（或與該安全性有關的事件）提供交換的代幣可能是掉期。基於安全的掉期由SEC和商品期貨貿易委員會的聯合管轄。他們的要求很多，最值得注意的是禁止散戶投資者購買掉期的規則。

AML and KYC

AML和KYC

Companies involved in trading or transferring tokenized securities also need to consider the applicability of anti-money laundering and know-your-customer laws. Compliance requirements depend on the role being played in the transactions but can include collecting and verifying the name, birthdate, and address of customers.

參與交易或轉移令牌證券的公司還需要考慮反洗錢和了解自己的客戶法律的適用性。合規要求取決於在交易中扮演的角色，但可以包括收集和驗證客戶的名稱，出生日期和地址。

The Riddles Must Be Worked Through, Not Around

謎語必須通過，而不是在附近

Solving these riddles is not an end in itself. When designing any tokenized securities project, developers make choices based on the economics, the technology, and the regulatory framework. These areas are intertwined, as the technology can

解決這些謎語本身並不是目的。在設計任何令牌化證券項目時，開發人員根據經濟學，技術和監管框架做出選擇。這些領域是交織在一起的，因為技術可以