安德森·霍洛維茨（Andreessen Horowitz）想要更新的監管眾籌版本

輸入：這並不是A16Z的新意見。今年早些時候，風險投資集團提倡更新REG CF以支持加密產品。

Andreessen Horowitz, a prominent venture capital firm, has penned a plea to the Securities and Exchange Commission (SEC) to adapt Regulation Crowdfunding (Reg CF) for Non-Fungible Token (NFT) offerings.

著名的風險投資公司Andreessen Horowitz已向美國證券交易委員會（SEC）懇求調整法規眾籌（REG CF），以供無污點（NFT）提供。

Non-Fungible Tokens (NFTs) are crypto assets whose value, utility, or significance is primarily derived from being a record of ownership or rights with respect to a tangible or intangible good.

無殺菌令牌（NFTS）是加密資產，其價值，效用或意義的主要因素主要是在有形或無形的商品方面的所有權或權利的記錄中得出的。

The venture group believes that existing securities crowdfunding exemptions, including Reg CF, Reg A+, and Reg D 506c, do not work well for “creative endeavors.”

該風險投資集團認為，包括Reg CF，Reg A+和Reg D 506C在內的現有證券眾籌豁免對“創意努力”並不能很好地工作。

As not all NFTs are said to be securities, they believe these should benefit from a safe harbor issued by the Commission. However, not all NFTs should be eligible for this safe harbor. A16z states that new crowdfunding regulations should be created by the Commission for transactions of collectibles that are not eligible for the safe harbor.

由於並不是所有NFT都是證券，因此他們認為這些NFT應該從委員會發行的安全港中受益。但是，並非所有NFT都應該符合這個安全港的資格。 A16Z指出，委員會應制定新的眾籌法規，以製定不符合安全港的收藏品的交易。

This is not exactly a new opinion from a16z. Earlier this year, the VC group advocated that Reg CF be updated to support crypto offerings. To accomplish this task, they recommended funding cap should be increased to $75 million from its current $5 million limit. Many insiders in the securities crowdfunding sector would like to see Reg CF rise to at least $20 million.

這並不是A16Z的新意見。今年早些時候，風險投資集團提倡更新REG CF以支持加密產品。為了完成這項任務，他們建議將資金上限從目前的500萬美元限額增加到7500萬美元。證券眾籌領域的許多內部人士希望Reg CF上漲至至少2000萬美元。

As Reg CF is a notice filing that does not need to be qualified by the SEC, this approach makes sense as it simpiflies the filing process while allowing retail investors to access these digital asset offerings.

由於REG CF是不需要由SEC資格的通知文件，因此這種方法是有意義的，因為它可以使備案流程介紹同時允許零售投資者訪問這些數字資產產品。

Andreessen outlines their NFT proposal in a letter to the SEC Crypto Task Force, led by SEC Commissioner Hester Peirce.

安德森（Andreessen）在SEC專員Hester Peirce領導的一封信中概述了他們的NFT提案。

The firm believes the SEC should establish a new “tailored crowdfunding regime for creators.”

該公司認為，SEC應該建立一個新的“為創作者量身定制的眾籌政權”。

The letter states: “A crowdfunding pathway tailored for collectible tokens could leverage the criteria of the safe harbor described above, and, as such, would more effectively foster capital formation from the public. In particular, the crowdfunding regulations applicable to collectible tokens should require that: (1) the asset to be delivered to the investor in exchange for the investment must be a collectible token; (2) the transaction must not involve the creation of any post-sale interests in the creator or any third party, other than a right to the delivery of the collectible token and associated object(s); and (3) the transaction is not marketed or promoted as an investment opportunity that suggests purchasers should expect financial returns based upon the efforts of the creator or any third party beyond the delivery of the collectible token and the creator’s efforts to build a reputation and following.”

這封信說：“一條針對可收藏代幣量身定制的眾籌途徑可以利用上述安全港的標準，因此，將更有效地培養公眾的資本形成。特別是，適用於可收藏的代幣的眾籌法規應要求以下：（1）涉及任何投資的投資必須是不合時宜的。除了交付收藏令牌和相關對象的權利（S）和（3）交易不是作為投資機會而表明購買者應根據創建者或任何第三方提供收藏代表和創造者的努力，都應該期望購買者期望購買者的努力，否則銷售的銷售利益，除了提供收藏的代幣和相關的對象之外；

The referenced safe harbor requires:

引用的安全港要求：

Andreessen is of the opinion that a crowdfunding pathway could enable creators while driving economic value to holders of these digital assets while preserving investor protection goals.

安德森（Andreessen）認為，眾籌途徑可以使創作者在推動這些數字資產的持有人的同時推動投資者保護目標的同時推動創作者。

The letter is viewable here.

這封信在這裡可以查看。