眾議院法案顯示在不給予 TradFi 免費通行證的情況下監管加密貨幣的挑戰

麥克亨利和湯普森提出的法案雖然被業內人士譽為里程碑，但透過創建新的數位資產類別帶來了巨大的監管不確定性。然而，該法案試圖透過將受限制的數位資產排除在證券法的部分內容之外來解決監管套利問題，同時防止代幣銷售代表股權，但卻產生了一個新問題：該法案對這些術語缺乏明確的定義，從而讓SEC 擁有了權力確定哪些代幣構成股權或債務證券。

House Bill Attempts to Navigate Crypto Regulation Labyrinth, But Raises Concerns

眾議院法案試圖穿越加密貨幣監管迷宮，但引發擔憂

Amidst the burgeoning crypto landscape, the House Financial Services Committee Chair Patrick McHenry (R-NC) and Agriculture Committee Chair Glenn "GT" Thompson (R-PA) have proposed a draft bill that aims to delineate the regulatory boundaries for crypto assets. While the bill has garnered praise from certain crypto industry proponents, it raises fundamental questions about the feasibility of exempting tokens from securities laws without creating regulatory loopholes that traditional securities issuers can exploit.

在蓬勃發展的加密領域中，眾議院金融服務委員會主席帕特里克·麥克亨利（R-NC）和農業委員會主席格倫·“GT”·湯普森（R-PA）提出了一項法案草案，旨在劃定加密資產的監管邊界。儘管該法案獲得了某些加密貨幣行業支持者的讚揚，但它提出了一些基本問題，即在不造成傳統證券發行人可以利用的監管漏洞的情況下，使代幣免受證券法約束的可行性。

The proposed legislation seeks to introduce a new asset class termed "digital assets," encompassing subcategories such as "digital commodities" and "restricted digital assets." The intent is for crypto tokens to be issued initially as digital commodities or as restricted digital assets that subsequently transition into digital commodities upon reaching a threshold of decentralization.

擬議的立法旨在引入一種名為“數位資產”的新資產類別，其中包括“數位商品”和“受限數位資產”等子類別。其目的是讓加密代幣最初作為數位商品或受限數位資產發行，隨後在達到去中心化門檻後轉變為數位商品。

Restricted digital assets, while meeting the criteria of securities under the Howey Test, would be exempted from certain securities laws. However, this exemption hinges on the token issuance meeting six specific qualifications, including a prohibition on the sale of "equity securities, debt securities, or debt securities convertible or exchangeable to equity interests."

受限制的數位資產在滿足豪伊測試下的證券標準的同時，將不受某些證券法的約束。然而，這項豁免取決於代幣發行必須符合六項具體資格，包括禁止出售「股本證券、債務證券或可轉換或可交換為股本權益的債務證券」。

This provision, intended to prevent regulatory arbitrage, poses a significant challenge. The bill does not define "equity securities" or "debt securities," leaving room for interpretation by the Securities and Exchange Commission (SEC). Given the similarities between the governance structures of many decentralized applications (dapps) and decentralized autonomous organizations (DAOs) and those of corporations, the SEC could deem most, if not all, crypto tokens that satisfy the Howey Test to be equities subject to traditional securities law disclosures.

這項旨在防止監管套利的規定提出了重大挑戰。該法案沒有定義“股本證券”或“債務證券”，為美國證券交易委員會（SEC）留下了解釋的空間。鑑於許多去中心化應用程式（dapp）和去中心化自治組織（DAO）的治理結構與公司的治理結構之間的相似性，SEC 可能會認為大多數（如果不是全部）滿足Howey 測試的加密代幣是受傳統證券約束的股票法律披露。

Alternative approaches to removing SEC discretion while preventing regulatory arbitrage face similar hurdles. A bill that excludes crypto from the Howey Test would render securities laws technologically biased, favoring blockchains over other technologies. Defining equity securities as solely "stocks" would leave courts to determine what constitutes a stock, creating a new judge-made test that, like the Howey Test, requires litigation for legal certainty. Defining equity securities as issuable only by state-chartered legal entities could lead to companies converting to DAOs while maintaining the same governance structures.

消除 SEC 自由裁量權同時防止監管套利的其他方法也面臨類似的障礙。將加密貨幣排除在豪伊測試之外的法案將使證券法在技術上存在偏見，從而有利於區塊鏈而不是其他技術。將股本證券僅定義為「股票」將使法院來確定股票的組成，從而創建了一種新的法官制定的測試，與豪伊測試一樣，需要透過訴訟來確定法律確定性。將股本證券定義為只能由國家特許的法人實體發行可能會導致公司轉換為 DAO，同時保持相同的治理結構。

The bill also poses other concerns. It grants expanded jurisdiction to the Commodity Futures Trading Commission (CFTC) without providing additional funding. It seemingly exempts DeFi exchanges from adhering to the same investor protection provisions as their centralized counterparts. Additionally, the CFTC would be authorized to grant retroactive or prospective exemptions to large segments of digital commodity markets from customer protection provisions, rendering the bill's regulation of exchanges and brokers discretionary.

該法案還提出了其他問題。它在不提供額外資金的情況下授予商品期貨交易委員會（CFTC）更大的管轄權。它似乎免除了 DeFi 交易所遵守與中心化交易所相同的投資者保護條款的義務。此外，美國商品期貨交易委員會將被授權對大部分數位商品市場給予追溯或前瞻性的客戶保護條款豁免，從而使該法案對交易所和經紀商的監管具有自由裁量權。

Despite the bill's ambition, it highlights the inherent challenges in creating crypto legislation that simultaneously exempts tokens from securities laws and maintains regulation of traditional securities issuers. The proposed distinctions between digital commodities and restricted digital assets, coupled with the lack of clear definitions for key terms, create potential loopholes that could enable traditional securities issuers to bypass securities regulations by issuing crypto tokens.

儘管該法案雄心勃勃，但它凸顯了製定加密立法所面臨的固有挑戰，該立法既使代幣免受證券法的約束，也維持對傳統證券發行人的監管。數位商品和受限數位資產之間擬議的區別，加上關鍵術語缺乏明確的定義，造成了潛在的漏洞，可能使傳統證券發行人透過發行加密代幣來繞過證券監管。

As the crypto ecosystem continues to evolve, policymakers face a formidable task in navigating the complexities of digital asset regulation. Striking an appropriate balance between fostering innovation and protecting investors requires a comprehensive and well-defined legal framework that can address the unique challenges posed by this rapidly evolving asset class.

隨著加密生態系統的不斷發展，政策制定者在應對數位資產監管的複雜性方面面臨著艱鉅的任務。在促進創新和保護投資者之間取得適當的平衡需要一個全面且明確的法律框架，以應對這一快速發展的資產類別所帶來的獨特挑戰。