Memecoins：川普是否利用了證券法的漏洞？

Anonwassielawyer 首先做了一個頗具爭議性的總結：“川普推出了一種模因幣，其資金來自美國，價值超過 700 億美元。現在犯罪合法嗎？”他分析稱，此類發行的法律基礎一直存在，植根於美國法律中證券與非證券的區分。

Donald Trump's recent foray into the world of cryptocurrency with the launch of his meme coin, TRUMP, has sparked widespread interest and curiosity. A comprehensive analysis by Anonwassielawyer (@wassielawyer), a prominent crypto and finance attorney, has shed light on the legality of Trump's launch, explaining how it managed to slip through the cracks of US securities laws.

唐納德·特朗普最近進軍加密貨幣世界，推出了他的模因幣“特朗普”，引發了廣泛的興趣和好奇。著名的加密貨幣和金融律師 Anonwassielawyer (@wassielawyer) 的一項綜合分析揭示了川普推出的合法性，解釋了它是如何成功逃脫美國證券法的漏洞的。

Memecoins: Has Trump Used A Loophole In Securities Law?

Memecoins：川普是否利用了證券法的漏洞？

Anonwassielawyer begins his analysis with a provocative summary: “Trump launched a memecoin that ran to over $70 billion from the US of A. Is crime legal now?” His analysis, however, sets out to demonstrate that the legal foundation for such launches has existed all along, rooted in the distinction between securities and non-securities in US law. Memecoins, which lack inherent utility or revenue-sharing mechanisms, generally do not meet the criteria of an “investment contract” as outlined in the Howey Test.

Anonwassielawyer 以挑釁性的總結開始他的分析：“川普推出了一種模因幣，其資金來自美國，價值超過 700 億美元。現在犯罪合法嗎？”然而，他的分析旨在證明此類發行的法律基礎一直存在，植根於美國法律中證券與非證券之間的差異。 Memecoin 缺乏固有的效用或收入分享機制，通常不符合 Howey 測試中概述的「投資合約」標準。

For a token to be considered a security, it must meet specific criteria, including an investment of money in a common enterprise with a reasonable expectation of profits derived from the efforts of others. In the case of memecoins like TRUMP, these elements are conspicuously absent. The analysis breaks this down with an example: if a token is sold with the promise that proceeds will fund a project expected to generate profits shared with investors, the token would be considered a security.

要使代幣被視為證券，它必須滿足特定標準，包括將資金投資於普通企業，並合理預期從他人的努力中獲得利潤。對於像川普這樣的迷因幣來說，這些元素明顯不存在。該分析透過一個例子對此進行了分解：如果出售代幣時承諾收益將資助一個預計會與投資者分享利潤的項目，那麼該代幣將被視為一種證券。

However, if a token is sold purely as a speculative asset, with no underlying project or economic value, it falls outside this classification. TRUMP clearly belongs in the latter category. As Anonwassielawyer explains, “If I asked you to buy a memecoin, we aren’t expecting the proceeds to go towards any project. It simply goes to the seller who sells it because he thinks the price will go down. You are simply buying it because you think there’s a next marginal buyer who will take it from you at a higher price. There is no investment contract. There is no underlying value. It’s pure speculation on attention. Thus—not a security.”

但是，如果代幣純粹作為投機資產出售，沒有基礎項目或經濟價值，則它不屬於此分類。川普顯然屬於後者。正如 Anonwassielawyer 所解釋的那樣，「如果我要求你購買迷因幣，我們並不期望收益用於任何項目。它只是流向出售它的賣家，因為他認為價格會下降。你購買它只是因為你認為下一個邊際買家會以更高的價格從你手中奪走它。沒有投資合約。沒有潛在的價值。這純粹是對關注度的猜測。因此——不是證券。

While the legal status of memecoins is relatively straightforward, the broader implications for the crypto industry are more complex. Projects designed to create genuine value often face significantly higher regulatory hurdles. Tokens that accrue revenue, offer governance rights, or otherwise resemble traditional financial instruments are far more likely to fall within the purview of securities law. This reality has led to growing frustration within the industry, particularly regarding the enforcement policies of regulators like SEC Chair Gary Gensler. As Anonwassielawyer notes, “A lot of the hatred towards Gary Gensler isn’t because he enforced securities laws; it’s because he claimed everything was a security even though they may not have been.”

雖然模因幣的法律地位相對簡單，但對加密產業的更廣泛影響卻更為複雜。旨在創造真正價值的項目通常面臨更高的監管障礙。產生收入、提供治理權或以其他方式類似於傳統金融工具的代幣更有可能屬於證券法的管轄範圍。這一現實導致行業內日益不滿，特別是在 SEC 主席加里·詹斯勒 (Gary Gensler) 等監管機構的執法政策方面。正如 Anonwassielawyer 指出的那樣，“對加里·詹斯勒 (Gary Gensler) 的許多仇恨並不是因為他執行了證券法；而是因為他執行了證券法。”這是因為他聲稱一切都是證券，儘管它們可能並非如此。

The contrasting approaches taken with TRUMP and Trump's other crypto initiative, World Liberty Finance (WLFI), illustrate this regulatory divide. While TRUMP operates as a speculative memecoin, WLFI adheres to a strict compliance framework designed to satisfy US securities laws. The WLFI token, for instance, is explicitly structured to be non-transferable for at least 12 months, a safeguard to ensure compliance with Regulation D and Regulation S. These regulations govern sales to US accredited investors and non-US persons, respectively.

川普和川普的另一項加密貨幣倡議世界自由金融（WLFI）採取的對比方法說明了這種監管分歧。雖然 TRUMP 作為投機性 memecoin 運作，但 WLFI 遵守旨在滿足美國證券法的嚴格合規框架。例如，WLFI 代幣明確規定在至少 12 個月內不可轉讓，這是確保遵守 D 條例和 S 條例的保障措施。

The terms of WLFI explicitly state, “If transferability of WLFI is sought to be unlocked in the future through protocol governance procedures, such unlock would only be permitted if determined not to contravene applicable law.”

WLFI 的條款明確規定，“如果未來尋求透過協議治理程序解鎖 WLFI 的可轉讓性，只有在確定不違反適用法律的情況下才允許此類解鎖。”

Another layer of complexity involves the use of offshore structures, often misunderstood as tools for regulatory evasion. Anonwassielawyer clarifies that these entities serve legitimate purposes, primarily governance and tax optimization. Securities laws are territorial, meaning that setting up in offshore jurisdictions like the Cayman Islands does not exempt projects from compliance if their tokens are sold to US persons. However, offshore structures can provide tax advantages, particularly by deferring taxable events associated with token generation and disposal until the assets are onshored.

另一層複雜性涉及離岸結構的使用，通常被誤解為逃避監管的工具。 Anonwassielawyer 澄清說，這些實體服務於合法目的，主要是治理和稅收優化。證券法具有地域性，這意味著在開曼群島等離岸司法管轄區設立的項目如果將其代幣出售給美國人，則不能免除合規性。然而，離岸結構可以提供稅收優勢，特別是將與代幣生成和處置相關的應稅事件推遲到資產在岸上。

For the crypto industry, the lessons from Trump's initiatives are clear but sobering. Memecoins may represent the lowest common denominator of the market, but their simplicity shields them from regulatory scrutiny. Meanwhile, projects striving to deliver real utility must navigate an increasingly complex and inconsistent regulatory environment. Anonwassielawyer emphasizes this point, advising caution and compliance: “Memecoins are very cool but no fraud please. Securities analysis should be a bit more relaxed but can be sensible. We still have to be careful when selling tokens with security-like features and follow the usual frameworks for such.”

對於加密產業來說，川普舉措的教訓是明確但發人深省的。 Memecoin 可能代表了市場的最低公分母，但其簡單性使其免受監管審查。同時，努力提供實際效用的項目必須應對日益複雜和不一致的監管環境。 Anonwassielawyer 強調了這一點，並建議謹慎和合規：「Memecoin 非常酷，但請不要欺詐。證券分析應該更輕鬆一些，但也可以更明智。在出售具有類似證券功能的代幣時，我們仍然必須小心謹慎，並遵循通常的框架。

At press time, TRUMP traded at $39.26.

截至發稿時，川普的交易價格為 39.26 美元。