重新思考加密貨幣監管：呼籲簡化並與既定證券法保持一致

歸類為證券的加密代幣一直是數位資產領域的熱門議題。相反，Stuart Alderoty，Ripple 首席法務官

A key issue in digital asset regulation is determining which crypto tokens should be classified as securities. While the Howey Test and the SAFET Framework offer guidance, applying them to the vast and diverse range of crypto tokens has proven challenging.

數位資產監管的一個關鍵問題是確定哪些加密代幣應歸類為證券。雖然 Howey 測試和 SAFET 框架提供了指導，但將它們應用於廣泛且多樣化的加密代幣已被證明具有挑戰性。

In an effort to simplify and streamline this process, Ripple’s Chief Legal Officer Stuart Alderoty advocates for a streamlined approach that focuses on tokens with equity or profit rights. This approach, he argues, would better align with established securities law and provide clarity for all parties involved.

為了簡化這個流程，Ripple 的首席法務官 Stuart Alderoty 主張採用簡化方法，並專注於具有股權或利潤權的代幣。他認為，這種方法將更符合既定的證券法，並為所有相關方提供明確的資訊。

According to MetaLawMan, another pain point in crypto regulation is the heavy reliance on subjective metrics like decentralization. Using decentralization to determine a token’s legal status introduces vagueness into a framework that should be clear and predictable.

MetaLawMan 認為，加密貨幣監管的另一個痛點是嚴重依賴去中心化等主觀指標。使用去中心化來確定代幣的法律地位會為本應清晰且可預測的框架帶來模糊性。

This subjectivity allows lawyers to capitalize on unclear rules, leaving judges and regulators to grapple with unnecessary complexity. As a result, developers and investors face risks due to inconsistent legal interpretations. Simplifying these definitions would reduce litigation costs, foster trust, and encourage the responsible use of blockchain technology.

這種主觀性使得律師可以利用不明確的規則，讓法官和監管機構應對不必要的複雜性。因此，開發商和投資者面臨法律解釋不一致的風險。簡化這些定義將降低訴訟成本、促進信任並鼓勵負責任地使用區塊鏈技術。

To ensure alignment with established securities law, which has been refined over a century, tokens granting rights to dividends, revenue shares, or liquidation proceeds are similar to traditional securities and should be regulated accordingly.

為了確保與經過一個多世紀完善的既定證券法保持一致，授予股息、收入份額或清算收益權利的代幣與傳統證券類似，應受到相應的監管。

However, tokens that only offer price appreciation or redemption rights lack these critical characteristics. Applying established principles ensures regulatory decisions are consistent with historical practices, providing a solid foundation for both new and experienced market participants.

然而，僅提供價格增值或贖回權的代幣缺乏這些關鍵特徵。應用既定原則可確保監管決策與歷史實踐保持一致，為新的和經驗豐富的市場參與者提供堅實的基礎。

The current draft of the Financial Innovation and Technology for the 21st Century Act (FIT21) relies on decentralization metrics to classify tokens. However, this approach should be revised to reflect a more practical and consistent framework.

《21 世紀金融創新與技術法案》（FIT21）的當前草案依靠去中心化指標對代幣進行分類。然而，這種方法應該進行修改，以反映一個更實用和一致的框架。

Removing decentralization as a defining criterion ensures that regulations are clearer and easier to enforce. Consequently, this adjustment would reduce unnecessary legal disputes, allowing stakeholders to focus on meaningful innovation rather than compliance uncertainties.

取消權力下放作為定義標準可確保法規更加清晰且更易於執行。因此，這項調整將減少不必要的法律糾紛，使利害關係人能夠專注於有意義的創新，而不是合規的不確定性。

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建議讀者在採取任何與該公司相關的行動之前務必謹慎行事。