SEC工作人員闡明了聯邦證券法在模因硬幣中的應用

在可能具有廣泛影響的行動中，美國證券交易委員會工作人員（工作人員）於2025年2月27日發表聲明

The U.S. Securities and Exchange Commission (SEC) Staff has issued a statement providing clarity on the application of federal securities laws to meme coins. The statement, which was released by the Division of Corporation Finance Staff (Staff) on February 27, 2025, offers crucial insights for crypto market participants and could signal a significant change in the SEC’s interpretation of what does and doesn't constitute a security.

美國證券交易委員會（SEC）的工作人員已發表聲明，清楚地說明了將聯邦證券法適用於Meme Coins的聲明。該聲明由公司財務人員（工作人員）發表，2025年2月27日為加密貨幣市場參與者提供了重要的見解，並可能表明SEC對所做和不構成安全性的解釋的解釋發生了重大變化。

Key Points from the SEC Staff Statement

SEC員工聲明的要點

The Staff’s statement provides much-needed clarity for the cryptocurrency market, especially for traders and issuers of meme coins; however, it is worth noting that projects building businesses and investors investing in businesses are not directly impacted by the Staff’s statement—as tokens that derive value based on the operations of the business (i.e., there is an expectation of profits derived from the efforts of others, through the lens of the Howey test) are not meme coins, and they may be considered “securities” pursuant to the Howey test.

工作人員的聲明為加密貨幣市場提供了急需的清晰度，尤其是對於Meme Coins的貿易商和發行人；但是，值得注意的是，建立企業和投資業務投資的投資者並不直接受到員工聲明的影響，因為該公司的聲明是基於業務運營而獲得價值的代幣（即，人們期望從他人的努力，通過Howey Test的鏡頭獲得的利潤獲得利潤，而不是Meme Coins），而不是Meme Coins，他們可能被認為是“證券測試”。

Confirming that meme coins are not securities removes a regulatory overhang from meme coin–related transactions. However, this does not mean that meme coins are free from all legal scrutiny. Industry participants must remain vigilant against fraudulent practices, as these could still attract enforcement actions or private lawsuits under other legal frameworks.

確認Meme硬幣不是證券可以從模因硬幣相關的交易中刪除監管懸垂性。但是，這並不意味著模因硬幣不受所有法律審查。行業參與者必須對欺詐行為保持警惕，因為這些行為仍然可以在其他法律框架下吸引執法行動或私人訴訟。

Further, while the Staff statement only specifically applied to memecoins, the rationale articulated could also apply to other assets. For instance, the same rationale could apply to NFTs that only represent artwork or collectibles. In addition, it could apply to other speculative assets where the value of the asset does not rely on the efforts of others, such as sneakers and sports cards.

此外，雖然工作人員聲明僅專門應用於模因，但闡明的理由也可以適用於其他資產。例如，相同的理由可以適用於僅代表藝術品或收藏品的NFT。此外，它可以應用於其他投機資產，在這些資產的價值不依賴於其他資產的努力，例如運動鞋和運動卡。

Ongoing Legal Considerations

持續的法律考慮

Persons dealing with meme coins should still consider the following legal implications:

處理模因硬幣的人仍應考慮以下法律含義：

The statement on meme coins offers insight into the fundamental question of “Which crypto assets are securities?” It also signals a potential shift in how the SEC regulates the industry by proactively providing informal guidance. We see the statement as a sensible step towards regulatory clarity and a very overdue shift away from the SEC’s recent history of “regulation by enforcement” and “regulation by speechmaking” before that.

關於Meme Coins的聲明提出了有關“哪些加密資產是證券？”的基本問題的洞察力。它還標誌著SEC通過主動提供非正式指導來調節行業的潛在轉變。我們認為，這一說法是朝著監管清晰度的明智步驟，並且在此之前的“執法監管”和“通過語音製作”的“監管”歷史上徹底轉變。