在古希腊的俄狄浦斯故事中，伟大的回报等待着能够解决困难谜语的旅行者

这种令牌化可以打开可能性，例如瞬时和解，共享分数和每日股息支付，从而使产品更有效

In the Ancient Greek tale of Oedipus, great rewards awaited travelers able to solve difficult riddles, but a powerful sphinx posed the riddles and devoured those who failed to solve them. Similarly, in ancient crypto times, circa 2017, blockchain technology stood to revolutionize finance and other fields. But two challenges stood in the way of this technology enjoying its full potential: (1) securities laws that don’t easily map onto decentralized systems, and (2) a securities regulator hostile to digital assets, which often posed grave risks to those who tried to solve the first challenge.

在古希腊的俄狄浦斯故事中，伟大的奖励等待着能够解决困难的谜语的旅行者，但强大的狮身人面像却带来了谜语，并吞噬了那些未能解决这些问题的人。同样，在大约2017年的古代加密时报中，区块链技术代表着革新金融和其他领域。但是，这项技术具有全部潜力的方式有两个挑战：（1）不容易映射到分散系统上的证券法，以及（2）对数字资产敌对的证券监管机构，这通常给那些试图解决第一个挑战的人带来严重的风险。

Today, the sphinx has resolved to be more helpful, and the riddles remain. The Securities and Exchange Commission’s (“SEC”) Crypto Task Force has stated that the agency’s previous regime created “an environment hostile to innovation” and has committed to working with industry participants to craft sensible regulations. While promising, significant challenges remain. U.S. securities laws are a mix of statutes passed by Congress and rules adopted by the SEC. The Task Force has signaled the SEC’s willingness to make the latter more workable through new rules and exemptions. Statutes, however, present most of the challenges and only Congress, not the SEC, can change them.

如今，狮身人面像已决定更有帮助，并且谜团仍然存在。美国证券交易委员会（“ SEC”）加密委员会工作队表示，该机构以前的政权创造了“创新敌对的环境”，并致力于与行业参与者合作以制定明智的法规。在有希望的同时，仍然存在重大挑战。美国证券法是国会通过的法规和美国证券交易委员会通过的规则的组合。该工作队表示，SEC愿意通过新规则和豁免使后者更加可行。然而，法规提出了大多数挑战，只有国会而不是国会议员才能改变它们。

Below is a primer on the more common riddles currently facing developers of tokenized securities.

以下是当前面临的标记证券开发商面临的更常见的谜语的入门。

Regulatory Considerations

监管考虑

For tokenized securities, the developer creates on-chain tokens that each represent a share of equity in a company or other security, or another asset that offers the right to cashflows. This tokenization can open up possibilities—such as instantaneous settlement, share fractionalization, and daily dividend payments—that make the product more efficient or functionally diverse than its TradFi counterpart.

对于代币化的证券，开发人员创建了链上代币，每个链代表公司在公司或其他担保中的股权份额，或者提供现金流的其他资产。这种令牌化可以打开可能性，例如瞬时和解，共享分数和每日股息支付，从而使产品比tradfi的效率更有效或功能多样化。

Even though the SEC may be more receptive to ideas for tokenized securities, it doesn’t have the authority to change statutes. Tokenized securities projects, therefore, will still need to solve or avoid the riddles these statutes present.

即使SEC可能更容易接受令牌化证券的想法，但它没有权力更改法规。因此，令牌化证券项目仍然需要解决或避免这些法规所存在的谜语。

The Investment Company Act

《投资公司法》

If a token gives its holder economic exposure to assets that the developer has pooled, that token project could be an investment company covered by the Investment Company Act, which regulates companies, like mutual funds, that invest in securities and let investors get exposure to those investments through shares that they issue.

如果代币将其持有人的经济风险投入开发商汇集的资产，那么代币项目可能是《投资公司法》所涵盖的投资公司，该公司可以通过投资证券进行投资，并让投资者通过发行的股票获得这些投资。

This riddle existed well before crypto, and most opted to navigate it by avoiding being classified as an investment company in the first place. That’s because the requirements imposed by the Investment Company Act don’t work well with business models that involve more than the buying and selling of securities. There are substantial restrictions on debt and equity raises, borrowing, and even business with affiliates. For those unable to avoid triggering these requirements, there are exemptions that may be available.

这个谜语在加密货币之前就已经存在了，大多数人首先避免被归类为投资公司来驾驶它。这是因为《投资公司法案》施加的要求与不仅仅涉及买卖证券的商业模式效果不错。债务和股权提高，借贷甚至与分支机构业务有很大的限制。对于那些无法避免触发这些要求的人，可能会有豁免。

Broker-Dealers Under the Securities Exchange Act

根据《证券交易法》的经纪交易商

Anyone who buys and sells securities for others or stands ready to buy and sell securities for their own account may be a broker or dealer. There is no bright line rule for qualifying as a broker-dealer, but the SEC and courts consider as indicia whether you provide liquidity, charge a fee related to the trade price, actively find investors, or play a role in holding customer funds or securities.

任何购买和出售证券的人或准备出售自己帐户的证券的人都可能是经纪人或经销商。作为经纪交易商的资格符合资格，没有明亮的线条规则，但是SEC和法院认为您是否提供流动性，收取与贸易价格相关的费用，积极寻找投资者或在持有客户资金或证券方面发挥作用。

While there’s no practical way to trade digital assets as a broker-dealer currently, the SEC could use its existing authority to chart a realistic path for doing so. In the best case, that will take time and still come with some compliance obligations.

虽然目前没有实际作为经纪交易商来交易数字资产的实际方法，但SEC可以利用其现有权力来绘制这样做的现实途径。在最好的情况下，这将需要时间，并且仍然需要一些合规义务。

Exchanges Under the Securities Exchange Act

根据《证券交易法》的交流

While it may not look like a traditional securities exchange, a platform using smart contracts to bring together orders for tokenized securities from multiple buyers and multiple sellers for matching and execution could qualify as one, depending on its structure.

虽然它看起来不像是传统的证券交易所，但使用智能合约的平台将来自多个买家的令牌证券和多个卖家的匹配和执行者汇总起来，可以根据其结构来符合条件。

Currently, only broker-dealers can trade on exchanges, and exchanges can’t hold customer accounts or custody customer securities. Even if the SEC is able to rework these rules, some requirements would no doubt persist.

目前，只有经纪交易商才能交易交易，交易所不能持有客户帐户或监护客户证券。即使SEC能够重新制定这些规则，毫无疑问，某些要求仍然存在。

Security-Based Swaps Under the Securities Exchange Act

根据《证券交易法》的安全掉期

If a tokenized security gives its holder exposure to the economic performance of one or more securities, it may have crossed over into the complicated world of security-based swaps. Generally, tokens that provide for the exchange of future payments based on the value of a security (or events relating to that security) without conveying ownership rights are likely to be swaps. Security-based swaps are under the joint jurisdiction of the SEC and the Commodity Futures Trading Commission. The requirements for them are many, with the most notable being rules prohibiting retail investors from purchasing swaps.

如果一个令牌的安全性使其持有人接触一项或多种证券的经济绩效，那么它可能已经跨越了基于安全掉期的复杂世界。通常，在不传达所有权的情况下，根据安全价值（或与该安全性有关）的价值（或与该安全性有关的事件）提供交换的代币可能是掉期。基于安全的掉期由SEC和商品期货贸易委员会的联合管辖。他们的要求很多，最值得注意的是禁止散户投资者购买掉期的规则。

AML and KYC

AML和KYC

Companies involved in trading or transferring tokenized securities also need to consider the applicability of anti-money laundering and know-your-customer laws. Compliance requirements depend on the role being played in the transactions but can include collecting and verifying the name, birthdate, and address of customers.

参与交易或转移令牌证券的公司还需要考虑反洗钱和了解自己的客户法律的适用性。合规要求取决于在交易中扮演的角色，但可以包括收集和验证客户的名称，出生日期和地址。

The Riddles Must Be Worked Through, Not Around

谜语必须通过，而不是在附近

Solving these riddles is not an end in itself. When designing any tokenized securities project, developers make choices based on the economics, the technology, and the regulatory framework. These areas are intertwined, as the technology can

解决这些谜语本身并不是目的。在设计任何令牌化证券项目时，开发人员根据经济学，技术和监管框架做出选择。这些领域是交织在一起的，因为技术可以