根据新的SEC员工声明，模因硬币通常不构成证券

2025年2月27日，美国证券交易委员会（SEC）发布了有关Meme Coins的员工声明（该声明）。

On February 27, 2025, the US Securities and Exchange Commission (SEC) released a Staff Statement on meme coins (the Statement). In the Statement, the Division's Staff shared its views that meme coins, generally speaking, do not typically constitute securities, nor does their transfer constitute the sale of securities under federal securities laws.1 The Staff makes clear, however, that the Statement does not negate the possible finding of an investment contract, depending on the facts and circumstances. These facts and circumstances include, but are not limited to, marketing/promotional efforts and pooling of funds for business purposes.2

2025年2月27日，美国证券交易委员会（SEC）发布了有关Meme Coins的员工声明（该声明）。在声明中，该部门的工作人员分享了其观点，即Meme硬币一般来说，通常不构成证券，其转让也不构成根据联邦证券法的出售证券。1工作人员清楚地表明，根据事实和情况，该声明并未否定可能否定投资合同的可能裁定。这些事实和情况包括但不限于营销/促销工作以及用于业务目的的资金集合。22

Regardless of how caveated, the Statement has sparked internal debate within the SEC. Commissioner Caroline Crenshaw criticized the Statement for its lack of a clear definition of a meme coin. She emphasized that the "economic reality" of most meme coins - in her view, to make money and generate profits based on the efforts of others, which implicate the finding of an investment contract and thereby a security - is neglected in the Staff Statement.3

无论警告如何，该声明都引发了SEC内部的内部辩论。专员卡罗琳·克伦肖（Caroline Crenshaw）批评该声明缺乏对模因硬币的明确定义。她强调，大多数模因硬币的“经济现实” - 在她看来，是为了赚钱并根据他人的努力赚钱，这暗示了投资合同的发现，从而获得了担保 - 在工作人员声明中被忽略了。3

As this article will discuss, the ongoing debate surrounding the classification of meme coins are important for Canadian businesses operating in the digital asset space, particularly given the overlapping investment contract tests and securities policies between Canada and our neighbours to the south.

正如本文将讨论的那样，围绕模因硬币分类的持续辩论对于在数字资产领域运营的加拿大企业很重要，尤其是考虑到加拿大与南方邻国之间的重叠投资合同测试和证券政策。

What is a Meme Coin?

什么是模因硬币？

Meme coins are a subset of cryptocurrencies that are often inspired by internet memes, jokes and current events. Unlike traditional cryptocurrencies such as Bitcoin, meme coins usually gain popularity through social media and online communities, and oftentimes lack real-world applications. They are often highly volatile and speculative, with their value largely driven by online trends, social media hype, and community sentiment rather than fundamental economic or technological factors.4

模因硬币是加密货币的一部分，通常受到互联网模因，笑话和时事的启发。与传统的加密货币（例如比特币）不同，模因硬币通常通过社交媒体和在线社区获得流行，并且通常缺乏现实世界的应用。它们通常是高度波动和投机性的，其价值在很大程度上是由在线趋势，社交媒体炒作和社区情绪的驱动的，而不是基本的经济或技术因素。4

Ongoing Discussion of Cryptocurrency: Security or Commodity?

正在进行的有关加密货币的讨论：安全还是商品？

As we have communicated in prior Cassels Comments, the classification of cryptocurrencies has been a topic of debate for quite some time in the United States. In the US, the Commodity Futures Trading Commission (CFTC) views Bitcoin and other cryptocurrencies as commodities.5 However, the previous SEC administration has, in numerous staff comments and enforcement actions, indicated that certain crypto assets may be considered, or the manner by which they are sold may be considered, securities transactions, implicating registration and disclosure requirements.6

正如我们在先前的Cassels评论中所传达的那样，加密货币的分类在美国已经是一个辩论的话题。在美国，商品期货交易委员会（CFTC）将比特币和其他加密货币视为商品。5然而，在许多员工的评论和执法措施中，先前的SEC政府表明可以考虑某些加密资产，或者可能会考虑某些加密资产的方式。

SEC's Analysis: the Howey Test

SEC的分析：Howey测试

Now, turning to the specifics of the Staff Statement, the Staff of the SEC's Division of Corporation Finance shared its perspective on why meme coins, generally speaking, do not typically constitute securities.

现在，转向员工声明的细节，美国证券交易委员会（SEC）公司财务部的工作人员分享了其对为什么模因硬币的看法，通常不会构成证券。

Under the U.S. Securities Act, the defined term "security" includes in its definition reference to an "investment contract," though the statute does not define the term investment contract itself.7 The US Supreme Court established the test for an investment contract in SEC v. W.J. Howey Co., which requires that a financial arrangement meet specific criteria including investment of money in a common enterprise, reasonable expectation of profit, and reliance on the efforts of others.8

根据《美国证券法》，定义的术语“安全”包括其定义指的“投资合同”，尽管该法规并未定义“投资合同本身”。

Applying the Howey test, and demonstrating the new policies of the SEC set down by the Trump Administration, the Statement posited that the offer and sale of meme coins generally do not meet these criteria. Specifically, meme coins do not typically involve an investment in an enterprise, nor are they purchased with the reasonable expectation of profits derived from the managerial efforts of others. As such, the Statement provided that most meme coins likely fail the Howey test and would not be classified as securities under US federal securities laws.9

通过应用Howey测试，并证明了特朗普政府制定的SEC的新政策，该声明表明，Meme Coins的要约和销售通常不符合这些标准。具体而言，Meme硬币通常不涉及对企业的投资，也不是在合理期望从他人的管理工作中获得利润的合理期望。因此，该声明规定，大多数模因硬币可能未能通过Howey测试，并且不会根据美国联邦证券法归类为证券。9

This determination, however, does not provide a blanket exemption. The SEC explicitly cautioned that the characterization of certain meme coins as non-securities does not preclude other forms of civil or criminal liability, such as fraudulent conduct,10 insider trading or money laundering. They further cautioned that the facts and circumstances would govern, and that it remained possible that an arrangement involving meme coins may still implicate securities laws.11

但是，这种决定并不能提供毯子的豁免。 SEC明确警告说，将某些模因硬币描述为非安全性并不排除其他形式的民事或刑事责任，例如欺诈行为，10个内部人士交易或洗钱。他们进一步警告说，事实和情况将管理，并且涉及模因硬币的安排仍然可能牵涉证券法。

Commissioner Caroline Crenshaw dissented, expressing concerns about the Statement's broad pronouncements and lack of clarity regarding the definition of meme coins. She argued that the vagueness could be exploited by those seeking to evade regulatory oversight and emphasized the importance of analyzing the "economic reality" of meme coin transactions. Crenshaw highlighted that meme coins are often issued to generate profits for both promoters and holders, and that promoters can influence market demand through various on and off chain activities (e.g., marketing/promotional efforts, insider trading, front-running, sniping etc.). She concluded that the Statement's broad generalizations about meme coins do not align with the individualized inquiry required by the Howey test.12

专员卡罗琳·克伦肖（Caroline Crenshaw）表示反对，对声明的广泛声明和对模因硬币的定义缺乏明确性表示担忧。她认为，那些试图逃避监管监督的人可以利用模糊性，并强调分析模因硬币交易的“经济现实”的重要性。 Crenshaw强调说，Meme硬币通常是为了为发起人和持有人带来的利润，并且发起人可以通过各种链条活动（例如，营销/促销活动，内部人士交易，前线运行，狙击等）来影响市场需求）。她得出的结论是，该声明对模因硬币的广泛概括不与Howey测试所需的个性化询问保持一致。12

Implications for Canada

对加拿大的影响

In Canada, the regulatory landscape for cryptocurrencies, including meme coins, is still evolving. While the SEC's guidance provides valuable context, Canadian provincial securities regulators and our courts will necessarily be tasked with determining the classification of these assets for offers and sales to Canadians.

在加拿大，包括模因硬币在内的加密货币的监管景观仍在不断发展。尽管SEC的指导提供了宝贵的背景，但加拿大省证券监管机构和我们的法院将必须承担确定这些资产的分类，以供加拿大人提供报价和销售。

Both the Ontario and BC Securities Acts define security to include investment contracts.13 The Pacific Coast Coin Exchange v.

《安大略省和卑诗省证券法》都将安全性定义为包括投资合同。13太平洋海岸硬币交易所v。