Memecoins：特朗普是否利用了证券法的漏洞？

Anonwassielawyer 首先做了一个颇具争议性的总结：“特朗普推出了一种模因币，其资金来自美国，价值超过 700 亿美元。现在犯罪合法吗？”他分析称，此类发行的法律基础一直存在，植根于美国法律中证券与非证券的区分。

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.

唐纳德·特朗普最近进军加密货币世界，推出了他的模因币“特朗普”，引发了广泛的兴趣和好奇。著名的加密货币和金融律师 Anonwassielawyer (@wassielawyer) 的一项综合分析揭示了特朗普推出的合法性，解释了它是如何成功逃脱美国证券法的漏洞的。

Memecoins: Has Trump Used A Loophole In Securities Law?

Memecoins：特朗普是否利用了证券法的漏洞？

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 以挑衅性的总结开始他的分析：“特朗普推出了一种模因币，其资金来自美国，价值超过 700 亿美元。现在犯罪合法吗？”然而，他的分析旨在证明此类发行的法律基础一直存在，植根于美国法律中证券与非证券之间的区别。 Memecoin 缺乏固有的效用或收入分享机制，通常不符合 Howey 测试中概述的“投资合约”标准。

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.

要使代币被视为证券，它必须满足特定标准，包括将资金投资于普通企业，并合理预期从他人的努力中获得利润。对于像特朗普这样的模因币来说，这些元素明显不存在。该分析通过一个例子对此进行了分解：如果出售代币时承诺收益将资助一个预计会与投资者分享利润的项目，那么该代币将被视为一种证券。

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，如果代币纯粹作为投机资产出售，没有基础项目或经济价值，则它不属于此分类。特朗普显然属于后一类。正如 Anonwassielawyer 解释的那样，“如果我要求你购买模因币，我们并不期望收益用于任何项目。它只是流向出售它的卖家，因为他认为价格会下降。你购买它只是因为你认为下一个边际买家会以更高的价格从你手中夺走它。没有投资合同。没有潜在的价值。这纯粹是对关注度的猜测。因此——不是证券。”

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.”

虽然模因币的法律地位相对简单，但对加密行业的更广泛影响却更为复杂。旨在创造真正价值的项目通常面临更高的监管障碍。产生收入、提供治理权或以其他方式类似于传统金融工具的代币更有可能属于证券法的管辖范围。这一现实导致行业内日益不满，特别是在 SEC 主席加里·詹斯勒 (Gary Gensler) 等监管机构的执法政策方面。正如 Anonwassielawyer 指出的那样，“对加里·詹斯勒 (Gary Gensler) 的很多仇恨并不是因为他执行了证券法；而是因为他执行了证券法。”这是因为他声称一切都是证券，尽管它们可能并非如此。”

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.

特朗普和特朗普的另一项加密货币倡议世界自由金融（WLFI）采取的对比方法说明了这种监管分歧。虽然 TRUMP 作为投机性 memecoin 运作，但 WLFI 遵守旨在满足美国证券法的严格合规框架。例如，WLFI 代币明确规定在至少 12 个月内不可转让，这是确保遵守 D 条例和 S 条例的保障措施。这些条例分别管理向美国认可投资者和非美国人的销售。

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 的条款明确规定，“如果未来寻求通过协议治理程序解锁 WLFI 的可转让性，只有在确定不违反适用法律的情况下才允许此类解锁。”

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.

另一层复杂性涉及离岸结构的使用，通常被误解为逃避监管的工具。 Anonwassielawyer 澄清说，这些实体服务于合法目的，主要是治理和税收优化。证券法具有地域性，这意味着在开曼群岛等离岸司法管辖区设立的项目如果将其代币出售给美国人，则不能免除合规性。然而，离岸结构可以提供税收优势，特别是通过将与代币生成和处置相关的应税事件推迟到资产在岸上。

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.”

对于加密行业来说，特朗普举措的教训是明确但发人深省的。 Memecoin 可能代表了市场的最低公分母，但其简单性使其免受监管审查。与此同时，努力提供实际效用的项目必须应对日益复杂和不一致的监管环境。 Anonwassielawyer 强调了这一点，并建议谨慎和合规：“Memecoin 非常酷，但请不要欺诈。证券分析应该更轻松一些，但也可以更明智。在出售具有类似证券功能的代币时，我们仍然必须小心谨慎，并遵循通常的框架。”

At press time, TRUMP traded at $39.26.

截至发稿时，特朗普的交易价格为 39.26 美元。