SEC工作人员阐明了联邦证券法在模因硬币中的应用

在可能具有广泛影响的行动中，美国证券交易委员会工作人员（工作人员）于2025年2月27日发表声明

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.

美国证券交易委员会（SEC）的工作人员已发表声明，清楚地说明了将联邦证券法适用于Meme Coins的声明。该声明由公司财务人员（工作人员）发表，2025年2月27日为加密货币市场参与者提供了重要的见解，并可能表明SEC对所做和不构成安全性的解释的解释发生了重大变化。

Key Points from the SEC Staff Statement

SEC员工声明的要点

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.

工作人员的声明为加密货币市场提供了急需的清晰度，尤其是对于Meme Coins的贸易商和发行人；但是，值得注意的是，建立企业和投资业务投资的投资者并不直接受到员工声明的影响，因为该公司的声明是基于业务运营而获得价值的代币（即，人们期望从他人的努力，通过Howey Test的镜头获得的利润获得利润，而不是Meme Coins），而不是Meme Coins，他们可能被认为是“证券测试”。

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.

确认Meme硬币不是证券可以从模因硬币相关的交易中删除监管悬垂性。但是，这并不意味着模因硬币不受所有法律审查。行业参与者必须对欺诈行为保持警惕，因为这些行为仍然可以在其他法律框架下吸引执法行动或私人诉讼。

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，虽然工作人员声明仅专门应用于模因，但阐明的理由也可以适用于其他资产。例如，相同的理由可以适用于仅代表艺术品或收藏品的NFT。此外，它可以应用于其他投机资产，在这些资产的价值不依赖于其他资产的努力，例如运动鞋和运动卡。

Ongoing Legal Considerations

持续的法律考虑

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

处理模因硬币的人仍应考虑以下法律含义：

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.

关于Meme Coins的声明提出了有关“哪些加密资产是证券？”的基本问题的洞察力。它还标志着SEC通过主动提供非正式指导来调节行业的潜在转变。我们认为，这一说法是朝着监管清晰度的明智步骤，并且在此之前的“执法监管”和“通过语音制作”的“监管”历史上彻底转变。