【聽風說幣】STO能透過SEC的不完備指引嗎？（下）

原文連結：Security Token Offerings: A Way Past the SEC’s Incomplete Crypto Guidance?

作者：Chi-Ru Jou

譯者：聽風

Brave New Frontier of Reg A+ STOs

For blockchain companies that intended their tokens to be sold to the general public rather than accredited investors, without resale restrictions, all eyes are on the backlog of exempt public security offerings, or Regulation A+ STOs, currently sitting with the SEC awaiting approval.

Although blockchain companies that have filed Form 1-As under Regulation A+ generally regard their discussions with the SEC as confidential, the grapevine has relayed that there are currently unresolved obstacles to SEC compliance for these offerings. Hopefully in 2019, we’ll see the first qualifications of Reg A+ STOs and the exempt public securities offering will no longer be considered an “experimental” area.

Reg A + STO的嶄新前沿

對於希望將其代幣出售給普通大眾而不是合格投資者的區塊鏈公司而言，並沒有轉售限制，目前所有的目光都集中在積壓的豁免公開證券產品或RegA + STO上，目前正在等待SEC的批准。（Reg A+，即美國喬布斯法案第四章(JOBS Act Title IV),也叫Regulation A+，簡稱Reg A+。聽風注）

儘管根據Reg A +已提交1-As表格的區塊鏈公司通常認為他們與SEC的討論是保密的，但有小道訊息表明，這些STO產品目前還存在難以解決的SEC合規性障礙。希望在2019年，我們能看到首批符合Reg A + STO的資格誰，以及豁免公開證券的發行將不再被視為“實驗性”領域。

Problems for Secondary Trading

Once hurdles with regard to federal securities laws on resales are cleared, blockchain companies will have to figure out some way to comply with state Blue Sky laws regarding secondary trading.

Each state offers a set of exemptions under which secondary trading may take place, with many states offering an “unsolicited brokerage transactions” exemption. 2019 will be the year when issues regarding state securities laws on secondary trading must be resolved.

二級交易的問題

一旦關於轉售的聯邦證券法的障礙被清除，區塊鏈公司將不得不找出一些方法來遵守藍天法案（指美國各州對投資公司、經營公司的債券買賣進行監督和保護投資者免遭欺詐的《公司證券欺詐防治法》之俗稱，詳見百度百科）有關二級交易的法律。每個州都提供一系列豁免權，可以進行二級交易，許多州提供“未經請求的經紀交易”豁免。2019年將是國家證券法有關二級交易問題必須解決的一年。

Conclusion: Looking Ahead

2019 promises to be an exciting and eventful year for security token offerings.

For the first time, the blockchain industry will figure out if there is a way forward from the SEC’s informal guidance that most token offerings will have to be registered or issued under an exemption from registration. Furthermore, a wild card has been thrown into the regulatory mix with the recent introduction of a new bill amending the Securities Act to define cryptocurrencies as not being securities so long as they are utilized on a functioning network.

It is far from clear that STOs will provide an easy solution for blockchain start-ups that planned a utility token model and are now steering clear of the public crypto markets, but undoubtedly securities attorneys will throw in their best efforts to resolve these issues.

結論：展望未來

對於STO產品而言，2019年將是令人興奮且充滿變數的一年。

區塊鏈行業將首次確定是否有一種方式可以從SEC的非正式指導中向前推進，即大多數代幣發行必須在註冊豁免的情況下進行註冊或發行。此外，最近出臺了一項新法案，修改了《證券法》，將加密數字貨幣定義為非證券類，只要它們在一個正常執行的網路上使用，監管機構便會給他們一張外卡。

目前尚不清楚的是，STO是否能為計劃採用效用通證模型且目前正在迴避公共加密市場的區塊鏈初創公司提供一個簡單的解決方案，但毫無疑問，證券律師將盡最大努力解決這些問題。

（全文完）

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【聽風說幣】STO能透過SEC的不完備指引嗎？（下）