a16z Crypto 警告初创公司联合创始人：避开美国市场进行代币销售

Andreessen Horowitz (a16z crypto) 建议初创公司联合创始人避免在美国市场进行代币销售，理由是可能违反证券法。该公司的律师表示，美国的公开代币销售通常符合 Howey 测试下的证券资格，使发行人面临繁重的注册要求，并可能因违规而受到处罚。因此，a16z crypto 敦促初创公司在美国境外进行代币销售，以避免法律纠纷。

Andreessen Horowitz's a16z Crypto Issues Dire Warning to Startup Co-Founders: Steer Clear of US Market for Token Sales

Andreessen Horowitz 的 a16z 加密货币向初创公司联合创始人发出可怕警告：避开美国代币销售市场

Venture capital giant Andreessen Horowitz's crypto arm, a16z crypto, has sounded the alarm, urging startup co-founders to steer clear of the United States market when conducting token sales. In a stark warning, the firm's general counsel and head of decentralization, Miles Jenning, declared, "Public sales in the U.S. are an own-goal, avoid at all costs."

风险投资巨头 Andreessen Horowitz 的加密货币部门 a16z crypto 已敲响警钟，敦促初创公司联合创始人在进行代币销售时避开美国市场。该公司总法律顾问兼权力下放负责人迈尔斯·詹宁 (Miles Jenning) 发出严厉警告，称“在美国公开销售是一个自私的目标，必须不惜一切代价避免。”

Jennings' warning stems from the Securities and Exchange Commission's (SEC) rigorous interpretation of the Howey test, a legal framework used to determine whether a financial asset qualifies as a security. Under the Howey test, an asset is deemed a security if it involves:

詹宁斯的警告源于美国证券交易委员会 (SEC) 对豪伊测试的严格解释，豪伊测试是一种用于确定金融资产是否符合证券资格的法律框架。根据 Howey 测试，如果一项资产涉及以下内容，则该资产被视为证券：

• An investment of money
• In a common enterprise
• With a reasonable expectation of profits
• Based on the managerial or entrepreneurial efforts of others

Jennings asserts that ICOs (initial coin offerings) often meet all of these conditions, making them subject to strict registration requirements under securities laws. "In many ICOs, token issuers made clear representations and promises to investors that they were going to fund their operations with the proceeds from the token sale and deliver a future return to investors," he explained. "Those cases were securities transactions regardless of whether the instruments being sold were digital assets or shares of stock. Case closed."

詹宁斯断言，ICO（首次代币发行）通常满足所有这些条件，使其受到证券法严格的注册要求。他解释说：“在许多 ICO 中，代币发行人向投资者做出了明确的陈述和承诺，他们将利用代币销售的收益为其运营提供资金，并为投资者带来未来的回报。” “这些案件都是证券交易，无论出售的工具是数字资产还是股票。案件已经结案。”

The consequences of failing to comply with securities regulations can be severe, including lengthy registration processes, complex disclosures, and onerous financial requirements. Non-compliance can also attract hefty penalties, as evidenced by the SEC's recent $2 billion fine against Ripple for allegedly selling unregistered securities.

不遵守证券法规的后果可能很严重，包括冗长的注册流程、复杂的披露和繁重的财务要求。违规行为还可能招致严厉处罚，美国证券交易委员会最近因涉嫌出售未注册证券而对 Ripple 处以 20 亿美元罚款就证明了这一点。

The SEC's increased enforcement actions have prompted a growing number of crypto firms to withdraw from the US market altogether. By steering clear of US jurisdictions, these firms aim to avoid the regulatory complexities and potential legal risks associated with token sales.

美国证券交易委员会加大执法行动，促使越来越多的加密货币公司完全退出美国市场。通过避开美国司法管辖区，这些公司旨在避免与代币销售相关的监管复杂性和潜在法律风险。

"Public sales of equity and tokens outside the U.S. and private sales of equity and tokens can all be done in a compliant manner without being subject to the registration requirements of securities laws," Jennings advised. This suggests that international markets offer a more favorable environment for token offerings, allowing startups to raise capital without facing the same regulatory hurdles as in the US.

詹宁斯建议：“美国境外的股权和代币公开销售以及股权和代币的私人销售都可以以合规的方式进行，无需遵守证券法的注册要求。”这表明国际市场为代币发行提供了更有利的环境，使初创企业能够筹集资金而不必面临与美国相同的监管障碍。

As the crypto industry continues to mature, regulatory scrutiny is expected to intensify. It is crucial for startups operating in the space to stay abreast of evolving regulatory landscapes and to seek legal counsel to ensure compliance with applicable laws. By heeding the warnings of a16z crypto and other industry experts, startup co-founders can navigate the regulatory maze and avoid costly mistakes that could jeopardize their projects' success.

随着加密货币行业的不断成熟，监管审查预计将会加强。对于在该领域运营的初创企业来说，了解不断变化的监管环境并寻求法律咨询以确保遵守适用法律至关重要。通过听取 a16z crypto 和其他行业专家的警告，初创公司联合创始人可以在监管迷宫中穿行，避免可能危及项目成功的代价高昂的错误。