a16z Crypto 高管警告美国代币销售监管阴影笼罩

Andreessen Horowitz (a16z) 加密投资部门的一位律师建议 web3 项目不要在美国公开代币销售，因为美国证券交易委员会的证券法存在潜在的法律风险。尽管该行业已经从美国的公开代币销售转向，但新的计划仍在不断出现，导致人们建议采用其他筹款方法，例如美国境外的公开销售、私人销售和股票发行。

U.S. Regulatory Landscape Casts a Shadow Over Token Sales: a16z Crypto Lawyer Warns of Legal Peril

美国监管环境给代币销售蒙上阴影：a16z 加密货币律师警告法律风险

In a compelling analysis, Miles Jennings, General Counsel at a16z Crypto, the crypto investment arm of venture capital titan Andreessen Horowitz (a16z), has issued a resounding caution to web3 projects against conducting public token sales within the United States. This unequivocal stance stems from the Securities and Exchange Commission's (SEC) unwavering stance that Initial Coin Offerings (ICOs) fall squarely within the ambit of securities laws.

在一份令人信服的分析中，风险投资巨头 Andreessen Horowitz (a16z) 的加密投资部门 a16z Crypto 的总法律顾问 Miles Jennings 对 web3 项目发出了强烈警告，禁止在美国境内进行公开代币销售。这种明确的立场源于美国证券交易委员会 (SEC) 的坚定立场，即首次代币发行 (ICO) 完全属于证券法的范围。

Jennings' assertion is anchored in the SEC's consistent stance that the hallmark of a security lies not in its digital or physical form but rather in the expectation of profit derived from the efforts of others. In ICOs, he underscores, token issuers often make unequivocal representations and promises to investors, explicitly outlining that proceeds from the token sale will be used to fund operational activities and deliver future returns. These scenarios, Jennings emphasizes, constitute securities transactions, regardless of whether the instruments being sold are digital assets or traditional shares of stock.

詹宁斯的主张基于美国证券交易委员会的一贯立场，即证券的标志不在于其数字或物理形式，而在于对从他人的努力中获得利润的预期。他强调，在 ICO 中，代币发行人经常向投资者做出明确的陈述和承诺，明确概述代币销售的收益将用于资助运营活动并提供未来回报。詹宁斯强调，这些场景构成了证券交易，无论出售的工具是数字资产还是传统股票。

The SEC's firm stance on subjecting ICOs to securities laws gained traction amidst the widespread popularity of this fundraising mechanism in 2017. While the industry has since shifted away from public U.S. token sales, Jennings observes a concerning resurgence of ICOs in novel guises.

2017 年，随着 ICO 融资机制的广泛流行，美国证券交易委员会 (SEC) 对 ICO 遵守证券法的坚定立场得到了关注。虽然此后该行业已不再关注美国公开代币销售，但 Jennings 观察到 ICO 以新颖的形式重新兴起，这一现象令人担忧。

"Some entities resort to inventing new schemes, harboring the hope that minor factual tweaks will somehow warrant a different legal outcome," Jennings notes. "Examples of such tactics include 'Protocol Owned Liquidity' (POL), where decentralized autonomous organizations (DAOs) engage in indirect token sales and subsequently control the resulting proceeds through decentralized governance, and 'Liquidity Bootstrapping Pools' (LBPs), which involve indirect token sales via liquidity pools on decentralized exchanges."

詹宁斯指出：“一些实体诉诸发明新方案，希望对事实进行细微调整，以某种方式保证不同的法律结果。” “此类策略的例子包括‘协议拥有的流动性’（POL），其中去中心化自治组织（DAO）参与间接代币销售，随后通过去中心化治理控制由此产生的收益，以及‘流动性引导池’（LBP），其中涉及间接代币销售。通过去中心化交易所的流动性池进行代币销售。”

Jennings urges web3 projects to exercise vigilance in steering clear of such schemes, emphasizing the availability of alternative fundraising avenues that do not carry the risk of regulatory scrutiny and potential legal entanglements.

Jennings 敦促 web3 项目保持警惕，避免此类计划，并强调可以使用其他筹资途径，这些途径不会带来监管审查和潜在法律纠纷的风险。

"Public sales in the U.S. are akin to an 'own goal' that should be avoided at all costs," Jennings declares. "Alternative avenues, such as public sales of equity and tokens outside the U.S. and private sales of equity and tokens, can be pursued in a compliant manner, without the risk of running afoul of securities laws."

“在美国公开销售类似于‘自己的目标’，应该不惜一切代价避免，”詹宁斯宣称。 “可以以合规的方式寻求替代途径，例如在美国境外公开出售股权和代币以及私人出售股权和代币，而不会存在违反证券法的风险。”

Jennings' cogent analysis serves as a timely reminder to web3 projects of the paramount importance of navigating the regulatory landscape with prudence. By heeding this counsel and opting for compliant fundraising strategies, projects can mitigate the risk of legal pitfalls and position themselves for long-term success.

Jennings 令人信服的分析及时提醒了 web3 项目谨慎应对监管环境的重要性。通过听取这一建议并选择合规的筹款策略，项目可以减轻法律陷阱的风险，并为长期成功做好准备。