ING:SEC官員稱比特幣以太坊不是證券，提出6大判斷標準_CANDLE幣

DigitalAssetTransactions:WhenHoweyMetGary(Plastic)RemarksattheYahooFinanceAllMarketsSummit:CryptoThankyouAndy.Iampleasedtobeheretoday.Thiseventprovidesagreatopportunitytoaddressatopicthatisthesubjectofconsiderabledebateinthepressandinthecrypto-community–whetheradigitalassetofferedasasecuritycan,overtime,becomesomethingotherthanasecurity.Tostart,weshouldframethequestiondifferentlyandfocusnotonthedigitalassetitself,butonthecircumstancessurroundingthedigitalassetandthemannerinwhichitissold.Tothatend,abetterlineofinquiryis:“Canadigitalassetthatwasoriginallyofferedinasecuritiesofferingeverbelatersoldinamannerthatdoesnotconstituteanofferingofasecurity?”Incaseswherethedigitalassetrepresentsasetofrightsthatgivestheholderafinancialinterestinanenterprise,theanswerislikely“no.”Inthesecases,callingthetransactionaninitialcoinoffering,or“ICO,”orasaleofa“token,”willnottakeitoutofthepurviewoftheU.S.securitieslaws.Butwhataboutcaseswherethereisnolongeranycentralenterprisebeinginvestedinorwherethedigitalassetissoldonlytobeusedtopurchaseagoodorserviceavailablethroughthenetworkonwhichitwascreated?Ibelieveinthesecasestheanswerisaqualified“yes.”Iwouldliketosharemythinkingwithyoutodayaboutthecircumstancesunderwhichthatcouldoccur.BeforeIturntothesecuritieslawanalysis,letmesharewhatIbelievemaybemostexcitingaboutdistributedledgertechnology–thatis,thepotentialtoshareinformation,transfervalue,andrecordtransactionsinadecentralizeddigitalenvironment.Potentialapplicationsincludesupplychainmanagement,intellectualpropertyrightslicensing,stockownershiptransfersandcountlessothers.Thereisrealvalueincreatingapplicationsthatcanbeaccessedandexecutedelectronicallywithapublic,immutablerecordandwithouttheneedforatrustedthirdpartytoverifytransactions.Somepeoplebelievethatthistechnologywilltransforme-commerceasweknowit.Thereisexcitementandagreatdealofspeculativeinterestaroundthisnewtechnology.Unfortunately,therealsoarecasesoffraud.Inmanyregards,itisstill“earlydays.”ButIamnotheretodiscussthepromiseoftechnology–therearemanyinattendanceandspeakingheretodaythatcandoamuchbetterjobofthat.Iwouldliketofocusontheapplicationofthefederalsecuritieslawstodigitalassettransactions–thatishowtokensandcoinsarebeingissued,distributedandsold.Whileperhapsabitdryerthanthepromiseoftheblockchain,thistopiciscriticaltothebroaderacceptanceanduseofthesenovelinstruments.IwillbeginbydescribingwhatIoftensee.Promoters,inordertoraisemoneytodevelopnetworksonwhichdigitalassetswilloperate,oftensellthetokensorcoinsratherthansellshares,issuenotesorobtainbankfinancing.But,inmanycases,theeconomicsubstanceisthesameasaconventionalsecuritiesoffering.Fundsareraisedwiththeexpectationthatthepromoterswillbuildtheirsystemandinvestorscanearnareturnontheinstrument–usuallybysellingtheirtokensinthesecondarymarketoncethepromoterscreatesomethingofvaluewiththeproceedsandthevalueofthedigitalenterpriseincreases.Whenweseethatkindofeconomictransaction,itiseasytoapplytheSupremeCourt’s“investmentcontract”testfirstannouncedinSECv.Howey.Thattestrequiresaninvestmentofmoneyinacommonenterprisewithanexpectationofprofitderivedfromtheeffortsofothers.AnditisimportanttoreflectonthefactsofHowey.Ahoteloperatorsoldinterestsinacitrusgrovetoitsguestsandclaimeditwassellingrealestate,notsecurities.Whilethetransactionwasrecordedasarealestatesale,italsoincludedaservicecontracttocultivateandharvesttheoranges.Thepurchaserscouldhavearrangedtoservicethegrovethemselvesbut,infact,mostwerepassive,relyingontheeffortsofHowey-in-the-HillsService,Inc.forareturn.Inarticulatingthetestforaninvestmentcontract,theSupremeCourtstressed:“Formdisregardedforsubstanceandtheemphasisplaceduponeconomicreality.”Sothepurportedrealestatepurchasewasfoundtobeaninvestmentcontract–aninvestmentinorangegroveswasinthesecircumstancesaninvestmentinasecurity.JustasintheHoweycase,tokensandcoinsareoftentoutedasassetsthathaveauseintheirownright,coupledwithapromisethattheassetswillbecultivatedinawaythatwillcausethemtogrowinvalue,tobesoldlaterataprofit.And,asinHowey–whereinterestsinthegrovesweresoldtohotelguests,notfarmers–tokensandcoinstypicallyaresoldtoawideaudienceratherthantopersonswhoarelikelytousethemonthenetwork.IntheICOsIhaveseen,overwhelmingly,promoterstouttheirabilitytocreateaninnovativeapplicationofblockchaintechnology.LikeinHowey,theinvestorsarepassive.Marketingeffortsarerarelynarrowlytargetedtotokenusers.Andtypicallyattheoutset,thebusinessmodelandveryviabilityoftheapplicationisstilluncertain.Thepurchaserusuallyhasnochoicebuttorelyontheeffortsofthepromotertobuildthenetworkandmaketheenterpriseasuccess.Atthatstage,thepurchaseofatokenlooksalotlikeabetonthesuccessoftheenterpriseandnotthepurchaseofsomethingusedtoexchangeforgoodsorservicesonthenetwork.Asanaside,youmightask,giventhatthesetokensalesoftenlooklikesecuritiesofferings,whyarethepromoterschoosingtopackagetheinvestmentasacoinortokenoffering?Thisisanespeciallygoodquestionifthenetworkonwhichthetokenorcoinwillfunctionisnotyetoperational.Ithinktherecanbeanumberofreasons.Forawhile,somebelievedsuchlabelingmight,byitself,removethetransactionfromthesecuritieslaws.Ithinkpeoplenowrealizelabelinganinvestmentopportunityasacoinortokendoesnotachievethatresult.Second,thislabelingmighthavebeenusedtobringsomemarketing“sizzle”totheenterprise.Thatmightstillworktosomeextent,butthetrackrecordofICOsisstillbeingsortedoutandsomeofthatsizzlemaynowbemoreofapotentialwarningflareforinvestors.Somemaybeattractedtoablockchain-mediatedcrowdfundingprocess.Digitalassetscanrepresentanefficientwaytoreachaglobalaudiencewhereinitialpurchasershaveastakeinthesuccessofthenetworkandbecomepartofanetworkwheretheirparticipationaddsvaluebeyondtheirinvestmentcontributions.Thedigitalassetsarethenexchanged–forsome,tohelpfindthemarketpriceforthenewapplication;forothers,tospeculateontheventure.AsIwilldiscuss,whetheratransactioninacoinortokenonthesecondarymarketamountstoanofferorsaleofasecurityrequiresacarefulandfact-sensitivelegalanalysis.Ibelievesomeindustryparticipantsarebeginningtorealizethat,insomecircumstances,itmightbeeasiertostartablockchain-basedenterpriseinamoreconventionalway.Inotherwords,conducttheinitialfundingthrougharegisteredorexemptequityordebtofferingand,oncethenetworkisupandrunning,distributeorofferblockchain-basedtokensorcoinstoparticipantswhoneedthefunctionalitythenetworkandthedigitalassetsoffer.Thisallowsthetokensorcoinstobestructuredandofferedinawaywhereitisevidentthatpurchasersarenotmakinganinvestmentinthedevelopmentoftheenterprise.ReturningtotheICOsIamseeing,strictlyspeaking,thetoken–orcoinorwhateverthedigitalinformationpacketiscalled–allbyitselfisnotasecurity,justastheorangegrovesinHoweywerenot.Centraltodeterminingwhetherasecurityisbeingsoldishowitisbeingsoldandthereasonableexpectationsofpurchasers.Whensomeonebuysahousingunittolivein,itisprobablynotasecurity.Butundercertaincircumstances,thesameassetcanbeofferedandsoldinawaythatcausesinvestorstohaveareasonableexpectationofprofitsbasedontheeffortsofothers.Forexample,ifthehousingunitisofferedwithamanagementcontractorotherservices,itcanbeasecurity.Similarly,whenaCD,exemptfrombeingtreatedasasecurityunderSection3oftheSecuritiesAct,issoldasapartofaprogramorganizedbyabrokerwhooffersretailinvestorspromisesofliquidityandthepotentialtoprofitfromchangesininterestrates,theGaryPlasticcaseteachesusthattheinstrumentcanbepartofaninvestmentcontractthatisasecurity.Thesamereasoningappliestodigitalassets.Thedigitalassetitselfissimplycode.Butthewayitissold–aspartofaninvestment;tonon-users;bypromoterstodeveloptheenterprise–canbe,and,inthatcontext,mostoftenis,asecurity–becauseitevidencesaninvestmentcontract.Andregulatingthesetransactionsassecuritiestransactionsmakessense.TheimpetusoftheSecuritiesActistoremovetheinformationasymmetrybetweenpromotersandinvestors.Inapublicdistribution,theSecuritiesActprescribestheinformationinvestorsneedtomakeaninformedinvestmentdecision,andthepromoterisliableformaterialmisstatementsintheofferingmaterials.Theseareimportantsafeguards,andtheyareappropriateformostICOs.ThedisclosuresrequiredunderthefederalsecuritieslawsnicelycomplementtheHoweyinvestmentcontractelementabouttheeffortsofothers.Asaninvestor,thesuccessoftheenterprise–andtheabilitytorealizeaprofitontheinvestment–turnsontheeffortsofthethirdparty.Solearningmaterialinformationaboutthethirdparty–itsbackground,financing,plans,financialstakeandsoforth–isaprerequisitetomakinganinformedinvestmentdecision.Withoutaregulatoryframeworkthatpromotesdisclosureofwhatthethirdpartyaloneknowsofthesetopicsandtherisksassociatedwiththeventure,investorswillbeuninformedandareatrisk.Butthisalsopointsthewaytowhenadigitalassettransactionmaynolongerrepresentasecurityoffering.Ifthenetworkonwhichthetokenorcoinistofunctionissufficientlydecentralized–wherepurchaserswouldnolongerreasonablyexpectapersonorgrouptocarryoutessentialmanagerialorentrepreneurialefforts–theassetsmaynotrepresentaninvestmentcontract.Moreover,whentheeffortsofthethirdpartyarenolongerakeyfactorfordeterminingtheenterprise’ssuccess,materialinformationasymmetriesrecede.Asanetworkbecomestrulydecentralized,theabilitytoidentifyanissuerorpromotertomaketherequisitedisclosuresbecomesdifficult,andlessmeaningful.Andso,whenIlookatBitcointoday,Idonotseeacentralthirdpartywhoseeffortsareakeydeterminingfactorintheenterprise.ThenetworkonwhichBitcoinfunctionsisoperationalandappearstohavebeendecentralizedforsometime,perhapsfrominception.ApplyingthedisclosureregimeofthefederalsecuritieslawstotheofferandresaleofBitcoinwouldseemtoaddlittlevalue.AndputtingasidethefundraisingthataccompaniedthecreationofEther,basedonmyunderstandingofthepresentstateofEther,theEthereumnetworkanditsdecentralizedstructure,currentoffersandsalesofEtherarenotsecuritiestransactions.And,aswithBitcoin,applyingthedisclosureregimeofthefederalsecuritieslawstocurrenttransactionsinEtherwouldseemtoaddlittlevalue.Overtime,theremaybeothersufficientlydecentralizednetworksandsystemswhereregulatingthetokensorcoinsthatfunctiononthemassecuritiesmaynotberequired.Andofcoursetherewillcontinuetobesystemsthatrelyoncentralactorswhoseeffortsareakeytothesuccessoftheenterprise.Inthosecases,applicationofthesecuritieslawsprotectstheinvestorswhopurchasethetokensorcoins.Iwouldliketoemphasizethattheanalysisofwhethersomethingisasecurityisnotstaticanddoesnotstrictlyinheretotheinstrument.Evendigitalassetswithutilitythatfunctionsolelyasameansofexchangeinadecentralizednetworkcouldbepackagedandsoldasaninvestmentstrategythatcanbeasecurity.IfapromoterweretoplaceBitcoininafundortrustandsellinterests,itwouldcreateanewsecurity.Similarly,investmentcontractscanbemadeoutofvirtuallyanyasset(includingvirtualassets),providedtheinvestorisreasonablyexpectingprofitsfromthepromoter’sefforts.Letmeemphasizeanearlierpoint:simplylabelingadigitalasseta“utilitytoken”doesnotturntheassetintosomethingthatisnotasecurity.IrecognizethattheSupremeCourthasacknowledgedthatifsomeoneispurchasinganassetforconsumptiononly,itislikelynotasecurity.But,theeconomicsubstanceofthetransactionalwaysdeterminesthelegalanalysis,notthelabels.TheorangesinHoweyhadutility.Orinmyfavoriteexample,theCommissionwarnedinthelate1960saboutinvestmentcontractssoldintheformofwhiskywarehousereceipts.PromoterssoldthereceiptstoU.S.investorstofinancetheagingandblendingprocessesofScotchwhisky.Thewhiskywasreal–and,forsome,hadexquisiteutility.ButHoweywasnotsellingorangesandthewarehousereceiptspromoterswerenotsellingwhiskyforconsumption.Theyweresellinginvestments,andthepurchaserswereexpectingareturnfromthepromoters’efforts.Promotersandothermarketparticipantsneedtounderstandwhethertransactionsinaparticulardigitalassetinvolvethesaleofasecurity.Wearehappytohelppromotersandtheircounselworkthroughtheseissues.Westandpreparedtoprovidemoreformalinterpretiveorno-actionguidanceaboutthepropercharacterizationofadigitalassetinaproposeduse.Inaddition,werecognizethattherearenumerousimplicationsunderthefederalsecuritieslawsofaparticularassetbeingconsideredasecurity.Forexample,ourDivisionsofTradingandMarketsandInvestmentManagementarefocusedonsuchissuesasbroker-dealer,exchangeandfundregistration,aswellasmattersofmarketmanipulation,custodyandvaluation.Weunderstandthatmarketparticipantsareworkingtomaketheirservicescompliantwiththeexistingregulatoryframework,andwearehappytocontinueourengagementinthisprocess.Whataresomeofthefactorstoconsiderinassessingwhetheradigitalassetisofferedasaninvestmentcontractandisthusasecurity?Primarily,considerwhetherathirdparty–beitaperson,entityorcoordinatedgroupofactors–drivestheexpectationofareturn.Thatquestionwillalwaysdependontheparticularfactsandcircumstances,andthislistisillustrative,notexhaustive:Isthereapersonorgroupthathassponsoredorpromotedthecreationandsaleofthedigitalasset,theeffortsofwhomplayasignificantroleinthedevelopmentandmaintenanceoftheassetanditspotentialincreaseinvalue?Hasthispersonorgroupretainedastakeorotherinterestinthedigitalassetsuchthatitwouldbemotivatedtoexpendeffortstocauseanincreaseinvalueinthedigitalasset?Wouldpurchasersreasonablybelievesucheffortswillbeundertakenandmayresultinareturnontheirinvestmentinthedigitalasset?Hasthepromoterraisedanamountoffundsinexcessofwhatmaybeneededtoestablishafunctionalnetwork,and,ifso,hasitindicatedhowthosefundsmaybeusedtosupportthevalueofthetokensortoincreasethevalueoftheenterprise?Doesthepromotercontinuetoexpendfundsfromproceedsoroperationstoenhancethefunctionalityand/orvalueofthesystemwithinwhichthetokensoperate?Arepurchasers“investing,”thatisseekingareturn?Inthatregard,istheinstrumentmarketedandsoldtothegeneralpublicinsteadoftopotentialusersofthenetworkforapricethatreasonablycorrelateswiththemarketvalueofthegoodorserviceinthenetwork?DoesapplicationoftheSecuritiesActprotectionsmakesense?Isthereapersonorentityothersarerelyingonthatplaysakeyroleintheprofit-makingoftheenterprisesuchthatdisclosureoftheiractivitiesandplanswouldbeimportanttoinvestors?Doinformationalasymmetriesexistbetweenthepromotersandpotentialpurchasers/investorsinthedigitalasset?Dopersonsorentitiesotherthanthepromoterexercisegovernancerightsormeaningfulinfluence?Whilethesefactorsareimportantinanalyzingtheroleofanythirdparty,therearecontractualortechnicalwaystostructuredigitalassetssotheyfunctionmorelikeaconsumeritemandlesslikeasecurity.Again,wewouldlooktotheeconomicsubstanceofthetransaction,butpromotersandtheircounselsshouldconsiderthese,andother,possiblefeatures.ThislistisnotintendedtobeexhaustiveandbynomeansdoIbelieveeachandeveryoneofthesefactorsneedstobepresenttoestablishacasethatatokenisnotbeingofferedasasecurity.Thislistismeanttopromptthinkingbypromotersandtheircounsel,andstartthedialoguewiththestaff–itisnotmeanttobealistofallnecessaryfactorsinalegalanalysis.Istokencreationcommensuratewithmeetingtheneedsofusersor,rather,withfeedingspeculation?Areindependentactorssettingthepriceoristhepromotersupportingthesecondarymarketfortheassetorotherwiseinfluencingtrading?Isitclearthattheprimarymotivationforpurchasingthedigitalassetisforpersonaluseorconsumption,ascomparedtoinvestment?Havepurchasersmaderepresentationsastotheirconsumptive,asopposedtotheirinvestment,intent?Arethetokensavailableinincrementsthatcorrelatewithaconsumptiveversusinvestmentintent?Arethetokensdistributedinwaystomeetusers’needs?Forexample,canthetokensbeheldortransferredonlyinamountsthatcorrespondtoapurchaser’sexpecteduse?Aretherebuilt-inincentivesthatcompelusingthetokenspromptlyonthenetwork,suchashavingthetokensdegradeinvalueovertime,orcanthetokensbeheldforextendedperiodsforinvestment?Istheassetmarketedanddistributedtopotentialusersorthegeneralpublic?Aretheassetsdispersedacrossadiverseuserbaseorconcentratedinthehandsofafewthatcanexertinfluenceovertheapplication?Istheapplicationfullyfunctioningorinearlystagesofdevelopment?TheseareexcitinglegaltimesandIampleasedtobepartofaprocessthatcanhelppromotersofthisnewtechnologyandtheircounselnavigateandcomplywiththefederalsecuritieslaws.TheSecuritiesandExchangeCommissiondisclaimsresponsibilityforanyprivatepublicationorstatementofanySECemployeeorCommissioner.Thisspeechexpressestheauthor’sviewsanddoesnotnecessarilyreflectthoseoftheCommission,theCommissionersorothermembersofthestaff.Section2(a)(1)oftheSecuritiesActof1933(SecuritiesAct)andSection3(a)(10)oftheSecuritiesExchangeActof1934(ExchangeAct)define“security.”Thesedefinitionscontain“slightlydifferentformulations”oftheterm“security,”buttheU.S.SupremeCourthas“treatedasessentiallyidenticalinmeaning.”SECv.Edwards,540U.S.389,393(2004).Iamusingtheterm“promoters”inabroad,genericsense.Theimportantfactorinthelegalanalysisisthatthereisapersonorcoordinatedgroup(including“anyunincorporatedorganization”see5U.S.C.§77n(a)(4))thatisworkingactivelytodeveloporguidethedevelopmentoftheinfrastructureofthenetwork.Thispersonorgroupcouldbefounders,sponsors,developersor“promoters”inthetraditionalsense.Thepresenceofpromotersinthiscontextisimportanttodistinguishfromthecircumstancewheremultiple,independentactorsworkonthenetworkbutnoindividualactor’sorcoordinatedgroupofactors’effortsareessentialeffortsthataffectthefailureorsuccessoftheenterprise.SECv.W.J.HoweyCo.,328U.S.293(1946).Dependingonthefeaturesofanygiveninstrumentandthesurroundingfacts,itmayalsoneedtobeevaluatedasapossiblesecurityunderthegeneraldefinitionofsecurity–seefootnote2–andthecaselawinterpretingit.Id.at298.UnitedHousingFound.,Inc.v.Forman,421U.S.837(1975).GuidelinesastotheApplicabilityoftheFederalSecuritiesLawstoOffersandSalesofCondominiumsorUnitsinaRealEstateDevelopment,SECRel.No.33-5347(Jan.4,1973).GaryPlasticPackagingCorp.v.MerrillLynch,Pierce,Fenner&Smith,Inc.,756F.2d230(2dCir.1985).Secondarytradingindigitalassetsbyregulatedentitiesmayotherwiseimplicatethefederalsecuritieslaws,aswellastheCommodityExchangeAct.Inaddition,asSECChairmanJayClaytonhasstated,regulatedfinancialentitiesthatallowforpaymentincryptocurrencies,allowcustomerstopurchasecryptocurrenciesonmarginorotherwiseusecryptocurrenciestofacilitatesecuritiestransactionsshouldexercisecaution,includingensuringthattheircryptocurrencyactivitiesarenotunderminingtheiranti-moneylaunderingandknow-your-customerobligations.StatementonCryptocurrenciesandInitialCoinOfferings(Dec.11,2017).Inaddition,otherlawsandregulations,suchasIRSregulationsandstatemoneyservicinglaws,maybeimplicated.TheSupremeCourt’sinvestmentcontracttest“embodiesaflexibleratherthanastaticprinciple,onethatiscapableofadaptationtomeetthecountlessandvariableschemesdevisedbythosewhoseektheuseofthemoneyofothersonthepromiseofprofits.”Howey,328U.S.at299.“henamegiventoaninstrumentisnotdispositive.”Forman,421U.S.at850.Forman,421U.S.at853.Seefootnotes10and11.SECRel.No.33-5018(Nov.4,1969);InvestmentinInterestsinWhisky,SECRel.No.33-5451(Jan7,1974).Forexample,somehaveraisedquestionsabouttheofferingstructurecommonlyreferredtoasaSimpleAgreementforFutureTokens,or“SAFT.”Becausethelegalanalysismustfollowtheeconomicrealitiesoftheparticularfactsofanoffering,itmaynotbefruitfultodebateahypotheticalstructureintheabstractandnothingintheseremarksismeanttoopineonthelegalityorappropriatenessofaSAFT.Fromthediscussioninthisspeech,however,itisclearIbelieveatokenonceofferedinasecurityofferingcan,dependingonthecircumstances,laterbeofferedinanon-securitiestransaction.Iexpectthatsome,perhapsmany,maynot.IencourageanyonethathasquestionsonaparticularSAFTstructuretoconsultwithknowledgeablesecuritiescounselorthestaff.

Coinbase回應SEC：明確立法才是解決方案，Coinabse將照常經營業務:6月6日消息，Coinbase 首席法律官兼總法律顧問 Paul Grewal 針對 SEC 訴訟一事發布回應表示，在沒有明確的數字資產行業規則的情況下，美國證券交易委員會的執法行為損害了美國的經濟競爭力，也損害了像 Coinbase 這樣對合規性有明確承諾的公司。解決方案是立法，允許透明地制定公平的道路規則，而不是訴訟。與此同時，我們將繼續照常經營業務。[2023/6/6 21:20:11]

BitKeep錢包現已接入Go+Security的Token安全檢測數據:據官方推特，BitKeep錢包V7.0.9版本現已接入Go+Security的Token安全檢測數據，并上線Token安全檢測功能。用戶可以在BitKeep錢包里通過多種路徑對投資標的進行安全檢測，以規避可能遇到的風險。目前該功能支持的公鏈有ETH、BSC、Arbitrum、Polygon、HECO、AVAX、Fantom、OKX、Harmony。

據悉，Go+Security作為Web3的“安全數據層”，提供開放、無需許可、用戶驅動的安全服務。用戶可以通過Go+Security查看基于合約的安全、交易安全、信息安全、Token檢測、NFT檢測、實時風險預警、交互安全等近30種安全檢測結果。[2022/6/10 4:16:50]

大麻制造運輸商Ceres正在尋求SEC許可，以銷售5000萬美元代幣:總部位于芝加哥的公司Ceres希望利用美元支持的穩定幣在區塊鏈上為大麻建立一個從種子到銷售的交易網絡，前提是美國證券交易委員會（SEC）批準銷售。根據申請書，Ceres計劃銷售5000萬美元的代幣，其中有兩種代幣，一種等同公司股權的代幣（Token），另一種為Ceres幣（Ceres coin）。申請書中表示，出售股權價值3000萬美元，出售Ceres幣以籌集2000萬美元。Ceres首席運營官Charlie Uchill表示，Ceres尚未發放任何貸款，指望通過數字證券銷售來籌集資金。根據 Investopedia的一份報告，在等待SEC批準其申請的同時，Ceres繼續經營美國日益增長的合法大麻產業，據估計，2019年該產業的規模為136億美元。(Coindesk)[2020/7/9]

動態 | “Kik創始人因證券欺詐被美國SEC主席判處死刑”為外媒戲謔文章:今日有國內某媒體援引外媒coinjazeera報道，Kik的創始人兼首席執行官Ted Livingston被美國證券交易委員會(SEC)主席Jay Clayton判處死刑，罪名是欺詐、不尊重他人，以及在2017年KIN 代幣的ICO過程中銷售未經注冊的證券。經查證，外媒在文末注明，這篇文章只是用于諷刺和娛樂目的。[2019/6/10]

動態 | 去年共有287個ICO項目向美國SEC提交了Reg D申請 籌資87億美元:據Circle報告顯示，2018年共有287個ICO項目向美國SEC提交了Regulation D（Reg D）申請，總計籌集的資金達到87億美元。Reg D申請主要集中在第一和第二季度之間，兩個季度合計共有186家提交了申請，占去年全年的64.8%。整體來看，2018年全年的申請數量相比2017年的44家增加了近5倍，籌資總額也較2017年的21億美元增加了近3倍。一般來說，Reg D的參與者必須獲得“認可”才能進行投資。主要的“認可”標準為：對于個人來說，凈資產超過100萬美元，或者每年收入超過20萬美元；對于公司來說則需要資產超過500萬美元。購買此類產品的投資者將面臨12個月的禁售期。

注：美國Regulation D是一個豁免法，SEC允許公司不使用第三方中介直接向特定投資者直接發行證券。[2019/1/29]

Tags：THEENTINGANDThe SandlotDecentralized Community Investment Protocolbiking英語CANDLE幣

Gate交易所