融资领域区块链数字资产属性争议及监管:美国经验与启示

Attributes Controversy and Regulation of Blockchain-based Digital Assets in Capital-raising Area: US Experiences and Enlightenment

区块链数字资产是技术驱动的金融创新产物,包括支付领域中的数字货币和融资领域中的数字代币。如何监管数字资产发行与交易中的风险,是各国金融监管者面临的共同难题,首要问题则是数字资产的属性界定。支付领域中数字货币的属性界定较为清晰,而融资领域中数字代币是消费品还是投资工具,争议颇多。美国联邦证券监管机构率先垂范,从经济实质出发对数字代币的属性作出界定,将本质上为"证券"的数字代币发行与交易及相关主体纳入联邦证券监管范围,并以证券监管执法贯彻和保障其从严监管的立场。美国对于数字代币作为新型融资工具在技术、蕴含风险及监管路径上的经验,对我国监管者有效平衡金融创新与投资者保护具有启发意义。

Blockchain-based digital assets are technology-driven financial innovations, including digital currencies and digital tokens in the payment and financing area respectively. How to supervise risks involved in digital assets ’ issuance and trading is a common problem faced by financial regulators worldwide,within which the attribute determination of digital assets is the most important issue for regulation application. The digital currency’s attribute is relatively clear,however,whether the digital token is a consumer product or an investment tool in the financing area has been controversial. The U. S.federal securities regulatory authority takes the lead in defining the attributes of digital tokens based on their economic substances,and includes the issuance and trading of digital tokens that are essentially securities and related entities into the scope of federal securities regulation. Also,SEC strictly enforces the Federal Securities Law to safeguard its regulatory position on ICOs. The U. S supervisory experiences of digital tokens as new financing tools in terms of technology,risks,and regulatory paths is instructive for Chinese regulators to effectively balance financial innovation and investor protection.