美国对虚拟货币证券性质的认定思路及启示——以SEC诉瑞波币为视角

Reflection on the U.S.Determination of the Nature of Virtual Currency Securities——From the U.S.SEC v.Ripple Case Perspective

在美国虚拟货币监管中,认定虚拟货币证券性质是SEC监管的重要前提。区块链项目开发者试图营造功能型代币的形象以逃避监管。由于豪威测试的模糊性,美国证券监管机构认定瑞波币的证券性质存在争议。豪威测试的四项要件中,"对投资利益的合理期待"和"仅仅依赖第三方努力"是认定虚拟货币是否构成证券的关键。监管者需区分投资者的使用目的和投资目的,观察虚拟货币是否依赖第三方开发者,将未实现"充分去中心化"的虚拟货币纳入证券监管。虚拟货币市场风险巨大,中国监管机构应提高对虚拟货币的风险认知,调整监管思路,在捍卫中国金融主权的基础上推动相关诉讼进程,并提示投资者谨防风险,以此保护投资者合法权益。

In the supervision of virtual currency transactions,how to qualify a virtual currency as a security is the core of law enforcement.Blockchain-project promoters try to evade the supervision of securities authorities by creating an external image of “Utility tokens”.Due to the ambiguity of the “Howey Test”,the U.S.securities regulatory agency is controversial in accurately qualify XRPs as securities.Among the four elements of the “Howey Test”,“reasonable expectation of profits” and “relying solely on the efforts of a third party” are the key to determining whether virtual currencies are securities.Regulators need to distinguish between consumption and profit intention,observe whether virtual currencies rely on the indispensable efforts of a third-party,and include virtual currencies that have not achieved “full decentralization” into securities supervision.The virtual currency trading market has huge risks.Chinese regulators should increase their awareness of virtual currency risks and adjust regulations.They should promote relevant litigation process to safeguard China’s financial sovereignty,warn Chinese investors against risks and protect their legitimate rights and interests.