結(jié)論

SEC承諾推動(dòng)資本的形成。加密數(shù)字貨幣技術(shù)與ICOs可能是顛覆性的，變革性的，也或有效提升效率。我非常相信科技金融領(lǐng)域的發(fā)展會(huì)進(jìn)一步促進(jìn)資本形成，為機(jī)構(gòu)及個(gè)人投資者提供獲取豐厚回報(bào)的機(jī)會(huì)。

我鼓勵(lì)個(gè)人投資者對(duì)這些機(jī)會(huì)持開(kāi)放態(tài)度，但是請(qǐng)?zhí)岢稣_的問(wèn)題，追求確切的答案，并應(yīng)用常識(shí)進(jìn)行投資。在對(duì)客戶提出建議、設(shè)計(jì)產(chǎn)品、或者加入交易過(guò)程中，市場(chǎng)參與者以及投資顧問(wèn)應(yīng)當(dāng)審慎考慮我們的法律、法規(guī)及相關(guān)規(guī)定，也包括證券法的立法原則與基礎(chǔ)，畢竟在過(guò)去的80年里我們同樣面對(duì)過(guò)很多新的問(wèn)題。我同樣鼓勵(lì)市場(chǎng)參與者以及投資顧問(wèn)在證券法律語(yǔ)境下，加入到SEC人員對(duì)問(wèn)題的分析中。相關(guān)問(wèn)題的工作人員可以聯(lián)系FinTech@sec.gov.

附：投資者對(duì)加密數(shù)字貨幣或ICO投資的樣本問(wèn)題

[1]英文原文參見(jiàn)：Statement on Cryptocurrencies andInitial Coin Offerings, https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11

[2] 根據(jù)美國(guó)證券法，任何人發(fā)行或銷(xiāo)售證券，未經(jīng)注冊(cè)是違法的，除非符合某種豁免條件。

[3] Statement on Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities and Others (Nov. 1, 2017), available at https://www.sec.gov/news/public-statement/statement-potentially-unlawful-promotion-icos; Investor Alert: Public Companies Making ICO-Related Claims (Aug. 28, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_icorelatedclaims; Investor Bulletin: Initial Coin Offerings (July 25, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings; Investor Alert: Bitcoin and Other Virtual Currency-Related Investments (May 7, 2014), available at https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency; Investor Alert: Ponzi Schemes Using Virtual Currencies (July 23, 2013), available at https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf.

[4] Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO (July 25, 2017), available at https://www.sec.gov/litigation/investreport/34-81207.pdf.

[5] 美國(guó)1926年成立的向會(huì)員每月推薦圖書(shū)的機(jī)構(gòu)

譯/肖景元 來(lái)源：郵銀研究

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