至少在目前,,華爾街的監(jiān)管部門(mén)高層并不看好加密貨幣的未來(lái)前景,。
自從匿名的“中本聰”在十多年前異想天開(kāi)地發(fā)明了比特幣(Bitcoin)之后,從去中心化金融到大量類(lèi)似的加密貨幣和非同質(zhì)化代幣(NFT)的出現(xiàn),,總是動(dòng)蕩不安并且監(jiān)管寬松的數(shù)字資產(chǎn)已經(jīng)被證明是創(chuàng)新的源泉,。然而,這個(gè)領(lǐng)域也滋生了欺詐和潛在的非法交易,,有些銷(xiāo)售機(jī)構(gòu)會(huì)向毫無(wú)戒備的投資者推銷(xiāo)各種代幣,,這些行為的出現(xiàn)讓加密貨幣圈、華爾街和美國(guó)聯(lián)邦政府都認(rèn)為必須對(duì)數(shù)字資產(chǎn)領(lǐng)域進(jìn)行監(jiān)管,。
在這方面的一個(gè)重量級(jí)人物是美國(guó)證券交易委員會(huì)(U.S. Securities and Exchange Commission)的主席加里·根斯勒。
作為資深的金融監(jiān)管者和高盛集團(tuán)(Goldman Sachs)的前合伙人,,在美國(guó)證券交易委員會(huì)上任不久的根斯勒一直強(qiáng)烈支持加強(qiáng)對(duì)加密貨幣市場(chǎng)投資者的保護(hù),。目前加密貨幣市場(chǎng)有數(shù)千種貨幣,總價(jià)值約2.6萬(wàn)億美元,。根斯勒對(duì)《財(cái)富》雜志表示,,如果不加強(qiáng)投資者保護(hù),加密貨幣“不太可能發(fā)揮其應(yīng)有的潛力,。技術(shù)在公共政策框架以外難以持久存在,。”
美國(guó)總統(tǒng)喬·拜登于2021年年初提名根斯勒出任美國(guó)證券交易委員會(huì)主席,,當(dāng)時(shí)加密貨幣愛(ài)好者對(duì)他的任命持樂(lè)觀的態(tài)度,。畢竟曾經(jīng)執(zhí)掌過(guò)美國(guó)商品期貨交易委員會(huì)(Commodity Futures Trading Commission)的根斯勒一直在麻省理工學(xué)院(Massachusetts Institute of Technology)教授金融科技課程,包括加密貨幣,,這意味著他了解加密貨幣的技術(shù),,而這正是聯(lián)邦政府某些部門(mén)所欠缺的。因此,,業(yè)內(nèi)高管都認(rèn)為新上任的美國(guó)證券交易委員會(huì)主席不會(huì)收緊對(duì)加密貨幣行業(yè)的監(jiān)管,。
但根斯勒上任六個(gè)月內(nèi)的動(dòng)作,卻出乎許多人的意料,。
雖然他曾經(jīng)表示加密貨幣技術(shù)可能成為“推動(dòng)變革的催化劑”,,但他經(jīng)常形容加密貨幣市場(chǎng)仍然處于“西部蠻荒時(shí)代”。根斯勒曾經(jīng)在多個(gè)場(chǎng)合將加密貨幣市場(chǎng)的迅速擴(kuò)大,,比喻成19世紀(jì)的野貓銀行時(shí)代,。當(dāng)時(shí),貸款商可以隨意發(fā)行自己的貨幣,,聯(lián)邦政府幾乎沒(méi)有任何監(jiān)管,。
美國(guó)證券交易委員會(huì)尚未出臺(tái)任何與加密貨幣有關(guān)的具體政策,因?yàn)樗诘却@得更多的幫助和授權(quán),,對(duì)活躍在加密貨幣市場(chǎng)的投資者加強(qiáng)保護(hù),。但現(xiàn)在,,對(duì)加密貨幣市場(chǎng)的監(jiān)管主要集中在一個(gè)簡(jiǎn)單的問(wèn)題上:加密貨幣交易平臺(tái)所提供的代幣是否屬于證券?要確定某種資產(chǎn)是否屬于證券,,這個(gè)問(wèn)題的答案在于所謂的“豪威測(cè)試”(Howey Test),。
豪威測(cè)試源自于1946年美國(guó)最高法院(Supreme Court)審理的一起涉及W.J. Howey公司的案件。該公司向投資者提供購(gòu)買(mǎi)佛羅里達(dá)州一處柑橘園的不動(dòng)產(chǎn)合同的機(jī)會(huì),。美國(guó)證券交易委員會(huì)表示,,在豪威測(cè)試中,如果一筆資金被投入“一家普通企業(yè),,并且合理預(yù)期可以通過(guò)他人的努力獲得利潤(rùn)”,,則該筆金錢(qián)投資被視為證券。幾十年后,,瑟古德·馬歇爾大法官寫(xiě)道,,美國(guó)國(guó)會(huì)“大致”勾勒出了美國(guó)證券法的基礎(chǔ),從而使監(jiān)管部門(mén)進(jìn)一步獲得了確定證券定義的授權(quán),。從20世紀(jì)60年代的蘇格蘭威士忌酒桶收入到2000年代的部分P2P貸款市場(chǎng),,都通過(guò)豪威測(cè)試被劃定為證券。
早在根斯勒上任以前,,美國(guó)證券交易委員會(huì)就一直在慎重研究是否應(yīng)將加密貨幣劃分為證券,。在唐納德·特朗普擔(dān)任美國(guó)總統(tǒng)期間的美國(guó)證券交易委員會(huì)前主席杰伊·克萊頓曾經(jīng)于2017年,同樣在加密貨幣應(yīng)該屬于證券的前提下,,大規(guī)模打壓首次代幣發(fā)售,。
但根斯勒正在加強(qiáng)對(duì)加密貨幣行業(yè)的監(jiān)管。他對(duì)《財(cái)富》雜志表示,,隨著平臺(tái)提供的代幣越多,,他們就越有可能參與證券交易,“這只是概率問(wèn)題”,。雖然根斯勒鼓勵(lì)公司向美國(guó)證券交易委員會(huì)匯報(bào)他們的產(chǎn)品,,了解更多信息,但根斯勒已經(jīng)明確表示,,未來(lái)的監(jiān)管措施不會(huì)有任何例外,。
根斯勒說(shuō):“如果你發(fā)行的是證券,我們會(huì)告訴你,。我們不會(huì)說(shuō)只要向美國(guó)證券交易委員會(huì)報(bào)告就萬(wàn)事大吉,。事實(shí)并非如此。你必須遵守美國(guó)現(xiàn)行的投資者法律,?!保ㄘ?cái)富中文網(wǎng))
翻譯:劉進(jìn)龍
審校:汪皓
至少在目前,華爾街的監(jiān)管部門(mén)高層并不看好加密貨幣的未來(lái)前景,。
自從匿名的“中本聰”在十多年前異想天開(kāi)地發(fā)明了比特幣(Bitcoin)之后,,從去中心化金融到大量類(lèi)似的加密貨幣和非同質(zhì)化代幣(NFT)的出現(xiàn),,總是動(dòng)蕩不安并且監(jiān)管寬松的數(shù)字資產(chǎn)已經(jīng)被證明是創(chuàng)新的源泉。然而,,這個(gè)領(lǐng)域也滋生了欺詐和潛在的非法交易,,有些銷(xiāo)售機(jī)構(gòu)會(huì)向毫無(wú)戒備的投資者推銷(xiāo)各種代幣,這些行為的出現(xiàn)讓加密貨幣圈,、華爾街和美國(guó)聯(lián)邦政府都認(rèn)為必須對(duì)數(shù)字資產(chǎn)領(lǐng)域進(jìn)行監(jiān)管,。
在這方面的一個(gè)重量級(jí)人物是美國(guó)證券交易委員會(huì)(U.S. Securities and Exchange Commission)的主席加里·根斯勒。
作為資深的金融監(jiān)管者和高盛集團(tuán)(Goldman Sachs)的前合伙人,,在美國(guó)證券交易委員會(huì)上任不久的根斯勒一直強(qiáng)烈支持加強(qiáng)對(duì)加密貨幣市場(chǎng)投資者的保護(hù),。目前加密貨幣市場(chǎng)有數(shù)千種貨幣,總價(jià)值約2.6萬(wàn)億美元,。根斯勒對(duì)《財(cái)富》雜志表示,,如果不加強(qiáng)投資者保護(hù),加密貨幣“不太可能發(fā)揮其應(yīng)有的潛力,。技術(shù)在公共政策框架以外難以持久存在?!?/p>
美國(guó)總統(tǒng)喬·拜登于2021年年初提名根斯勒出任美國(guó)證券交易委員會(huì)主席,,當(dāng)時(shí)加密貨幣愛(ài)好者對(duì)他的任命持樂(lè)觀的態(tài)度。畢竟曾經(jīng)執(zhí)掌過(guò)美國(guó)商品期貨交易委員會(huì)(Commodity Futures Trading Commission)的根斯勒一直在麻省理工學(xué)院(Massachusetts Institute of Technology)教授金融科技課程,,包括加密貨幣,,這意味著他了解加密貨幣的技術(shù),而這正是聯(lián)邦政府某些部門(mén)所欠缺的,。因此,,業(yè)內(nèi)高管都認(rèn)為新上任的美國(guó)證券交易委員會(huì)主席不會(huì)收緊對(duì)加密貨幣行業(yè)的監(jiān)管。
但根斯勒上任六個(gè)月內(nèi)的動(dòng)作,,卻出乎許多人的意料,。
雖然他曾經(jīng)表示加密貨幣技術(shù)可能成為“推動(dòng)變革的催化劑”,但他經(jīng)常形容加密貨幣市場(chǎng)仍然處于“西部蠻荒時(shí)代”,。根斯勒曾經(jīng)在多個(gè)場(chǎng)合將加密貨幣市場(chǎng)的迅速擴(kuò)大,,比喻成19世紀(jì)的野貓銀行時(shí)代。當(dāng)時(shí),,貸款商可以隨意發(fā)行自己的貨幣,,聯(lián)邦政府幾乎沒(méi)有任何監(jiān)管。
美國(guó)證券交易委員會(huì)尚未出臺(tái)任何與加密貨幣有關(guān)的具體政策,,因?yàn)樗诘却@得更多的幫助和授權(quán),,對(duì)活躍在加密貨幣市場(chǎng)的投資者加強(qiáng)保護(hù)。但現(xiàn)在,,對(duì)加密貨幣市場(chǎng)的監(jiān)管主要集中在一個(gè)簡(jiǎn)單的問(wèn)題上:加密貨幣交易平臺(tái)所提供的代幣是否屬于證券,?要確定某種資產(chǎn)是否屬于證券,,這個(gè)問(wèn)題的答案在于所謂的“豪威測(cè)試”(Howey Test)。
豪威測(cè)試源自于1946年美國(guó)最高法院(Supreme Court)審理的一起涉及W.J. Howey公司的案件,。該公司向投資者提供購(gòu)買(mǎi)佛羅里達(dá)州一處柑橘園的不動(dòng)產(chǎn)合同的機(jī)會(huì),。美國(guó)證券交易委員會(huì)表示,在豪威測(cè)試中,,如果一筆資金被投入“一家普通企業(yè),,并且合理預(yù)期可以通過(guò)他人的努力獲得利潤(rùn)”,則該筆金錢(qián)投資被視為證券,。幾十年后,,瑟古德·馬歇爾大法官寫(xiě)道,美國(guó)國(guó)會(huì)“大致”勾勒出了美國(guó)證券法的基礎(chǔ),,從而使監(jiān)管部門(mén)進(jìn)一步獲得了確定證券定義的授權(quán),。從20世紀(jì)60年代的蘇格蘭威士忌酒桶收入到2000年代的部分P2P貸款市場(chǎng),都通過(guò)豪威測(cè)試被劃定為證券,。
早在根斯勒上任以前,,美國(guó)證券交易委員會(huì)就一直在慎重研究是否應(yīng)將加密貨幣劃分為證券。在唐納德·特朗普擔(dān)任美國(guó)總統(tǒng)期間的美國(guó)證券交易委員會(huì)前主席杰伊·克萊頓曾經(jīng)于2017年,,同樣在加密貨幣應(yīng)該屬于證券的前提下,,大規(guī)模打壓首次代幣發(fā)售。
但根斯勒正在加強(qiáng)對(duì)加密貨幣行業(yè)的監(jiān)管,。他對(duì)《財(cái)富》雜志表示,,隨著平臺(tái)提供的代幣越多,他們就越有可能參與證券交易,,“這只是概率問(wèn)題”,。雖然根斯勒鼓勵(lì)公司向美國(guó)證券交易委員會(huì)匯報(bào)他們的產(chǎn)品,了解更多信息,,但根斯勒已經(jīng)明確表示,,未來(lái)的監(jiān)管措施不會(huì)有任何例外。
根斯勒說(shuō):“如果你發(fā)行的是證券,,我們會(huì)告訴你,。我們不會(huì)說(shuō)只要向美國(guó)證券交易委員會(huì)報(bào)告就萬(wàn)事大吉。事實(shí)并非如此,。你必須遵守美國(guó)現(xiàn)行的投資者法律,。”(財(cái)富中文網(wǎng))
翻譯:劉進(jìn)龍
審校:汪皓
Wall Street's top regulator is not sold on the prospects of crypto, at least right now.
Between the advent of decentralized finance, sustainable altcoins, and non-fungible tokens, the always gyrating and loosely overseen world of digital assets has proved to be a wealth of innovation since Satoshi Nakamoto pseudonymously dreamed up Bitcoin more than a decade ago. And yet it has also become home to frauds, potential illicit trading schemes, and promoters pushing tokens onto unsuspecting investors—a pattern of behavior that has led to a general acknowledgement across the cryptoverse, Wall Street, and Washington, D.C., that regulation is needed.
One of the leading voices in that charge has been U.S. Securities and Exchange Commission Chair Gary Gensler.
A veteran financial regulator and former partner at Goldman Sachs, Gensler has been an outspoken proponent in his short time at the agency for stricter investor-protection guardrails in the crypto markets, which now span thousands of coins that have a combined value of about $2.6 trillion. Until that happens, crypto "is unlikely to reach whatever potential it has," the SEC chair tells Fortune. "Technologies don't long survive outside of public policy frameworks."
Nominated to lead the SEC by President Joe Biden, Gensler’s appointment was met with optimism from crypto enthusiasts in early 2021. The former head of the Commodity Futures Trading Commission had been teaching courses on financial technology, including crypto, at the Massachusetts Institute of Technology after all—indicating a technological savviness about crypto that has been lacking in some parts of Washington. So executives across the industry had come to believe that the newly minted SEC chair was unlikely to bring a hammer down on the space.
Gensler, now six months on the job, has pulled in what many see as the opposite direction, though.
While the SEC chair has expressed a belief that the technology underlying cryptocurrencies can become a “catalyst for change,” Gensler has more often spoke of the crypto markets as the Wild West. On several occasions, Gensler has equated the proliferation of cryptocurrencies to the wildcat banking era of the 1800s, when lenders were able to freely issue their own currencies with little oversight coming down from the federal government.
The SEC has yet to pursue any specific crypto-related rules, as it awaits more help and authority in its push to better protect investors who are active in the asset class. For now, though, the regulator is focusing its foray into the crypto markets on what is a seemingly simple question: Are the tokens being offered on crypto platforms securities? The answer to whether something classifies as a security lies in what is now known as the Howey Test.
Born out of a 1946 Supreme Court case involving a company called W.J. Howey that was offering investors a chance to buy real estate contracts in a Florida orange grove, the test defines an investment of money as a security if it is put into a “common enterprise with a reasonable expectation of profits to be derived from the efforts of others,” according to the SEC. The regulator was given further authority to determine what is a security decades later when Justice Thurgood Marshall wrote that Congress painted with a “broad brush” in designing the basis for U.S. securities laws. Howey has since been used to classify everything from receipts on scotch whiskey barrels in the 1960s to parts of the peer-to-peer lending market in the 2000s as securities.
The SEC has taken a close look at whether cryptos classify as securities plenty of times before Gensler. Former SEC Chairman Jay Clayton, who headed up the agency under then President Donald Trump, helped lead a widespread crackdown on the initial coin offering bubble in 2017 under the same premise.
But Gensler is ratcheting up the pressure on the industry, telling Fortune that “it’s just a matter of probabilities” that the more tokens a platform offers, the more likely they are to be dealing in securities. And while the SEC chair has encouraged companies to come in and talk about their products for more insights, Gensler makes it clear that there are no exceptions as what will come next.
“If you are offering securities, we’re going to tell you,” Gensler says. “We’re not going to say that you’re okay just telling us about it. No, you’ve got to come within the investor laws that we have in this country.”