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投资者应该对与比特币和其价值与加密货币相关的产品相关的无数风险保持谨慎。
Today, the Commission approved the listing and trading of a number of spot bitcoin exchange-traded product (ETP) shares.
今天，委员会批准了一些现货比特币交易所交易产品（ETP）股票的上市和交易。
I have often said that the Commission acts within the law and how the courts interpret the law. Beginning under Chair Jay Clayton in 2018 and through March 2023, the Commission disapproved more than 20 exchange rule filings for spot bitcoin ETPs. One of those filings, made by Grayscale, contemplated the conversion of the Grayscale Bitcoin Trust into an ETP.
我经常说，委员会在法律范围内行事，以及法院如何解释法律。从 2018 年在 Jay Clayton 主席的领导下开始，到 2023 年 3 月，委员会批准了 20 多项现货比特币 ETP 的交易所规则申请。其中一份由Grayscale提交的文件考虑将Grayscale Bitcoin Trust转换为ETP。
We are now faced with a new set of filings similar to those we have disapproved in the past. Circumstances, however, have changed. The U.S. Court of Appeals for the District of Columbia held that the Commission failed to adequately explain its reasoning in disapproving the listing and trading of Grayscale’s proposed ETP (the Grayscale Order).[1] The court therefore vacated the Grayscale Order and remanded the matter to the Commission. Based on these circumstances and those discussed more fully in the approval order, I feel the most sustainable path forward is to approve the listing and trading of these spot bitcoin ETP shares.
我们现在面临着一系列新的申请，类似于我们过去不批准的申请。然而，情况发生了变化。美国哥伦比亚特区上诉法院认为，委员会未能充分解释其不批准Grayscale拟议的ETP（灰度令）上市和交易的理由。[1] 因此，法院撤销了灰度令，并将此事发回委员会。基于这些情况以及批准令中更充分讨论的情况，我认为最可持续的前进道路是批准这些现货比特币ETP股票的上市和交易。
The Commission evaluates any rule filing by a national securities exchange based upon whether it is consistent with the Exchange Act and regulations thereunder, including whether it is designed to protect investors and the public interest. The Commission is merit neutral and does not take a view on particular companies, investments, or the assets underlying an ETP. If the issuer of a security and the listing exchange comply with the Securities Act, the Exchange Act, and the Commission’s rules, that issuer must be provided the same access to our regulated markets as anyone else.
委员会根据国家证券交易所提交的任何规则是否符合《交易法》及其规定来评估其，包括其是否旨在保护投资者和公共利益。委员会是中立的，不对特定公司、投资或ETP背后的资产发表意见。如果证券发行人和上市交易所遵守《证券法》、《交易法》和委员会的规则，则该发行人必须获得与其他任何人相同的进入我们受监管市场的机会。
Importantly, today’s Commission action is cabined to ETPs holding one non-security commodity, bitcoin. It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities. Nor does the approval signal anything about the Commission’s views as to the status of other crypto assets under the federal securities laws or about the current state of non-compliance of certain crypto asset market participants with the federal securities laws. As I’ve said in the past, and without prejudging any one crypto asset, the vast majority of crypto assets are investment contracts and thus subject to the federal securities laws.[2]
重要的是，今天的委员会行动仅限于持有一种非证券商品比特币的ETP。这绝不应表明委员会愿意批准加密资产证券的上市标准。该批准也没有表明委员会对其他加密资产在联邦证券法下的地位的看法，也没有表明某些加密资产市场参与者不遵守联邦证券法的现状。正如我过去所说，在不预先判断任何一种加密资产的情况下，绝大多数加密资产都是投资合同，因此受联邦证券法的约束。[2]
Investors today can already buy and sell or otherwise gain exposure to bitcoin at a number of brokerage houses, through mutual funds, on national securities exchanges, through peer-to peer payment apps, on non-compliant crypto trading platforms, and, of course, through the Grayscale Bitcoin Trust. Today’s action will include certain protections for investors:
如今，投资者已经可以通过共同基金、国家证券交易所、点对点支付应用程序、不合规的加密交易平台，当然还有灰度比特币信托，在许多经纪公司买卖或以其他方式获得比特币敞口。今天的行动将包括对投资者的某些保护：
First, sponsors of bitcoin ETPs will be required to provide full, fair, and truthful disclosure about the products. Investors in any bitcoin ETP that is listed and traded will benefit from the disclosure included in public registration statements and required periodic filings. While these disclosures are required, it is important to note that today’s action does not endorse the disclosed ETP arrangements, such as custody arrangements.
首先，比特币ETP的发起人将被要求提供有关产品的全面、公平和真实的披露。任何上市和交易的比特币ETP的投资者都将受益于公开注册声明和所需的定期文件中包含的披露。虽然这些披露是必需的，但重要的是要注意，今天的行动并不认可已披露的ETP安排，例如托管安排。
Second, these products will be listed and traded on registered national securities exchanges. Such regulated exchanges are required to have rules designed to prevent fraud and manipulation, and we will monitor them closely to ensure that they are enforcing those rules. Furthermore, the Commission will fully investigate any fraud or manipulation in the securities markets, including schemes that use social media platforms.[3] Such regulated exchanges also have rules designed to address certain conflicts of interest as well as to protect investors and the public interest.
其次，这些产品将在注册的国家证券交易所上市交易。此类受监管的交易所必须制定旨在防止欺诈和操纵的规则，我们将密切监控它们，以确保它们执行这些规则。此外，委员会将全面调查证券市场中的任何欺诈或操纵行为，包括使用社交媒体平台的计划。[3] 此类受监管的交易所还制定了旨在解决某些利益冲突以及保护投资者和公共利益的规则。
Further, existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs. This includes, for example, Regulation Best Interest when broker-dealers recommend ETPs to retail investors, as well as a fiduciary duty under the Investment Advisers Act for investment advisers. Today’s action does not approve or endorse crypto trading platforms or intermediaries, which, for the most part, are non-compliant with the federal securities laws and often have conflicts of interest.
此外，现有的规则和行为标准将适用于经批准的ETP的买卖。例如，这包括经纪自营商向散户投资者推荐ETP时的最佳利益监管，以及《投资顾问法》规定的投资顾问的信托义务。今天的行动并不批准或认可加密交易平台或中介机构，这些平台或中介机构在大多数情况下不符合联邦证券法，并且经常存在利益冲突。
Third, Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.第三，证监会工作人员将分别同时完成10个现货比特币ETP的注册声明审查，这将有助于为发行人创造一个公平的竞争环境，促进公平竞争，使投资者和更广泛的市场受益。
Since 2004, this agency has had experience overseeing spot non-security commodity ETPs, such as those holding certain precious metals. That experience will be valuable in our oversight of spot bitcoin ETP trading.
自 2004 年以来，该机构在监督现货非证券商品 ETP 方面拥有丰富的经验，例如持有某些贵金属的 ETP。这些经验对于我们监督现货比特币ETP交易很有价值。
Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware,[4] money laundering,[5] sanction evasion,[6] and terrorist financing.[7]
虽然我们持中立态度，但我要指出的是，金属ETP中的基础资产具有消费和工业用途，而相比之下，比特币主要是一种投机性、波动性资产，也用于非法活动，包括勒索软件、[4]洗钱、[5]逃避制裁、[6]和恐怖主义融资。[7]
While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.[8]
虽然我们今天批准了某些现货比特币ETP股票的上市和交易，但我们没有批准或认可比特币。投资者应谨慎对待与比特币和价值与加密货币相关的产品的无数风险。[8]
[1] See Grayscale Investments, LLC v. SEC, No. 22-1142, 82 F.4th 1239 (D.C. Cir. 2023).[1] 参见 Grayscale Investments， LLC v. SEC， No. 22-1142， 82 F.4th 1239 （D.C. Cir. 2023）。
[2] Courts have similarly found that certain crypto assets were offered and sold as investment contracts. See, e.g., SEC v. Terraform Labs Pte. Ltd., No. 23-cv-1346, 2023 WL 8944860 (S.D.N.Y. Dec. 28, 2023); SEC v. Blockvest, LLC, No. 18-cv-2287, 2019 WL 625163, at *4-*9 (S.D. Cal. Feb. 14, 2019); SEC v. Nat. Diamonds Inv. Co., 19-cv-80633, 2019 WL 13277296, at *8-*10 (S.D. Fla. May 28, 2019); SEC v. Telegram Grp. Inc., 448 F. Supp. 3d 352, 368-79 (S.D.N.Y. 2020), appeal dismissed, No. 20-1076, 2020 WL 3467671 (2d Cir. May 22, 2020); SEC v. Kik Interactive Inc., 492 F. Supp. 3d 169, 177-80 (S.D.N.Y. 2020); SEC v. NAC Found., LLC, 512 F. Supp. 3d 988, 995-97 (N.D. Cal. 2021); SEC v. LBRY, Inc., 639 F. Supp. 3d 211, 216-21 (D.N.H. 2022), appeal dismissed, No. 23-1743 (1st Cir. Oct. 23, 2023); SEC v. Terraform Labs Pte. Ltd., No. 23-cv-1346, 2023 WL 4858299, at *10-*15 (S.D.N.Y. July 31, 2023).[2] 法院同样发现，某些加密资产是作为投资合同提供和出售的。例如，参见SEC v. Terraform Labs Pte.Ltd.， No. 23-cv-1346， 2023 WL 8944860 （S.D.N.Y. 2023年12月28日）;美国证券交易委员会诉Blockvest， LLC， No. 18-cv-2287， 2019 WL 625163， at *4-*9 （S.D. Cal. Feb. 14， 2019）;SEC v. Nat. Diamonds Inv. Co.， 19-cv-80633， 2019 WL 13277296， at *8-*10 （S.D. Fla. May 28， 2019）;SEC v. Telegram Grp. Inc.， 448 F. Supp.3d 352， 368-79 （S.D.N.Y. 2020），上诉被驳回，第 20-1076 号，2020 WL 3467671（2020 年 5 月 22 日第二巡回法院）;SEC 诉 Kik Interactive Inc.， 492 F. Supp.3d 169， 177-80 （S.D.N.Y. 2020）;SEC 诉 NAC Found.， LLC， 512 F. Supp.3d 988， 995-97 （北加州联邦地区法院，2021 年）;SEC 诉 LBRY， Inc.， 639 F. Supp.3d 211， 216-21 （D.N.H. 2022），上诉被驳回，第 23-1743 号（第一巡回法院，2023 年 10 月 23 日）;SEC 诉 Terraform Labs Pte.Ltd.， No. 23-cv-1346， 2023 WL 4858299， at *10-*15 （S.D.N.Y. 2023年7月31日）。
[3] See SEC v. Constantin, No. 22 Civ. 4306 (S.D. Tex.).[3] 参见SEC v. Constantin， No. 22 Civ. 4306 （S.D. Tex.）。
[4] See U.S. Senate Committee on Homeland Securities & Government Affairs, “Use of Cryptocurrency in Ransomware Attacks, Available Data, and National Security Concerns” (May 24, 2022), available at https://www.hsgac.senate.gov/wp-content/uploads/imo/media/doc/HSGAC%20Majority%20Cryptocurrency%20Ransomware%20Report_Executive%20Summary.pdf.[4] 参见美国参议院国土证券与政府事务委员会，“在勒索软件攻击、可用数据和国家安全问题中使用加密货币”（2022 年 5 月 24 日），第 https://www.hsgac.senate.gov/wp-content/uploads/imo/media/doc/HSGAC%20Majority%20Cryptocurrency%20Ransomware%20Report_Executive%20Summary.pdf 页。
[5] See Basel Institute on Governance, “Quick Guide 1: Cryptocurrencies and Money Laundering Investigations” (August 2023), available at https://baselgovernance.org/publications/quick-guide-1-cryptocurrencies-and-money-laundering-investigations. See also Chainalysis, “Crypto Money Laundering: Four Exchange Deposit Addresses Received Over $1 Billion in Illicit Funds in 2022” (Jan. 26, 2023), available at https://www.chainalysis.com/blog/crypto-money-laundering-2022/[5] 参见巴塞尔治理研究所，“快速指南1：加密货币和洗钱调查”（2023年8月），第 https://baselgovernance.org/publications/quick-guide-1-cryptocurrencies-and-money-laundering-investigations 页。另见 Chainalysis，“加密洗钱：2022 年四个交易所存款地址收到超过 10 亿美元的非法资金”（2023 年 1 月 26 日），可在 https://www.chainalysis.com/blog/crypto-money-laundering-2022/ 上获得.
[6] See Center for Strategic & International Studies, “Cryptocurrencies and U.S. Sanctions Evasion: Implications for Russia” (Dec. 20, 2022), available at https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia. See also UK Finance, “The Cyber-Crypto-Sanctions Nexus” (Feb. 4, 2020), available at https://www.ukfinance.org.uk/news-and-insight/blogs/cyber-crypto-sanctions-nexus.[6] 参见战略与国际研究中心，“加密货币和美国制裁规避：对俄罗斯的影响”（2022 年 12 月 20 日），第 https://www.csis.org/analysis/cryptocurrencies-and-us-sanctions-evasion-implications-russia 页。另见英国金融，“网络-加密-制裁关系”（2020 年 2 月 4 日），可在 https://www.ukfinance.org.uk/news-and-insight/blogs/cyber-crypto-sanctions-nexus 上查阅。
[7] See Congressional Research Service, “Terrorist Financing: Hamas and Cryptocurrency Fundraising” (Nov. 27, 2023), available at https://crsreports.congress.gov/product/pdf/IF/IF12537; U.S. Department of the Treasury, “Following Terrorist Attack on Israel, Treasury Sanctions Hamas Operatives and Financial Facilitators” (Oct. 18, 2023), available at https://home.treasury.gov/news/press-releases/jy1816; The Rand Corporation, “Terrorist Use of Cryptocurrencies: Technical and Organizational Barriers and Future Threats” (2019), available at https://www.rand.org/pubs/research_reports/RR3026.html.[7] 参见国会研究服务处，“恐怖主义融资：哈马斯和加密货币筹款”（2023 年 11 月 27 日），第 https://crsreports.congress.gov/product/pdf/IF/IF12537 页;美国财政部，“在对以色列发动恐怖袭击后，财政部制裁哈马斯特工和金融促进者”（2023 年 10 月 18 日），可在 https://home.treasury.gov/news/press-releases/jy1816 上查阅;兰德公司，“恐怖分子使用加密货币：技术和组织障碍以及未来威胁”（2019 年），可在 https://www.rand.org/pubs/research_reports/RR3026.html 上获得。
[8] See, e.g., Securities and Exchange Commission Office of Investor Education and Advocacy, “Exercise Caution with Crypto Asset Securities: Investor Alert” (March 23, 2023), available at https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/crypto-asset-securities.[8] 例如，参见美国证券交易委员会投资者教育和宣传办公室，“对加密资产证券保持谨慎：投资者警报”（2023 年 3 月 23 日），可在 https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins/crypto-asset-securities 上查阅。
- 作者:布鲁斯
- 链接:https://bvip.one/2024/01/11/03
- 声明:本文采用 CC BY-NC-SA 4.0 许可协议，转载请注明出处。
