Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
FollowingSEC 指南：功能网络上的代币回购不自动构成投资合同
美国证券交易委员会（SEC）发布的最新指南指出，在运行正常的网络上进行的代币回购、网络升级以及营销声明，并不会自动使加密资产成为证券。然而，如果承诺了特定回报，则可能改变对其性质的认定。一般来说，针对现有用途的描述或网络维护行为，与鼓励买家期望从开发者处获得利润的宣传存在本质区别。
此外，商品期货交易委员会（CFTC）也更新了其指南，涉及代币化客户资金投资及区块链记账问题，同时保留了监管机构对企业在投资管理、资产托管及记录访问方面的要求。
区分常规运营与收益预期
根据 SEC 公司金融部的解释，在一个正在运行的网络上宣布代币回购，本身并不构成“投资合同”。但是，当网络尚未完工，且推广方将回购作为潜在回报来源进行宣传时，情况就会发生变化。
这一区分使得项目方能够更清晰地评估其公告内容，同时也保留了 SEC 审查个案的能力。关键在于回购的目的及其背后的声明，而非仅仅是一纸公告。对于在启动后继续开发网络的项目，开发者可以通过保障系统安全、维护服务和改进功能来完善产品，而无需自动触发《豪威测试》（Howey Test）中关于管理层依赖的认定。
SEC 的解释承认，即使是功能完备的网络也需要维护和改进。因此，鼓励使用运行中网络的努力并不必然构成这种依赖关系。然而，这并不意味着所有的代币推广或开发计划都受到同等对待。机构的评估仍取决于网络的状态、项目的声明以及购买者的合理预期。
法律地位由具体情境决定
因此，项目方不能仅通过将工作称为“升级”或将购买行为称为“回购”就简单地确定代币的法律地位。SEC 将根据现行证券法，综合考虑这些活动发生的具体背景。
This frequently asked questions (FAQ) builds on an interpretation issued by the SEC in March that explains how federal securities laws apply to certain crypto assets and transactions, providing a broader framework for the department's responses to repurchase, ongoing development, and promotional statements. The update comes shortly after the Clarity Act failed to pass the Senate. At the same time, regulators are issuing guidance documents through existing powers to address industry questions.
The CFTC simultaneously updates compliance guidelines
At the same time, the Commodity Futures Trading Commission (CFTC) staff updated guidance for regulated companies on handling customer funds and maintaining records. The CFTC clarifies matters related to investing in a tokenized version of assets that allows them and using blockchain for bookkeeping.
When using tokenized assets, companies still need to meet applicable investment and custody requirements. In addition, even if the network or blockchain browser stops working, companies using blockchain for records must be able to generate and provide those records.
The SEC's guidance emphasizes that core issues remain closely related to the conduct and statements of each project. Pure buybacks and upgrades do not determine whether buyers expect to make a profit from the team's efforts.
