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ETH SEC 员工发布新 FAQ：功能型加密网络的服务与代币性质界定
美国证券交易委员会（SEC）员工于 9 月 25 日发布了新的常见问题解答（FAQ），解释了该机构今年 3 月发布的数字资产指导方针如何适用于加密资产。这份文件涵盖了代币功能性、质押收据代币、投资合同、回购以及宣传声明等关键议题。SEC 员工强调，这些 FAQ 仅反映其当前观点，不具有法律约束力或效力。
功能型网络的持续开发与维护
FAQ 阐述了发行人如何通过自身陈述来定义“功能性”和“去中心化”。由发行人设定的阈值将决定承诺的里程碑是否已达成。
然而，SEC 员工指出，功能型网络可以继续接受某些服务，而无需因此构成新的“基本管理努力”（essential managerial efforts）。这些服务包括确保网络安全、维护、改进及增强网络功能。此外，支持网络效应的活动——例如资助开发项目或类似活动——在实现功能性后，也不被视为基本管理努力。
值得注意的是，对于没有中央控制方的功能型网络，相关声明很可能不会构成新的投资合同。员工特别指出了网络缺乏集中控制权这一事实。
质押收据代币的特殊待遇
The FAQ also explains how pledged receipt tokens were included in the explanatory framework in March this year. In certain circumstances, digital merchandise receipts can be considered a digital tool.
Specifically, when a pledge receipt token is issued by a protocol-based liquidity pledge provider, it may be classified as a digital good. Its value can come from the programmatic operation of functional encryption systems and the market supply and demand relationship. SEC employees further clarified what constitutes a "receipt": the certificate must prove ownership of the assets deposited and must not change the rights or benefits of those assets.
The receipt issuer may not transfer, lend, pledge, re-mortgage or otherwise use the deposited assets. Third parties also cannot claim deposited assets through the receipt structure.
Repurchase and promotion face different censorship standards
In general, promoting the current effectiveness of encryption systems does not constitute a commitment to basic management unless there are other additional factors. Similarly, an indefinite statement of potential features that does not involve profit-related promotion do not constitute such a commitment.
SEC employees discussed the issue of token repurchases individually. For functional networks, repurchase announcements do not constitute a commitment to basic management efforts. However, if issuers present buybacks of non-functional systems as a way to create revenue or returns, it may constitute a basic management effort. In addition, secondary trading platforms will only be recognized as promoters if they meet the definition of Article 405 of the Securities Law.
