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Following美国SEC发布关于加密货币资产适用联邦证券法的新问答指南
美国证券交易委员会（SEC）工作人员近日发布了一份新的问答指南，详细阐述了联邦证券法如何适用于加密货币资产。该声明特别明确了在何种条件下，质押生息代币、代币回购、协议开发活动以及加密项目的营销活动可能构成“投资合同”。
质押代币的性质界定
根据SEC公司金融部工作人员的观点，代表数字商品所有权的质押收据代币，在特定条件下可被视为“数字工具”。然而，由基于协议的流动性质押提供商发行的质押代币，如果其价值与功能性密码系统的程序化活动挂钩，并源于供需动态，则可能被归类为“数字商品”。
代币回购计划的评估
指南中对代币回购计划进行了重要评估。SEC工作人员指出，在一个已运行的加密货币系统中，宣布为非证券类代币实施回购计划本身，并不构成投资者期望利润所依赖的“基本管理努力”。
但是，如果协议尚未处于功能完备状态，情况可能会发生变化。SEC官员表示，如果项目团队将回购计划宣传为一种为代币持有者产生回报或利润的机制，这可能成为依据豪威测试（Howey Test）认定其为投资合同的要素之一。
开发与营销活动的合规界限
The SEC clarified that activities such as protecting, maintaining, developing and improving established encryption systems, or awarding and developing funds to enhance network influence, do not usually constitute "essential governance efforts." The explanatory framework released by the SEC in March 2026 also indicates that cryptocurrency assets may not themselves be securities, but may become part of investment contracts under certain sales and marketing conditions.
In the section on marketing activities, the guide states that only describing the usage scenarios and functions of current cryptographic systems is usually not considered to constitute an investment contract. Similarly, describing future functions in a general and non-binding manner may not be seen as a commitment to basic management efforts unless investors are committed to profit potential.
Non-fully Functional Systems and Secondary Market Trading
SEC officials also stated that in a cryptographic system that is not yet fully functional and lacks a centralized control mechanism, it is generally assumed that subsequent announcements by the token issuer will not create new investment contracts. This is because issuers or others no longer have enough control to determine the success or failure of the system.
The guide also covers secondary market trading issues. The statement pointed out that a trading platform that only provides a secondary market for cryptocurrency assets will not automatically be regarded as a "promoter" for this reason alone; the platform must meet the definition of a promoter in Section 405 of the Securities Act of 1933.
SEC的新公告为长期存在争议的某些领域提供了更详细的框架，特别是关于如何在证券法下评估流动性质押、代币回购以及对去中心化协议的持续开发工作。
本文仅供参考，不构成投资建议。
