結論

SEC承諾推動資本的形成。加密數字貨幣技術與ICOs可能是顛覆性的，變革性的，也或有效提升效率。我非常相信科技金融領域的發展會進一步促進資本形成，為機構及個人投資者提供獲取豐厚回報的機會。

我鼓勵個人投資者對這些機會持開放態度，但是請提出正確的問題，追求確切的答案，并應用常識進行投資。在對客戶提出建議、設計產品、或者加入交易過程中，市場參與者以及投資顧問應當審慎考慮我們的法律、法規及相關規定，也包括證券法的立法原則與基礎，畢竟在過去的80年里我們同樣面對過很多新的問題。我同樣鼓勵市場參與者以及投資顧問在證券法律語境下，加入到SEC人員對問題的分析中。相關問題的工作人員可以聯系FinTech@sec.gov.

附：投資者對加密數字貨幣或ICO投資的樣本問題

[1]英文原文參見：Statement on Cryptocurrencies andInitial Coin Offerings, https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11

[2] 根據美國證券法，任何人發行或銷售證券，未經注冊是違法的，除非符合某種豁免條件。

[3] Statement on Potentially Unlawful Promotion of Initial Coin Offerings and Other Investments by Celebrities and Others (Nov. 1, 2017), available at https://www.sec.gov/news/public-statement/statement-potentially-unlawful-promotion-icos; Investor Alert: Public Companies Making ICO-Related Claims (Aug. 28, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_icorelatedclaims; Investor Bulletin: Initial Coin Offerings (July 25, 2017), available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ib_coinofferings; Investor Alert: Bitcoin and Other Virtual Currency-Related Investments (May 7, 2014), available at https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-alert-bitcoin-other-virtual-currency; Investor Alert: Ponzi Schemes Using Virtual Currencies (July 23, 2013), available at https://www.sec.gov/investor/alerts/ia_virtualcurrencies.pdf.

[4] Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO (July 25, 2017), available at https://www.sec.gov/litigation/investreport/34-81207.pdf.

[5] 美國1926年成立的向會員每月推薦圖書的機構

譯/肖景元 來源：郵銀研究

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