【听风说币】STO能通过SEC的不完备指引吗？（下）
原文链接：Security Token Offerings: A Way Past the SEC’s Incomplete Crypto Guidance?
作者：Chi-Ru Jou
译者：听风
Brave New Frontier of Reg A+ STOs
For blockchain companies that intended their tokens to be sold to the general public rather than accredited investors, without resale restrictions, all eyes are on the backlog of exempt public security offerings, or Regulation A+ STOs, currently sitting with the SEC awaiting approval.
Although blockchain companies that have filed Form 1-As under Regulation A+ generally regard their discussions with the SEC as confidential, the grapevine has relayed that there are currently unresolved obstacles to SEC compliance for these offerings. Hopefully in 2019, we’ll see the first qualifications of Reg A+ STOs and the exempt public securities offering will no longer be considered an “experimental” area.
Reg A + STO的崭新前沿
对于希望将其代币出售给普通大众而不是合格投资者的区块链公司而言，并没有转售限制，目前所有的目光都集中在积压的豁免公开证券产品或RegA + STO上，目前正在等待SEC的批准。（Reg A+，即美国乔布斯法案第四章(JOBS Act Title IV),也叫Regulation A+，简称Reg A+。听风注）
尽管根据Reg A +已提交1-As表格的区块链公司通常认为他们与SEC的讨论是保密的，但有小道消息表明，这些STO产品目前还存在难以解决的SEC合规性障碍。 希望在2019年，我们能看到首批符合Reg A + STO的资格谁，以及豁免公开证券的发行将不再被视为“实验性”领域。
Problems for Secondary Trading
Once hurdles with regard to federal securities laws on resales are cleared, blockchain companies will have to figure out some way to comply with state Blue Sky laws regarding secondary trading.
Each state offers a set of exemptions under which secondary trading may take place, with many states offering an “unsolicited brokerage transactions” exemption. 2019 will be the year when issues regarding state securities laws on secondary trading must be resolved.
二级交易的问题
一旦关于转售的联邦证券法的障碍被清除，区块链公司将不得不找出一些方法来遵守蓝天法案（指美国各州对投资公司、经营公司的债券买卖进行监督和保护投资者免遭欺诈的《公司证券欺诈防治法》之俗称，详见百度百科）有关二级交易的法律。每个州都提供一系列豁免权，可以进行二级交易，许多州提供“未经请求的经纪交易”豁免。2019年将是国家证券法有关二级交易问题必须解决的一年。
Conclusion: Looking Ahead
2019 promises to be an exciting and eventful year for security token offerings.
For the first time, the blockchain industry will figure out if there is a way forward from the SEC’s informal guidance that most token offerings will have to be registered or issued under an exemption from registration. Furthermore, a wild card has been thrown into the regulatory mix with the recent introduction of a new bill amending the Securities Act to define cryptocurrencies as not being securities so long as they are utilized on a functioning network.
It is far from clear that STOs will provide an easy solution for blockchain start-ups that planned a utility token model and are now steering clear of the public crypto markets, but undoubtedly securities attorneys will throw in their best efforts to resolve these issues.
结论：展望未来
对于STO产品而言，2019年将是令人兴奋且充满变数的一年。
区块链行业将首次确定是否有一种方式可以从SEC的非正式指导中向前推进，即大多数代币发行必须在注册豁免的情况下进行注册或发行。此外，最近出台了一项新法案，修改了《证券法》，将加密数字货币定义为非证券类，只要它们在一个正常运行的网络上使用，监管机构便会给他们一张外卡。
目前尚不清楚的是，STO是否能为计划采用效用通证模型且目前正在回避公共加密市场的区块链初创公司提供一个简单的解决方案，但毫无疑问，证券律师将尽最大努力解决这些问题。
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