Apa Gini Operate ing Amerika Serikat?

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<Balik

(Artikel ing ngisor iki diadaptasi saka surat sing disiapake kanggo US Securities & Exchange Commission.)

Nalika kita diterbitake ing Komisaris SEC Says SEC Apa Ora Coddle Investor Amérika lan CFTC Wiwit Crackdown ing Cryptocurrency Penipuan, kita seneng banget kanggo ndeleng tindakan penegakan hukum anyar tumrap penipuan-penipuan sing ora adil sing wis ngrusak industri blockchain / cryptocurrency. Ing kasunyatan, kabeh alasan Gini ana kanggo nggawe lingkungan sing luwih stabil, adil, tetep, lan aman kanggo nulung para pemangku kepentingan Gini supaya dadi korban dening kabeh iki penipuan lan manipulasi pasar. Dadi, ora ana pitakonan sing kita yakin SEC lan CFTC minangka peranan penting ing sistem keuangan AS; lan rezim regulasi rasional mesthi perlu kanggo ngreksa integritas saben pasar modal.

Ing wong sing melu Gini yaiku insinyur pinter lan nuwuhake (umpamane, saka Cambridge, Harvard, lan liya-liyane), sarjana akademik, lan mantan eksekutif saka perusahaan gedhe kanthi reputasi sing ora bisa dicela. Dadi, kita mesthi ora scammers lan kita ngerti pentinge AML / KYC babagan pembekuan-pencegahan, pembiayaan counter terrorism lan menehi konsumen kajelasan ing alam, risiko, syarat lan kondisi prodhuk utawa layanan apa wae. Ing kasunyatan, kabeh situs web Gini minangka bukti kamanungsan kanggo keprigelan kita sing jero lan asli kanggo kesejahteraan manungsa ing AS lan ing saindenging jagad.

Nanging, kita banget prihatin babagan maya peteng saka ambiguitas peraturan sing wis enveloped US blockchain / cryptocurrency industri liwat taun kepungkur. Khusus, kita ora pengin proyek blockchain / cryptocurrency sing sah ing zona senja ing kahanan sing ora pasti. Zona wedhi iki kerep ndadékaké luwih saka $ 100.000 ing biaya legal lan administratif sing mungkar, mbebayani anane pendapat saka pengacara sing ora nduweni kajelasan sing tegese bab apa SEC bakal utawa ora bakal tumindak marang proyek cryptocurrency tartamtu. Kabinèt peraturan iki nyebabake mbuwang wektu, sumber daya, lan bakat sing nyenengake nalika jutaan warga Amerika mlayu tanpa tujuan kanggo mbingungake owah-owahan peraturan sing nyebabake nyedhot nyawa saka blokchain / cryptocurrency US.

Ing kontras, Agensi peraturan ing Swiss lan Singapura duwe pendekatan sing luwih jelas, jelas lan métodistik, which is why they are now attracting more talent and capital for blockchain-based projects to their countries than the U.S. This will have far-reaching negative consequences for the U.S. as it falls behind other countries in the important FinTech sector. Rather than being trapped in the crude and never-ending "utility" vs. "security" token box, regulators in those countries have thoughtfully and rationally distinguished between equity tokens, debt tokens, cryptocurrencies, asset-backed tokens, token-based collective investment vehicles, and token-based commercial products that are bought/sold in commerce like any other widget, and thus, have nothing to do with the capital markets. Each of these manifestations of a blockchain-based token are clearly different; and thus, respectfully, they should be perceived very differently from a regulatory perspective.

The crude distinction between "utility" and "security" tokens is grossly inadequate because the concept of "utility" is often extremely subjective and the concept of a "security" is extremely broad and has many adverse consequences for a nonprofit company's ability to survive under an avalanche of regulatory and compliance processes and expenses. As a U.S. Citizen, respectfully, I believe our government and regulatory agencies can do better than this; and SEC Chairman Clayton's "they're all securities" approach is already having adverse consequences on the competitiveness of the U.S. economy as the technical infrastructure of U.S. financial institutions falls behind their counterparts in other countries.

Kanthi katrangan sing ana ing pikirane, mangga nyedhiyakake jawaban definitif-lan saenipun, Letter No-Action resmi-babagan carane SEC bakal ngerteni cryptocurrency Gini adhedhasar kanyatan ing ngisor iki supaya kita bisa duwe kajelasan bab apa Yayasan Gini bisa kanthi aman operate ing AS utawa ora.

  • Gini bakal dikelola déning yayasan nirlaba lan kode sumber piranti lunak bakal mbukak sumber.
  • The nonprofit foundation's financial statements and software source code will be periodically audited dening audible, kondhang, auditor pihak katelu.
  • Ora kaya kabeh cryptocurrency utama liyane, pasokan dhuwit cryptocurrency Gini bakal paling ora 95% didhukung dening masarakat umum sawise distribusi lengkap lengkap. Tambahan, kita duwe mekanisme stabilitas ekosistem kanggo ngleksanakke lan ngreksa distribusi lan kepemilikan sing luas kanggo nyegah konsentrasi dhuwur saka kekayaan crypto lan daya saka ngrusak ekosistem.
  • We have spent several years developing the principles and incentive structures associated with the Gini cryptocurrency to ensure that our team's incentives are authentically aligned with the public interest. Jebule, kita pracaya alesan dhasar kabeh proyek cryptocurrency utama sing saiki dadi scam-dipateni lan dimanipulasi dening crypto-whales amarga pendirane ora ngrancang dhistribusi dhuwit, struktur insentif, protokol konsensus, sistem tata kelola ekosistem lan teknologi sing gegandhengan kanggo mangerteni sisih peteng alam manungsa.
  • Kabeh cryptocurrency utama dina iki dikawruhi dening nomer krungu-oligarki, sing njijiki sapa wae sing kepengin melu ekosistem sing adil lan tetep. Ing kontras, tujuan dhasar cryptocurrency Gini yaiku kanggo ngilangi kabeh penipuan lan manipulasi sing nyebabake akeh pasar fiat lan crypto saiki lan nggawe sistem sing luwih adil lan tetep saka ijol-ijolan nilai antarane peserta ekosistem.
  • Cryptocurrency Gini bakal digunakake ing nirlaba Toko Gini lan ing ekosistem unik para pemangku kepemimpinan sing seneng prinsip integritas ekosistem, stabilitas, ekuitas lan kesinambungan. Kanthi cryptocurrency Gini, konsumen bakal bisa tuku barang lan layanan kaya gampang kaya ing lingkungan perdagangan fiat liyane. Mangkono, saka perspektif fungsional sejatine, kriptocurrency Gini ora beda karo sistem ganjaran program kasetyan, utawa sistem poin basis kertu, utawa saka ribuan public lan pribadi, sampurna legal, lan ora diatur mata uang ing circulation ing AS lan ing saindenging donya, ora ana sing ditetepake minangka "investasi" sekuritas ".
  • Miturut definisi, wis ana mata uang sarana minangka medium ijol-ijolan, nyimpen nilai, lan unit akun. Nanging, nalika sembarang mata uang pisanane diprodhuksi lan dituku saka pucuk utawa prodhuk (umpamane, nirlaba Gini Foundation), tuku iki mung minangka transaksi komersial kayata tuku produk utawa layanan liyane. Apa Nilai saka dhuwit pribadi appreciates utawa ora gegandhengan karo sawijining Nilai sarana utami lan tujuan utama minangka medium ijol-ijolan, nyimpen nilai lan unit akun.
  • Pasar Menengah. Sawise produk (contone, widget, kartu baseball, cryptocurrencies, dsb.) Diprodhuksi lan dikirim menyang konsumen primer produk kasebut, produk kasebut bisa uga kasebut re-sold menyang pasar sekunder kaya eBay utawa Amazon Marketplace. Nanging, pasar sekunder iku komersial pasar saka peserta manungsa langsung berinteraksi karo siji liyane, ora ngganti sekuritase. Mangkono, apa desentralisasi piranti lunak pasar sing dirancang kanggo nyambungake wong siji kanthi aman lan stabil pasar manungsa (ora pasar HFT), in which the decentralized software does not take possession or control of any stakeholder's funds or currency as a custodian—that decentralized market cannot be reasonably defined as a "securities exchange". Thus, respectfully, a pasar desentralisasi kanggo produk apa wae komersial (lollipops, cryptocurrencies, dsb.) ora bisa ditemokake lan diatur kanthi cara sing beda saka eBay.
  • Ing tingkat dhuwur, proyek Gini ora beda karo Ethereum utawa Bitcoin, sing mesthi ora sekuritase. Ing tingkat ngisor, produk cryptocurrency Gini dirancang lan diprodhuksi kanthi fitur-fitur ing ngisor iki (antara liya):
    • Tandha digital cryptographic kanggo nyegah transaksi penipuan.
    • Pemungutan simpul saham pemangku otomatis kanggo entuk verifikasi transaksi basis konsensus.
    • Milih delegasi kanggo njamin kuor pemungutan suara, sing njamin konsensus transaksi sing adhedhasar lan sing adhedhasar, sing demokratis manungsa konsensus babagan masalah tata kelola ekosistem utama.
    • Struktur basis inovatif kanggo ngubungake kabeh pamblokiran transaksi ing rantai sajarah linear, ora permanen, sing entuk integrasi integritas unik, kecepatan tinggi lan pamrosesan.
    • Integritas public ledger sing komputasi efisien kanggo verifikasi bali menyang pemblokiran genesis.
    • Mekanisme audit sing dibangun kanthi bebarengan sing ndukung privasi pengguna lan ngidini sah auditor lan sah panguwasa pamaréntah kanggo netepi transaksi kaya sing dibutuhake saben negara sing ditrapake.
    • Struktur basis data sing nyedhiyakake implementasine pruning agresif, sharding, lan snapshotting; fitur-fitur kasebut njamin skalabilitas jangka-panjang, desentralisasi sing berarti, lan kacepetan dhuwur lan pamrosesan.
    • Exceptionally strong and inherent resistance to "double-spend attacks," "51% attacks," "DDoS attacks," and "Sybil attacks," among others, which provides strong public ledger integrity.

Babagan ICOs

We are working to build a minimum product (cryptocurrency) before we engage any stakeholders public general. Nanging, ana akeh alasan sing apik kanggo ndistribusikake cryptocurrency kanggo pedunung sing wigati kanthi cepet ing sabanjure; lan alasan sing ora ana apa-apa karo sade sekuritase. Ing kasunyatan, panyebaran mata uang lan daya beli sing cocog kanggo populasi paling gedhé bisa penting kanggo nyegah konsentrasi kekuwatan lan kekuwatan politik sing ora sehat apa wae ekosistem. Pancen, konsentrasi kekayaan lan kekuwatan politik sing ora mantep, sing nyebabake manipulasi pasar, penipuan, lan penipuan ing akeh kritikan lan pasar fiat saiki.

Saben organisasi non-pemerintah kudu ngedol produk / layanan kanggo ngasilake sumber daya finansial supaya bisa mandheg. Iki bener kanggo kabeh untung lan nonprofit organizations. As a nonprofit organization, Gini generates revenue from donations and the sale of our primary product (a cryptocurrency) to stakeholders who want to benefit from its utility value (medium of exchange, store of value, unit of account; more stable, equitable, and sustainable ecosystem, etc.). Again, it's easy to see that the Gini cryptocurrency product is not a security; it is just like selling any other widget that free-market participants want to buy, which produces revenue and cash flow that our nonprofit foundation needs to pay for further development of our unique technology and ecosystem.

Sale vs Transaksi Pra-Sale. Sawetara wong mikir ana prabédan materi antarane penjualan cryptocurrency sing wis diprodhuksi lan pre-sale of a cryptocurrency that is still in production, which will be delivered at a later date. They claim this somehow spawns a "security". No, it doesn't. As a manufactured product, there is no difference between the pre-sale of a cryptocurrency and the pre-sale of any other widget or product.

Ewu (Mbokmenawa Jutaan) Produk lan Layanan Apa Pra-Soldah Saben dino. Nalika prodhuk mau didol (utawa wis didol), perusahaan entuk hasil saka transaksi kasebut. Ing akuntansi akrual, yen produk kasebut wis didol, perusahaan ngetokake akun awis lan kridit ditanggepi revenue account. (The matching debit entry is often ignored temporarily.) Then, when the product is delivered, the company debits their deferred revenue account and credits their revenue account. Nowhere in this process is there any notion of an "investment security".

Nyatane, Proses pra-sale iku kabeh model bisnis Kickstarter lan akeh platform pendanaan sing padha. Kaya customer bakal mbayar fasilitas minting pribadi utawa penjual Kickstarter in advance kanggo ngasilake lan ngirimke duit utawa widget kasebut kanthi teliti, kanthi cepet ing sawetara titik ing mangsa ngarep, para pemangku awal Gini bakal mbayar nirlaba Yayasan Gini in advance kanggo mrodhuksi lan ngirim kriptocurrency (produk) sing kanthi cermat dirancang lan berkualitas kanthi cepet.

Pra-Sales Generate Receipts, Not Securities. Ing konteks a pre-sale transaksi, panuku produk (cryptocurrency) nampa kuitansi sing nandhesake bukti tuku. Sing panrima ditanggepi kanggo customer minangka konfirmasi barang kasebut (cryptocurrency) bakal dikirim secepat mungkin ing mangsa ngarep. Banjur, customer wis dilindhungi dening proteksi konsumen lan hukum kontrak sing mantep, sing nyedhiyakake aturan sing jelas lan denda kanggo pedagang ala-iman sing nglakoni penipuan utawa malpraktek komersial. Ing babagan tartamtu, Gini ora beda karo saliyane nirlaba (utawa kanggo laba) sing wis ngedol produk sing dituku karo awis, sing diklasifikasikake minangka entri revenue ditundha ing buku akuntansi. Mangkono, transaksi kuwi minangka kewajiban (umume, tanggung jawab jangka pendek) kanggo ngirim produk ing sawetara titik mangsa ing wektu, ora utang utawa keamanan usaha.

Kamungkinan apresiasi ora definisi Keamanan. Whether a widget, lollipop, da Vinci painting, Gibson guitar or cryptocurrency that is offered to the general public appreciates in value or not is incidental to the underlying nature of the transaction: It is a commercial sales transaction in which a product is carefully engineered, purchased by a customer for cash and then the product is delivered as soon as it is ready to ship to the customer. There is no notion of an "investment security" anywhere in this process.

A Préferénsi Inti Spéktifatif Ora Sejaté Asli. One or more stakeholders might mentally say, "I want this product because it's going to increase in value," but many others will say, "I want this product because it has desirable sarana sarana in the form of a more stable, equitable, sustainable, and intellectually stimulating ecosystem of like-minded stakeholders, which is far more meaningful and valuable to me than any other cryptocurrency project that I've ever seen." Thus, any presumption that people would buy the Gini cryptocurrency only for speculative investment purposes would be a false and arbitrary assumption in many (probably most) cases. Regardless, dhuwit spekulatif ora definisi keamanan, salah siji.

Pertimbangan Pajak

Cryptocurrency Projects Can't Have it Both Ways. I suspect many cryptocurrency project teams would rather ignore this entire discussion because they have been ignoring (exploiting) the complexity of these issues for years. However, they can't have it both ways: Either their initial (primary market) cryptocurrency/token sales (“ICO”) transactions sing disusun as revenue, or debt (liability), or equity transactions. If they're structured as equity/debt, then they're IPO securities and should be registered with the SEC accordingly (Reg A/A+/S1) or exempted (Reg D/CF). In fact, there's no need for a misleading new "ICO" label because any transaction sing bener wis kabentuk minangka keamanan usaha / utang dhasar ora beda karo IPO, sing artine blockchain / cryptocurrency industry kudu mandheg pretending ana bedane ing kasus kasebut.

Ngartekali Transaksi Kena Pajak. Benten kaliyan IPO sekuritas, yen transaksi diklasifikasikeun lan kabentuk as revenue (e.g., the Gini Launch), then they're taxable transactions within an income tax regime just like any other commercial transaction. If the projects are operating minangka entitas untung, banjur padha utang karo pajak. Yen padha operasi minangka èntitas nirlaba lan bisa dipercaya mènèhi kapentingan marang masyarakat, banjur IRS ngirim menehi pambebasan marang pajak sing luwih saka 1 yuta nirlaba tanpa pajak liyane.

Proyèk Bogus / Timer-Timer kudu diasosiasi minangka Entitas Entitas. There's nothing wrong with for-profit projects, but if a project team claims to be operating as a nonprofit entity for the benefit of society, but they're clearly operating for their own self-interest as evidenced by their sloppy management, little or no accountability, little or no transparency, misleading public statements, high concentration of crypto wealth in their own accounts (and their cronies' accounts) relative to the rest of the ecosystem, etc. (as nearly all of them do today), then their tax exemption should be rejected and they should owe applicable taxes on all their cryptocurrency/token transactions.

Hak-hak Konsumen Ana & Hukum Anti-Penipuan Lagi Cukup. Yen tim proyek milih kanthi tegas njlèntrèhaké penjualan kritéria / token minangka transaksi utang / usaha karo persetujuan tuku saham lan / utawa perjanjian utang karo saben pihak, banjur kudu diatur minangka sekuritase lan syarat lan kondisi kontrak sing kudu kanthi tegas ngawèhaké kapentingan sing nduwèni panampa, hak-bagéan pamilikan, lan / utawa hak kapercayan marang mili awis lan aset organisasi. Yen transaksi kasebut ora kanthi tegas diatur kanthi cara kasebut, banjur kudu diklasifikasikake sacara otomatis lan dilebokaké minangka transaksi komersial biasa ing basis tandha-kanggo-pasar lan hak-hak konsumen lan hukum anti-penipuan wis cukup kanggo nyegah / ngukum paling abot penipuan lan kejahatan.

Wigati, nalika dipahami sacara akurat, ora ana sing beda babagan cryptocurrency / token with respect to how a society should classify them between equity, debt (securities) and all other ordinary commercial products (commerce). Thus, there should be nothing fundamentally different with respect to how governments regulate and tax them. Within this context, the private marketplace should be allowed to determine the winners and losers within the cryptocurrency industry, the existing tax regime should be applied to ensure that project teams' incentives are aligned with the public interest, and existing anti-fraud and consumer protection laws should be invoked to enforce justice against fraudsters on a case-by-case basis, as is necessary and customary in all aspects of any civil society.

Gini nampilake acara Launch, Ora dadi ICO. For all the reasons above, none of the intended use cases of the Gini cryptocurrency can be accurately defined as "investment securities". Thus, it's not accurate to classify any Gini cryptocurrency sales event as an "ICO". Rather, it's more accurate to describe the first time that Gini cryptocurrency is available to the general public just like a grand opening or the launch event of a popular store. That's why we are performing Acara Gini Launch ("Gini Launch") in early 2019, ora ICO.

Ing ringkesan, kita ngarepake yen Gini nggawe lan nyiapake cryptocurrency, ora keamanan investasi. Tambahan, nalika kita ngedol (utawa pre-sell) cryptocurrency kanggo Gini umumafter we've already demonstrated an enormous investment of time and resources that will be obvious to all stakeholders at that time), ora ana syarat kapentingan hukum, sopan utawa umum kanggo ngatasi Yayasan Gini karo Reg D utawa Reg A + utawa rezim regulasi sekuritase liyane amarga cryptocurrency Gini ora minangka investasi investasi. To force us to conform to a costly, time-consuming and deeply frustrating regulatory regime that is unnecessary to achieve the SEC's public policy goals would be substantially unlawful and would severely diminish the purpose and progress of the Gini Foundation if it is based in the United States.

Sawetara anggota tim Gini yaiku Warga US; Dadi, luwih gampang yen kita tetep ing AS lan nampilake Platform Gini minangka conto saka kualitas lan integritas sing bisa ngasilake industri cryptocurrency US. Nanging, yen SEC ora nyedhiyakake Surat Ora Ana Tindakan utawa sawetara liyane konkrit lan permanen kepastian yen kriptocurrency Gini ora bakal diklasifikasikake minangka keamanan investasi, banjur kita bakal dipeksa kanggo operate ing yurisdiksi liya. Iki bakal dadi mundhut banget kanggo mayuta-yuta warga Amerika sing bakal dikalahaké kanthi ora adil ing babagan ekosistem Gini. Iku uga dadi langkah signifikan mundur kanggo kabeh blockchain / cryptocurrency industri.

Paling tulus,

Tim Gini


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