Gini应该在美国运营吗?

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(以下文章改编自我们为美国证券交易委员会准备的一封信。)

我们发表于 SEC专员称美国证券交易委员会不应该哄骗美国投资者CFTC开始打击加密货币诈骗,我们很高兴看到最近针对那些玷污区块链/加密货币行业的恶劣诈骗的执法行动。事实上,基尼存在的全部原因是为了创造一个更加稳定,公平,可持续和安全的环境,帮助基尼利益相关者避免成为所有人的牺牲品 这些骗局和市场操纵。因此,毫无疑问,我们认为SEC和CFTC在美国金融体系中发挥着重要作用;并且必须采取合理的监管制度来维护每个资本市场的完整性。

参与基尼的人 是有思想和受人尊敬的工程师(例如,来自剑桥,哈佛等),学术学者和大公司的前高管,他们的声誉无可厚非。因此,我们当然不是诈骗者,我们知道AML / KYC在预防欺诈,反恐融资方面的重要性,并让消费者明确任何产品或服务的性质,风险,条款和条件。事实上,整个基尼网站都是人道主义证明我们对美国乃至全世界人类福祉的深刻而真实的关注。

然而, 我们非常关注过去一年笼罩美国区块链/加密货币行业的监管模糊阴云。 具体来说,我们不希望任何合法的区块链/加密货币项目陷入监管不确定性的曙光区域。这个暮光区经常导致超过10万美元的压迫性,浪费性的法律和行政费用 一个观点 律师本身对SEC是否会对某一特定的加密货币项目采取行动没有任何明确的明确性。这种监管模糊导致了时间,资源和人才的极度浪费,因为数百万美国人漫无目的地通过监管不确定性的迷宫蜿蜒而行,这种不确定性正在扼杀美国区块链/加密货币行业的生活。

相反, 瑞士和新加坡的监管机构采用了更加明确,明确和有条理的方法, 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.

考虑到这些因素,请提供一个明确的答案 - 最好是一份正式的无行动信函 - 关于美国证券交易委员会将如何基于以下事实感知基尼加密货币,以便我们能够清楚地了解基尼基金会是否能够安全运营在美国与否。

  • Gini将由一个非营利性基金会管理 并且软件源代码将是开源的。
  • The nonprofit foundation's financial statements and software source code will be periodically audited 由可靠,知名的第三方审计师。
  • 与所有其他主要加密货币不同,Gini加密货币供应将是 至少 95%的公众拥有 完整分发完成后。另外,我们有 生态稳定机制 强制执行并保持广泛的分配和所有权,以防止高浓度的加密财富和权力破坏生态系统。
  • 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. 事实上,我们认为当今所有其他主要加密货币项目都受到密码鲸的骗局和操纵的根本原因是因为他们的创始人没有设计他们的货币供应分配,激励结构,共识协议,生态系统治理系统和相关技术解释人性的黑暗面。
  • 今天所有主要的加密货币都由少数加密寡头主导这对任何想要参与公平和可持续生态系统的人来说都是令人作呕的。相比之下,基尼加密货币的根本目的是消除困扰当今许多法定和加密市场的所有欺诈和操纵,并创造 一个更加公平和可持续的系统 生态系统参与者之间的价值交换
  • Gini加密货币将用于非营利组织 基尼商店 在一个由志同道合的利益相关者组成的独特生态系统中,他们欣赏生态系统完整性,稳定性,公平性和可持 使用Gini加密货币,消费者将能够像在其他基于法提的商业环境中一样轻松地购买商品和服务。从而, 从纯粹的功能角度来看,基尼加密货币与忠诚度计划奖励系统,或基于信用卡的积分系统,或数以千计的公共和私人,完全合法, 并且不受管制 今天美国和世界各地流通的货币,其中没有一种被定义为受监管的“投资” 证券”.
  • 根据定义,货币有 效用 作为交换媒介,价值存储和账户单位。 但是,当最初生产并从薄荷或制造商(例如,非营利组织基尼基金会)购买任何货币时,该购买仅仅是购买任何其他产品或服务的商业交易。私人货币的价值是否升值是偶然的 主要效用价值和主要目的 作为交换媒介,价值存储和账户单位。
  • 二级市场。 在生产产品(例如,小部件,棒球卡,加密货币等)并将其交付给该产品的主要消费者之后,该产品可能随后 重新出售 进入像eBay或亚马逊市场这样的二级市场。但是,二级市场是一个 广告 市场 人类参与者直接相互交流, 不是证券交易所。因此,任何 分散 市场软件旨在简单地将人们彼此连接在一个安全稳定的环境中 人类市场 ( HFT市场), 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 分散的市场 对于任何商业产品(棒棒糖,加密货币等),不能以与eBay不同的方式进行合理的感知和监管。
  • 在较高的层面上,基尼项目与以太坊或比特币没什么区别,后者肯定不是证券。 在较低级别,Gini加密货币产品的设计和制造具有以下功能(其中包括):
    • 加密数字签名,以防止欺诈交易。
    • 自动化利益相关方节点投票,以实现基于共识的交易验证。
    • 投票授权以确保投票的法定人数,确保广泛的交易共识和基础广泛的民主 人的 关于主要生态系统治理问
    • 一种创新的数据库结构,用于连接线性,不可变历史链中的所有事务块,实现了分类帐完整性,高速和吞吐量的独特组合。
    • 公共分类帐完整性,在计算上有效地验证回到起源块。
    • 内置审计机制,同时保护用户隐私和允许 授权审计员合法 政府当局根据各国适用法律的要求审计交易。
    • 一种数据库结构,可以实现积极的修剪,分片和快照;这些功能可确保长期可扩展性,有意义的分散化以及高速和高吞吐量。
    • Exceptionally strong and inherent resistance to "double-spend attacks," "51% attacks," "DDoS attacks," and "Sybil attacks," among others, which provides strong public ledger integrity.

关于ICO

在我们聘请任何一般公众利益相关者之前,我们正在努力构建最小可行产品(加密货币)。 但是,有很多充分的理由可以尽快将加密货币分发给广大的利益相关者;而这些原因与销售无关 证券。事实上,将货币和相应的购买力分配给可能的最大人口对于防止不健康的财富集中和政治权力至关重要。 任何 生态系统。事实上,不健康和不可持续的财富和政治权力集中导致许多加密中的市场操纵,欺诈和骗局猖獗 和 今天的法定市场。

每个非政府组织都必须出售其产品/服务,以产生可自我维持的财政资源。 所有营利性都是如此 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.

销售与预售交易。 有些人认为已经生产的加密货币的销售与货币之间存在重大区别 预售 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.

每天都有数千种(可能是数百万种)产品和服务被预售。 当产品被出售(或预售)时,公司从交易中获得收入。在权责发生制会计中,如果是产品 预售,公司贷记他们的现金账户并贷记他们的 递延收入 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".

事实上, 预售流程是Kickstarter和许多其他类似人群融资平台的整个商业模式。 就像客户支付私人铸造设施或Kickstarter卖家一样 提前 为了在未来的某个时刻尽快生产和交付精心设计的硬币或小部件,早期基尼利益相关者将向非营利组织基尼基金会支付费用 提前 尽快生产和交付精心设计和质量保证的加密货币(产品)。

售前生成收据,而不是证券。 在一个的背景下 预售 交易,产品的买家(加密货币)收到确认其购买证明的收据。该收据将发给客户,以确认将来会尽快交付货物(加密货币)。然后,客户受到完善的消费者保护和合同法的保护,这些法律为犯下欺诈或商业违法行为的恶意商人提供明确的规则和处罚。在这方面,基尼与预售产品以换取现金的任何其他非营利(或营利性)商家没有什么不同,后者在其会计账簿中被归类为递延收入分录。因此,这种交易是在未来某个时间点交付产品的义务(通常是短期责任), 不是债务或股权担保.

欣赏的可能性不是安全的定义。 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.

推测意图的推定并非普遍存在。 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 效用价值 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, 投机性购买不是证券的定义,或者。

税务考虑因素

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 结构化 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 这实际上是一种股权/债务证券 从根本上来说与IPO没有什么不同,这意味着区块链/加密货币行业应该停止假装在这些情况下存在差异。

对应税交易进行分类。 与证券首次公开发行相反,如果交易是分类的 和结构化的 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 作为营利实体然后他们欠他们的销售税。如果他们运作 作为非营利组织实体,可以可靠地证实其对社会的益处然后美国国税局应该给予他们免税,就像它对超过100万个其他免税的非营利组织一样。

假冒/自助服务项目应作为营利性实体纳税。 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.

现有的消费者权利和反欺诈法律是充分的。 如果项目团队选择明确地将其加密/令牌销售作为与其每个利益相关者的股票购买协议和/或贷款协议进行债务/股权交易,则应将其作为证券进行监管,其合同的条款和条件应当明确授予接收方对其组织的现金流量和资产的所有者权益,利润分享权和/或债权人权利。如果交易没有以这种方式明确构建,那么它们应该按照市场化的标准自动分类和征税作为普通商业交易,现有的消费者权利和反欺诈法律已经足以预防/惩罚最恶劣的诈骗和犯罪。

恭敬地,当准确理解时,加密货币/代币没有任何根本的不同 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.

基尼正在举办发布会, 不是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 基尼计划发布会 ("Gini Launch") in early 2019, 不是ICO.

总之,我们希望Gini能够创建并提供加密货币, 不是投资保障. 另外,当我们向公众出售(或预售)基尼加密货币时(after we've already demonstrated an enormous investment of time and resources that will be obvious to all stakeholders at that time),使用Reg D或Reg A +或任何其他证券监管制度限制基尼基金会,不应有法律,道德或公共利益要求 因为Gini加密货币不是投资安全. 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.

几个基尼团队成员是美国公民;因此,我们更容易留在美国,并将Gini平台展示为美国加密货币行业可以产生的质量和完整性的光辉典范。但是,如果美国证券交易委员会没有提供无行动函或其他信函 具体和永久 保证Gini加密货币不会被错误地归类为投资担保,那么我们将被迫在其他司法管辖区运营。对数百万美国人来说,这将是一个重大的损失,然后他们会被无理地阻止参与基尼生态系统。对于整个区块链/加密货币行业而言,这也将是一个重大的倒退。

最真诚的,

基尼团队


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