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[虚拟币资讯]
《负责任的金融创新法案》会改变SEC的“豪威测试”标准吗（下）
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前言
+ d% O. @5 i1 K6 U3 [自2020年12月，SEC起诉Ripple，到Uniswap和Binance于2022年相继被调查，豪威测试成为悬在众多Web3项目方头上的“达摩克利斯之剑”。SEC是如何利用豪威测试的标准来将token纳入证券法的监管范围的？利用豪威测试来判定token的属性是否是科学合理的方式？按照豪威测试的标准，即将到来的ETH2.0是否可能会被纳入到证券型代币的行列？ - W) `$ h1 L4 e/ v& e0 Y7 @' E( C9 Z
9 T3 S, v" I. j# h7 V6 U2022年6月初，《负责任的金融创新法案》（Responsible Financial Innovation Act，“RFIA”）草案公开，具体何时会落地？创新法案是对豪威测试规则的细化还是推翻？对于加密行业而言，创新法案的推出又会带来哪些监管创新？ * F9 F% T8 R3 M' \/ n
（本文主要整理自刘磊律师团队律师在Type V DAO法律公会AMA发言内容） ) b$ }9 z8 O. k( d8 W q
一、ETH2.0有可能被认定为证券型代币吗？' q4 w2 b/ [7 A' S3 ?
根据上篇中我们提到的豪威测试四标准中一个要件，即“投资者是否通过公司的努力获得利益”，最初，对于这个要件美国的判断重点是“仅仅依靠开发者或第三方的努力”，其中“仅仅”的表述实际上使得判断代币满足豪威标准测试的要求十分严格，开发者完全可以依靠对项目代币的设计使其规避SEC的监管。为解决适用上的难题，美国法院逐渐将“仅仅依靠”解释为“较大程度上依靠”，也就是说，投资者获得的利益较大程度是通过项目方的努力，即可满足该要件。同时，美国法院对“努力”的解释也进行了扩大，不再区分代币发行前和购买后的努力，只要开发者作出相应的努力且该努力对投资者获利产生决定性作用，即可认定为符合豪威测试要件。
. V! q' r, M5 {* N4 j* F! y回归到ETH2.0是否可能会被认定为证券这个问题本身，从上述的豪威测试标准中，不难看出，“充分去中心化”将成为“获利是否依赖开发者或第三方的努力”重要的抗辩理由。但是ETH1.0升级为ETH2.0，由原先的POW（Proof of Work）变为POS（Proof of Stake），从资本门槛的角度出发，POW共识只需要投资者购买矿机，并在挖矿过程中支付相应的电费、管理费等，通过完成一定量的工作来获取工作凭证，POS共识则需要投资者购买ETH质押，且设置了32个币的质押限制，本质上剥夺了拥有小于32个币的用户的记账权，削弱了去中心化的程度。从机制设置来看，目前ETH2.0的推进主要由以太坊基金会担任核心工作，搭建质押交易智能合约平台并保留一定的数字资产和权益。通过对投资者的以太币锁仓质押，来减少市场上的以太币供给量，促使以太币价格上涨，这种模式下，充分去中心化的要件将难以满足，以太坊基金会作为中心化组织的影响力也将难以被排除。
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二、《负责任的金融创新法案》对token做了哪些规定？5 X( e8 B$ o! w* C$ U' [/ |- K: u) z
2022年6月，非正式渠道称美国将发布《负责任的金融创新法案》（Responsible Financial Innovation Act），也称为 Lummis-Gillibrand 法案，目的在于通过将数字资产整合到现有法律中来鼓励负责任的创新，并为在很大程度上不受监管且缺乏共同标准的加密行业提供了更清晰的框架，该法案共包含 69 |
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