结论

SEC承诺推动资本的形成。加密数字货币技术与ICOs可能是颠覆性的，变革性的，也或有效提升效率。我非常相信科技金融领域的发展会进一步促进资本形成，为机构及个人投资者提供获取丰厚回报的机会。

我鼓励个人投资者对这些机会持开放态度，但是请提出正确的问题，追求确切的答案，并应用常识进行投资。在对客户提出建议、设计产品、或者加入交易过程中，市场参与者以及投资顾问应当审慎考虑我们的法律、法规及相关规定，也包括证券法的立法原则与基础，毕竟在过去的80年里我们同样面对过很多新的问题。我同样鼓励市场参与者以及投资顾问在证券法律语境下，加入到SEC人员对问题的分析中。相关问题的工作人员可以联系FinTech@sec.gov.

附：投资者对加密数字货币或ICO投资的样本问题

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

[2] 根据美国证券法，任何人发行或销售证券，未经注册是违法的，除非符合某种豁免条件。

[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] 美国1926年成立的向会员每月推荐图书的机构

译/肖景元 来源：邮银研究

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