論同質化虛擬資產於次級市場之性質與法制—以美國法為中心

近年來，Coinbase、Binance和Bittrex等虛擬資產交易所除了提供虛擬資產交易外，還推出了各種額外的服務，例如借貸或質押等。然而，這些行為引起了美國證券交易委員會的高度關注，並引發了一系列的司法行動。儘管有些虛擬資產之目的旨在作為替代法定貨幣或僅作為支付之工具，然出於保護投資者之考量，美國監管機構傾向於將所有虛擬資產納入證券之範疇，此舉無疑將抑制該產業的發展。是以，欲釐明虛擬資產於美國法中當屬何種性質，本文志欲探討所受《美國證券法》及《美國證券交易法》監管之「證券」，並以豪威測試（Howey Test）對投資契約加以再析與重構。本文將以區塊鏈技術為基石，細究豪威測試之各項要件，並藉由分析與研究區塊鏈底層技術及其各層次之應用，進一步闡釋虛擬資產在豪威測試下之適用性。因此，本文認為在判斷虛擬資產是否具備證券性質時，務須重視技術底層之析論與探究，尤以需關注於點對點分散式網絡與智慧合約之層面。另外，茲因FTX破產事件之爆發，對於區塊鏈與交易平台者之辯論日漸激烈，俾此使得美國監管機構為其訂定新修法案，將虛擬資產交易平台納入監管範疇，並增訂通訊協議系統以作為「證券交易所」之定義要件之一。然，斯新之監管規範猶存與現今技術結構不合之處，爰本文著眼於技術底層，對通訊協議系統之要素進行拆解並探究其對虛擬資產證券交易所定義及次級市場之衝擊。

關鍵字

虛擬資產；區塊鏈；豪威測試；次級市場；通訊協議

並列摘要

In recent years, the emergence of cryptocurrency exchanges such as Coinbase, Binance, and Bittrex has garnered significant attention and regulatory scrutiny from the Securities and Exchange Commission (SEC). While certain digital assets are primarily designed as currency alternatives, U.S. regulators tend to classify crypto assets uniformly as securities. While this approach aims to protect investors, it may inadvertently hinder industry growth and innovation. Consequently, this paper aims to reassess the registration requirements for securities governed by the U.S. Securities Act and the U.S. Securities Exchange Act, and to reevaluate investment contracts within the framework of the Howey Test. Building upon the technical foundations of blockchain, this study conducts a thorough reanalysis of the Howey Test and delves into the impact of initial issuance activities, such as mining, short selling, and forking, on the subsequent secondary market. Furthermore, this paper advocates for a return to analyzing and discussing the classification of virtual asset securities based on their technical underpinnings, with a particular focus on decentralized peer-to-peer networks and smart contracts. Furthermore, the discussion surrounding the booming blockchain and trading platforms has gained traction following the FTX bankruptcy incident. Consequently, U.S. regulators have proposed a new amendment to include virtual asset trading platforms within the regulatory purview, incorporating communication protocol systems as elements in defining a "stock exchange." However, this new regulatory framework raises concerns due to inconsistencies with existing regulations. Therefore, this article places emphasis on the technical aspects of the communication protocol system and explores its impact on the secondary market of virtual assets.