证交会工作人员对 Canton Coin 铸造给予不采取行动救济：视其为数字商品
美国证券交易委员会（SEC）公司财务部工作人员11月3日就 Canton Coin 发出不采取行动函（no-action letter）：该部表示，若 Canton 网络的超级验证者（Super Validators）、验证者与应用提供方按来函所述方式以程序化方式铸造 Canton Coin，且无需依《证券法》第5条或《交易法》第12(g)条注册，该部不会建议委员会采取执法行动。
这封函件是对10月30日一项请求的回复，该请求代表 Canton 协议的创建方 Digital Asset Holdings 提出。工作人员在函中依据该机构的加密资产框架，把 Canton Coin 视为一种「数字商品」：其价值来自 Canton 网络的程序化运行以及供求关系，而非来自他人关键管理工作的利润预期；同时，Canton 网络不存在该框架定义下的「中央方」。函件由公司财务部首席法律顾问办公室副首席法律顾问 Jonathan Ingram 署名发出。
SEC 工作人员同时说明，这封函表达的是执法立场、不是法律结论，包括并不就 Canton Coin 是否为证券作出法律结论；该立场以请求函中的事实陈述与对法律顾问意见的依赖为前提，没有注明到期日，但事实或条件不同可能导致不同结论。Canton 网络是一个面向金融应用、强调隐私的区块链网络，由 Digital Asset 开发，旨在支持机构与网络之间安全、具隐私保护且可互操作的交易。
（来源：美国证券交易委员会）
SEC Staff Grants No-Action Relief for Canton Coin Minting, Viewing It as a Digital Commodity
Staff of the Division of Corporation Finance at the U.S. Securities and Exchange Commission (SEC) issued a no-action letter on November 3 concerning Canton Coin, the native token of the Canton Network. The Division said it will not recommend enforcement action to the Commission if Canton Coin is minted programmatically by Super Validators, Validators and application providers, in the manner and under the circumstances described in the request letter, without registration under Section 5 of the Securities Act or Section 12(g) of the Exchange Act.
The letter, dated November 3, answers an October 30 request submitted on behalf of Digital Asset Holdings, creator of the Canton protocol. Relying on the agency's crypto-asset framework, the staff viewed Canton Coin as a digital commodity: its value derives from the programmatic operation of the Canton Network and supply-and-demand dynamics, rather than expectations of profit from the essential managerial efforts of others, and the network has no central party under the framework's definition. The response was signed by Jonathan Ingram, Deputy Chief Counsel in the Division's Office of Chief Counsel.
The staff noted that the letter expresses an enforcement position, not a legal conclusion, including on whether Canton Coin is a security; the relief depends on the representations in the request and on reliance on counsel's opinion, has no stated expiration date, and different facts or conditions could lead to a different conclusion. The Canton Network is a privacy-focused blockchain for financial applications, developed by Digital Asset to enable secure, privacy-enabled and interoperable transactions across institutions and networks.
(Source: U.S. Securities and Exchange Commission)
来源：美国证券交易委员会
发布：GSM·美国（发布链接）
图片来源：图：美国证券交易委员会总部大楼正门。AgnosticPreachersKid 摄，CC BY-SA 3.0，经 Wikimedia Commons。 / Photo: The headquarters of the U.S. Securities and Exchange Commission. Photo by AgnosticPreachersKid, CC BY-SA 3.0, via Wikimedia Commons.
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