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Author: chris dixon, A16Z partner and director of A16Z CRYPTO, “Read Writ Own” author, the first “Financial Times”; translation: 0xjs@比 作 作 作 作 作 作 作
As the price of cryptocurrencies has reached a record high again recently, there is an excessive risk of excessive speculation in the cryptocurrency market, especially considering the recent heated discussion on MEME coins.Why are the market repeating these cycles instead of supporting more efficient and truly changing innovations?
Meme coin is mainly used for humorous cryptocurrencies, and was born in a joke online community.You may have heard of dog coins. It is based on the ancient dog Meme and the image of Shiba Inu.When someone satirizes a cryptocurrency with a certain financial value, it has become a loose online community.This “Mmeme currency” reflects all aspects of the Internet culture, and most of them are harmless, and other Meme currencies are not.
But my goal is not to defend or weaken MEME coins, but to point out the backwardness of the policy and system that allows MEME coins to boom up. They have made more efficient encryption companies and blockchain token.Any Meme producer can easily create, start, or even automatically list tokens, including tokens that degrade specific politicians and celebrities.But do entrepreneurs want to create some real and lasting things?They are in the supervisory purgatory.
In fact, today’s release of a useless MEME coin is safer than publishing a useful tokens.It can be thought: if our securities market only inspires Gamestop Meme stocks, but refuses companies like Apple, Microsoft and NVIDIA -all these companies have products that people use daily, and we will think that this is a policy failure.However,The current regulations encourage platforms to list MEME coins instead of other more useful tokens.The lack of clear supervision in the encrypted industry means that platforms and entrepreneurs have always worried that the more productive blockchain tokens they are listed or developed may suddenly be regarded as securities.
The difference between these more speculative and productive cases in the encryption industry is called “computer and casino”.A culture (“casino”) views the blockchain as a tokens that are mainly used for trading and gambling.Another culture (“computer”) is more interested in blockchain as a new innovation platform, just like the previous Internet, social and mobile platforms.Over time, the MEME coin community may develop its tokens by increasing more practicality; after all, many of the disruptive innovations we use today look like a toy.”Effectiveness” is important because essentially speaking, tokens are a new digital priority that can provide online property rights.More efficient blockchain -based tokens enable individuals and communities to have (not just use) Internet platforms and services.
This open source, community -operated services can solve many problems facing large technology companies today: they can provide more efficient payment systems.They can verify authenticity evidence to prevent depth from falsification.They can allow more voices to enter a specific social network, or have the ability to withdraw from specific social networks -especially if you don’t like the control policies of these networks or those who drive and retain those networks.They allow users to vote on the platform’s decisions, especially if the lives of these users depend on the platform.They can mark the “human certificate” for AI.Or they can usually be used as decentralized checks and balances of corporate centralized power.
Our legal framework should encourage such innovation.So why are we give priority to memes instead of innovation?The US Securities Law does not authorize the US SEC to make a performance -based judgment on investment.SEC’s duties are not completely ended.On the contrary, the role of the agency is (1) protecting investors; (2) to maintain fair, orderly, and efficient markets; (3) promoting capital formation.In terms of digital asset markets and tokens, the US SEC failed to achieve all three goals.
The main test of the US SEC to determine whether a certain thing is a securities is the HOWEY test in 1946, which involves many factors in the test -including whether there is reasonable profit expectations due to the efforts of other people’s management.Take Bitcoin and Ethereum as an example: Although these two encrypted projects start with one person’s vision, they have evolved into a developer community without any physical control -so potential investors do not have to rely on anyone’s “Management efforts “.These technologies are similar to public infrastructure, not proprietary platforms.
Unfortunately, other entrepreneurs who build innovative projects do not know how to obtain the same regulatory treatment as Bitcoin and Ethereum.Bitcoin (established in 2009) and Ethereum (founded in 2013-2014) are the only two two that to date an important blockchain project that has been explicitly shown by the SEC or implied that it does not involve management work (both were established in more than ten yearsforward).The American SEC lacks frankness and methods -including the application of HowEy testing through law enforcement supervision -it has also led to many chaos and uncertainty in the industry.Although there is sufficient reasons for the HOWEY test, it is essentially subjective.The American SEC has extended the meaning of testing so widely that it can be regarded as securities today.
At the same time, the MEME currency project has no developers, so MEME coin investors will not pretend to rely on anyone’s “management efforts”.therefore,Meme coins were spread, but innovative projects were struggling.In the end, investors face more risks, not less.
The answer is not to reduce supervision, but to strengthen supervision.Specific solutions include adding carefully designed disclosure information to provide more information for ordinary investors.Another solution is to require a long lock -up period to prevent fast -wealth plans and inspire more long -term construction.
Due to the prosperity of the 1920s and the Great Depression after the collapse of the stock market in 1929, regulators have implemented similar protection measures.Once these guidelines are in place, we have seen the unprecedented era of market and economy.Regulators should learn lessons from past errors and create a better future for everyone.
