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Libra白皮书悄悄改了内容:分红机制被删除|Libra_LibraNews_LibraNews网

详情页1

  星球日报

  在Libra项目所面临的99个问题中,似乎分红问题已不再是其中一个,至少今天不是。

Libra白皮书悄悄改了内容:分红机制被删除|Libra_LibraNews_LibraNews网

  本文来自Fintech Policy,原文作者:乔治城大学法学教授Chris Brummer

  Odaily 星球日报译者 | Azuma 

  自6月份首次发布以来,Libra白皮书的内容已出现了一些细微的变化。我(Chris Brummer口吻,下同)花了一些时间就该文档的初始版本与最近版本进行了比较,并发现了其中的一个关键改动。(PDF版本对比可查看此处。)

  一些变化可能如你所料,如Visa、万事达卡等成员已离开了Libra协会,创始成员名单已更新。

  但真正有趣的变化则在于储备资产本身的运作方式。

  Libra白皮书的最初版本是这样写的:“储备资产的利息将用于支付系统成本,确保低交易费用,向为启动生态系统提供资金的投资者(此处指Libra协会成员)支付红利,并支持进一步增长和采用。储备资产的利息分配规则将提前制定,并由Libra协会监督。Libra的用户不会从储备资产中获得回报。”

  但在最新的版本中,这一段变成了:“储备资产的利息将用于支付系统成本,确保低交易费用,并支持进一步增长和采用。储备资产的利息分配规则将提前制定,并由Libra协会监督。Libra的用户不会从储备资产中获得回报。”

  是的,关于分红的内容被删除了

  在最新版本的白皮书描述中,储备资产的利息将不会用于向创始投资者支付红利,这与6月份的初始版本大相径庭。事实上,在Libra网站上,我根本没有看到任何明显提及分红的内容,也没有看到任何提及Libra将向早期投资者提供Libra投资代币(Libra Investment Token)的内容。通常指向该部分信息的“储备资产(Reserve)”标签已全部删除,但如果你知道这些标签后链接的网站地址,仍然可以找到它。

  • Odaily星球日报注:此前披露的细节显示,Libra实际上提供有两种代币产品,分别为面向普通用户的Libra Coin(即通常认知中的稳定币Libra)、面向Libra协会成员的Libra投资代币(Libra Investment Token)。

  改动原因探析

  我可以想象出几种理论来解释这一特殊变化。一种理论是,该项改动是为了将Libra被视为有价证券的风险降至最低。美国证券监管机构一般通过Howey测试来判断哪些金融产品可能构成有价证券。Howey测试认为,如果购买金融产品并非出于利润动机,那么该金融产品就不构成有价证券。在Libra的案例里,删除白皮书中对分红的描述,其实也是在删除参与方明确的利润动机。

  • Odaily星球日报注:Howey测试是美国最高院在1946年的一个判决(SEC v. Howey)中使用的一种判断特定交易是否构成证券发行的标准。根据豪伊测试,如果某项资产是“对某个普通企业的资金投资”,且“预期利润完全来自他人的努力”,那么它就是一种证券。

  然而,尽管这一理论有其合理性,但仍存在局限。最关键的一点是,Libra投资代币通常都会被认为是有价证券,删除这一描述不会产生太大影响。而且无论如何,Libra投资代币可能将不再成为交易的一部分(应指上文提到的关于此内容的标签已删除)。

  与此同时,删除有关分红的描述对Libra Coin的法律地位影响甚微。由于Libra Coin本身价值是稳定的,并不存在增值目的,所以一些人可以坚称(尽管并非毫无争议)Libra Coin从来都不是有价证券。如果这一观点是正确的,那么分红策略的改动将不会产生什么影响。

  无论如何,我认为更好的理论是,取消分红政策实际上解决了初始版本白皮书中的一个更大的问题——持有Libra投资代币的Libra协会成员与持有Libra Coin的普通用户之间存在利益冲突。

  问题-1

  正如前文所提,最初的Libra白皮书实际上涉及两种金融产品:一种是面向Libra协会成员的Libra投资代币,另一种是面向普通用户的Libra Coin。

  Libra Coin是用来稳定地储存价值的,没有人会想要使用一种价格可能暴跌的东西作为支付手段。因此,为了让Libra的潜在用户心安,这些货币将由安全、低风险的资产“支撑”,以确保价格稳定。

  但就在初始版本的白皮书阐述这一愿景的同时,它也提出了一个存在实际问题的融资方案——Libra生态系统的主要决策者将获得红利,而这些红利将至少部分从支持Libra Coin的资产所产生的利息中支付。

  这一模式将促使决策者将高风险性投资纳入Libra的储备篮子,以实现投资回报的最大化。更夸张地说,这一模式还可能引发其他恶性状况,如Libra协会可能会开始利用储备资产加杠杆或贷款,进而为协会会员赚取更高的利润/红利。

  这个核心的结构性问题远远超出了其是否构成证券的法律问题。这涉及到最根本的信任问题。如果存在动机使储备资产具有风险,那么用户对Libra Coin的信任就会降低,因为它们可能会失去价值。没有信任,用户就会减少,参与Libra生态系统的动力也会降低。

  基于这个原因,我认为白皮书的修改实际上是一积极的改动。它似乎消除了一个真正的结构性问题,该问题曾经有可能给Libra Coin的持有者招来严重风险。

  但与此同时,不得不承认,在没有人出面解释改动的情况下于线上不停地修改一款全球性金融产品的营销材料,仍让人感到奇怪和不安。就我听到的一些消息,其中一些改动可能早在9月就悄然发生了。

  不过,我仍然会尽量保持乐观。在Libra项目所面临的99个问题中,似乎分红问题已不再是其中一个,至少今天不是。

责任编辑:唐婧

免责声明:本文转载自互联网,经授权后发布,版权归原作者所有,转载请联系原作者并获许可。文章观点仅代表作者本人,不代表Libra资讯立场。若内容涉及投资建议,仅供参考勿作为投资依据。投资有风险,入市需谨慎。

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