Oktoobar 15, 2025, Shaqaalaha Waaxda Ganacsiga iyo Suuqyada ee Guddiga Securities iyo Isdhaafsiga ee Maraykanka (SEC) ayaa soo saaray jawaabo ku saabsan Su’aalaha Inta Badan La Is Weydiiyo (FAQs) ee ku saabsan Hawlaha Crypto Asset iyo Tiknoolajiyada Ledger-ka Qaybaysan (Distributed Ledger Technology). FAQ-yadani waxay bixiyaan talooyin ku saabsan ilaalinta crypto asset-ka ay maamusho shuraakada iyo isticmaalka blockchain-ka ee wakiilada wareejinta si loo ilaaliyo Faylasha Mulkiilayaasha Ammaanku. Sidoo kale, Shaqaalaha SEC iyo Xarunta Lataliyaha guud ee hay’adda Xakameynta Warshadaha Maaliyadda (FINRA) ayaa si degdeg ah uga noqday bayaankii wadajirka ahaa ee Likafka 2019 ee ku saabsanaa ilaalinta crypto assets-ka ee shuraakada ganacsiga. Tani oo ay weheliso FAQs-ka cusub ayaa qayb ka ah dadaalka guud ee SEC ee ah inay caddeeyaan habraaca xeerarka ee ku saabsan hawlaha kala duwan ee crypto asset. Oktoobar 19, Guddoomiyaha SEC Paul Atkins ayaa ku sheegay Shirkii SEC Speaks in uu amray shaqaalaha inay bilaabaan diyaargarowga soo bandhigidda heshiisyada xeerarka rasmiga ah ee ku saabsan crypto, iyagoo sii wado inay sameeyaan tilmaamo hore oo shaqaale ah. Bayaankii wadajirka ahaa ee laga noqday wuxuu iftiiminayay caqabadaha iyo khataraha waaweyn ee shuraakada ganacsiga ee ilaalinta securities-ka crypto, gaar ahaan ku aaddan u hogaansanaanta shuruucda federal ee securities. FAQs-yadii cusub ayaa ujeedkoodu yahay in la caddeeyo sida loo dabaqo shuruucdan ee ku saabsan securities-ka crypto. **Su’aalaha Inta Badan La Is Weydiiyo ee Ku Saabsan Hawlaha Crypto Asset iyo Tiknoolajiyada Ledger-ka Qaybaysan** Talooyinkan ayaa loogu talagalay shuraakada ganacsiga iyo wakiilada wareejinta, iyadoo lagu xalinayo arrimaha muhiimka ah sida soo socda: - **Mas’uuliyadda Maaliyadeed ee Shuraakada Ganacsiga:** Qaanuunka 15c3-3(b) ee Khariidadda Suuqyada Securities ee 1934 (Sharciga Ilaalinta Macaamiisha) wuxuu quseeyaa oo kaliya securities, ma aha crypto assets aysan ahayn securities. Shuraakada ganacsiga waxay dhisi karaan xakameyn ku saabsan crypto assets loo fasiray securities, xitaa marka aanay leedahay shahaadooyin, haddii loo hayo goobaha xakameynta shuruudaysan. U hoggaansanaanta Bayaan-Shaqaale Gaaban oo SPBD ah ee 2020 waa ikhtiyaari; waxay bixisaa kaliya meel nabad ah oo ku meel gaar ah iyada oo aan wax laga beddelin Sharciga Ilaalinta Macaamiisha. - Ilaalinta shuraakada ganacsiga iyo shuruudaha kapitalku waxay kuu ogolaanayaan inay fududeeyaan abuurista iyo kasoo noqoshada lacagaha ku xidhan alaabada crypto ee suuqa tooska ah ee ETP-yada.

Xilalka lahaanshaha ee hantida asalka ah waa in lagu daraa xisaabinta kapitaalka saafiga ah. Xilalka ku saabsan bitcoin ama ether waxaa loo arki karaa si fudud suuq loogu sameyn karo si loo dabaqo sharciga 20% ee lafdhabarta ah ee ku jira Qaanuunka Isdhaafsiga (Exchange Act Rule 15c3-1). - Crypto assets-ka ah ee ah heshiisyada maalgashi looma daboolo Sharciga Ilaalinta Maalgashadayaasha Securities-ka sannadka 1970 ilaa aysan ka diiwaangashan番 gudaha Sharciga Securities-ka ee 1933. Sidaas darteed, Ururka Ilaalinta Maalgashadayaasha Securities (SIPC) ma ilaalinayo sheegashooyinka macaamiisha ee crypto assets-ka aan ahayn securities-ka ee ay haystaan shuraakada ganacsiga. - Si loo ilaaliyo crypto assets-ka aan ahayn securities marka shuraako ganacsi uu daciifo, shuraakada ganacsiga waxay geli karaan heshiisyo loo tixgelinayo inay tahay “hantida maaliyadeed” sida ku xusan Qodobka 8 ee Code-ka Ganacsiga Iskudarsan. Intaas waxaa dheer, shuraakada ganacsiga ee ku hawlan ganacsiga crypto assets-ka oo aan ahayn securities waa inay haystaan diiwaanno la mid ah kuwa loo sameeyo securities-ka si loo ilaaliyo danaha maalgashadayaasha loona fududeeyo kormeerka. - **Wakiilada Wareejinta:** Dadka u adeegaya sida wakiilada wareejinta ee shirkadaha soo saaraya securities-ka crypto asset waxa laga yaabaa inay iska diiwaan geliyaan SEC haddii ay qabtaan wax ka mid ah shanta hawlood ee ku qeexan Qaybta 3(a)(25) ee Sharciga Isdhaafsiga, oo ku saabsan securities-ka la diiwaangeliyey ama si wax ku ool ah loo diiwaangeliyey Qaybaha 12 ama laga dhaafay shuruudaha qaarkood. - Wakiilada diiwaangashan ee wareejinta waxay isticmaali karaan tiknoolajiyada ledger-ka qaybaysan si ay u noqoto Faylkooda rasmiga ah ee Mulkiilayaasha Ammaanka, haddii ay si buuxda u raacaan shuruucda securities-ka ee khuseeya. Waxay kaydin karaan xogta macaamilka ee blockchain-ka halka macluumaadka shaqsiga ah lagu kaydiyo off-chain, iyadoo la hubinayo in diiwaannadu yihiin kuwo ammaan ah, sax ah, hadda jira, oo si fudud loo heli karo SEC. Shaqaalaha ayaa ugu dambeyn ku boorriyay qaybaha warshadaha inay la falgalaan, weydiiyaan su’aalo, oo raadsadaan caawimaad ku saabsan codsiga shuruucda shuraakada ganacsiga iyo wakiilada wareejinta ee ku saabsan hawlaha crypto asset iyo tiknoolajiyada ledger-ka qaybsan. **Talaabadii Laga Noqday Bayaankii Wadajirka ahaa** Iyadoo la sii daayey FAQ-yada, Shaqaalaha SEC iyo FINRA waxay si degdeg ah uga noqdeen bayaankii wadajirka ahaa ee 8-da July 2019 ee ku saabsanaa ilaalinta crypto assets-ka ee shuraakada ganacsiga, wax ku ool ahaan isla markiiba. FAQ-yadani waxay qaateen mowqif ka dabacsan ilaalinta crypto asset, si ka duwan bayaankii hore ee shaki geliyay awoodda shuraakada ganacsiga inay u hogaansamaan Sharciga Ilaalinta Macaamiisha iyo shuruucda kale. **Gunaanad** FAQ-yadani waxay bixiyaan caddeyn muhiim ah oo ku saabsan sida shuraakada ganacsiga iyo wakiilada wareejinta ay ula macaamilaan sharci ahaan securities-ka crypto. Dhammaan horumarradan ayaa muujinaya in SEC ay u jeeddo inay ka guurto tallaabooyin kumeel gaar ah oo lagu hago si aan rasmi ahayn una gaar ah, kuna socota dariiqa xeerar dhisme leh, nidaamsan, iyo mid joogto ah oo ku saabsan crypto assets.