美国的证券监管机构美国证券交易委员会提出了《通证安全港提案》（以下简称为“提案”），亦称“拟议的《证券法》第195条细则——通证的限时豁免”。
The proposal is referred to as the “Token Safe Harbour Proposal” or “Proposed Securities Act Rule 195 – Time-Limited Exemption for Tokens.”, proposed by the SEC, the US securities watchdog.
豁免期
Grace Period
提案目标是保护通证购买者，实施披露购买者需求以防止欺诈。与此同时，在依照去中心化网络或功能型网络标准衡量之前，该提案给与网络开发者充足的时间去打造自己的网络。
Safe harbor proposal would seek to protect token purchasers and prevent fraud by imposing disclosure requirements, while providing network entrepreneurs sufficient time to build their networks before having to measure themselves against a decentralization or functionality yardstick.
将给网络开发人员（提案中称为“初始开发团队”）提供为期三年的豁免期。在此期间内，团队只要符合条件即可获得联邦证券法中的注册规定豁免，提高用户的参与度，发展去中心化网络或功能型网络。
This would be accomplished by providing network developers, termed the Initial Development Team with a three-year grace period within which they could facilitate participation in and the development of a functional or decentralized network, exempted from the registration provisions of the federal securities laws, so long as the conditions are met.
五个条件
Five conditions
条件一：旨在达到网络成熟度
Condition 1 – Intention to Reach Network Maturity
初始开发团队必须旨在首次销售通证之日起三年内，让通证在其网络上发挥功能，让网络达到定义中的网络成熟度。
The Initial Development Team must intend for the network on which the token functions to reach network maturity within three years of the date of the first token sale.
网络成熟度是指去中心化网络或功能型网络的状态，当网络处于以下情形之一时，可以达到：
Network Maturity is the status of a decentralized or functional network that is achieved when the network is either:
一、没有任何控制权，也没有合理的可能被任何个人、实体、团体或实体联盟共同控制进行单方面改变或控制；或者
Not controlled and is not reasonably likely to be controlled or unilaterally changed by any single person, entity, or group of persons or entities under common control; or
二、功能型，如持有人有能力使用通证进行价值传输或价值存储，或证明对通证的控制，或使用网络上的运行的应用程序，或者与网络功能一致的其他方式。
Functional, as demonstrated by the ability of holders to use tokens for the transmission and storage of value, to prove control over the tokens, to participate in an application running on the network, or in a manner consistent with the utility of the network.
条件二：披露关键信息
Condition 2 – Disclosure of Key Information
初始开发团队必须在可自由访问的公共网站上提供以下所述信息：
The Initial Development Team must disclose information related to the following on a freely accessible public website and provide updates of material changes:
- 网络参与者访问网络使用的源代码。
Source code used by network participants to access the network. - 在网络中对独立访问、搜索或验证网络交易的交易记录。
Transaction history of how to independently access, search and verify transactions on the network. - 通证经济学，其中包括网络用途、协议及其运作，启动和供应过程；生成和销毁通证的方法；交易验证过程；解释实现协议变更的治理机制；供第三方制造用于验证通证交易历史的工具的信息。
Token economics, to include the purpose of the network, protocol and its operation, as well as the launch and supply process; the method for generating and burning tokens; the process for validating transactions; the governance mechanisms for implementing changes to the protocol; and information to enable third parties to create tools to verify token transaction history. - 显示初始开发团队打算如何以及何时实现网络成熟度的发展计划。
Plan of development showing how and when the Initial Development Team intends to achieve network maturity. - 已经销售的通证，包括销售日期，销售的通证数量，对销售通证的可转让性的限制，筹集的资金及收到的对价类型。
Prior token sales, including date of sale, number of tokens sold, restrictions on transferability, amount raised and type of consideration received. - 初始开发团队及某些通证持有者的姓名、相关经验、资格、拥有通证的数量、通证的权利、任何限制交易的说明、将来获得通证奖励的任何权利。
Initial Development Team and certain token holders, including names, relevant experience and qualifications; number of tokens or rights to tokens owned by each member; description of any transfer restrictions; and any right to be rewarded tokens in the future. - 通证交易的平台。
Trading platforms on which tokens trade. - 初始开发团队销售通证的成员在任一段时间内每卖出他5%的通证时，注明销售日期、所售通证及卖方的身份。
Sales of tokens by the Initial Development Team when a member of the team sells 5 percent of his or her tokens, including date(s) of the sale, number of tokens sold and the identity of the seller.
美国证券交易委员会的反欺诈机构对涉及安全港下通证交易的，确保美国证券交易委员会将起诉通过严重歪曲或遗漏关键信息来欺骗通证购买者的初始开发团队。
SEC’s antifraud authority with respect to token sales under the safe harbor to ensure that the SEC can bring suit against a team that sets out to defraud token purchasers by materially misrepresenting or omitting key information.
条件三：销售目的是发展网络
Condition 3 – Sold for Purpose of Accessing Network
募集和销售通证的目的必须是为了促进网络的访问、参与度或发展。这一条件以及通证的定义，意在阐明安全港并不适用于冒充通证的股票证券或债务。
Token must be offered and sold for the purpose of facilitating access to, participation on, or the development of the network. This condition, along with the definition of token, is meant to clarify that the safe harbor is not appropriate for debt or equity securities masquerading as tokens.
条件四：为用户创造流动性尽合理的努力
Condition 4 – Reasonable Efforts to Create Liquidity
初始开发团队证明其有计划并将会为用户创造流动性付出诚信并合理的努力，并披露任何通证二次交易的交易平台。
The Initial Development Team to attest that it intends to, and will undertake, good faith and reasonable efforts to create liquidity for users. The team would disclose any secondary trading platforms on which the token trades.
条件五：提交公告
Condition 5 – Filing Notice
需在基于安全港进行的第一个通证销售之日起的15日内在EDGAR系统“提交可信赖公告”。该公告包括初始开发团队成员满足安全港所有条件的证明。
Requirement to “file a notice of reliance” on EDGAR within fifteen days of the date of the first token sale in reliance on the safe harbor. The filing would include an attestation by a member of the Initial Development Team that all the conditions of the safe harbor are satisfied.