{"id":64904,"date":"2024-03-26T16:00:32","date_gmt":"2024-03-26T07:00:32","guid":{"rendered":"https:\/\/nextmoney.jp\/?p=64904"},"modified":"2024-03-26T16:00:32","modified_gmt":"2024-03-26T07:00:32","slug":"beba%e3%81%a8defi%e6%95%99%e8%82%b2%e5%9f%ba%e9%87%91%e3%81%8csec%e3%81%ab%e5%af%be%e3%81%97%e3%81%a6%e8%a8%b4%e8%a8%9f%e3%82%92%e8%b5%b7%e3%81%93%e3%81%99","status":"publish","type":"post","link":"https:\/\/nextmoney.jp\/?p=64904","title":{"rendered":"Beba\u3068DeFi\u6559\u80b2\u57fa\u91d1\u304cSEC\u306b\u5bfe\u3057\u3066\u8a34\u8a1f\u3092\u8d77\u3053\u3059"},"content":{"rendered":"<h2>Beba\u3068DeFi\u6559\u80b2\u57fa\u91d1\u304cSEC\u306b\u5bfe\u3057\u3066\u30c8\u30fc\u30af\u30f3\u5206\u985e\u3092\u5de1\u308b\u6cd5\u7684\u7570\u8b70\u7533\u3057\u7acb\u3066<\/h2>\n<p><a href=\"https:\/\/bebaapparel.squarespace.com\/\" rel=\"noopener noreferrer\" target=\"_blank\">Beba<\/a>\uff08\u30d3\u30d0\uff09\u3068<a href=\"https:\/\/www.defieducationfund.org\/\" rel=\"noopener noreferrer\" target=\"_blank\">DeFi Education Fund<\/a>\uff08DeFi\u6559\u80b2\u57fa\u91d1\uff09\u306f\u3001BEBA\u30c8\u30fc\u30af\u30f3\u306e\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30b9\u30c6\u30fc\u30bf\u30b9\u3092\u3081\u3050\u308b\u898f\u5236\u4e0a\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306b\u7570\u8b70\u3092\u5531\u3048\u3001<a href=\"https:\/\/www.sec.gov\/\" rel=\"noopener noreferrer\" target=\"_blank\">SEC<\/a>\uff08\u7c73\u56fd\u8a3c\u5238\u53d6\u5f15\u59d4\u54e1\u4f1a\uff09\u3092\u8a34\u3048\u305f\u3053\u3068\u304c\u5206\u304b\u3063\u305f\u3002<\/p>\n<p>DeFi\uff08\u5206\u6563\u578b\u91d1\u878d\uff09\u6559\u80b2\u57fa\u91d1\u3068\u30c6\u30ad\u30b5\u30b9\u306b\u672c\u62e0\u3092\u7f6e\u304f\u30a2\u30d1\u30ec\u30eb\u4f01\u696dBeba\u306f\u3001SEC\u306b\u5bfe\u3057\u3066\u8a34\u8a1f\u3092\u8d77\u3053\u3057\u305f\u3002\u30c6\u30ad\u30b5\u30b9\u5dde\u897f\u90e8\u5730\u533a\u9023\u90a6\u5730\u65b9\u88c1\u5224\u6240\u306b\u63d0\u8d77\u3055\u308c\u305f60\u30da\u30fc\u30b8\u3092\u8d85\u3048\u308b\u3053\u306e<a href=\"https:\/\/www.defieducationfund.org\/_files\/ugd\/84ba66_3f7a8f2ca6614d7381122cb1beeed4a8.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">\u8a34\u72b6<\/a>\u306f\u3001\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u898f\u5236\u306b\u304a\u3044\u3066SEC\u304c\u63a1\u7528\u3057\u305f\u65b9\u6cd5\u3001\u7279\u306b\u7279\u5b9a\u306e\u30c8\u30fc\u30af\u30f3\u3092\u6709\u4fa1\u8a3c\u5238\u3068\u3057\u3066\u5206\u985e\u3059\u308b\u3053\u3068\u306b\u5bfe\u3059\u308b\u898b\u89e3\u306b\u7591\u554f\u3092\u6295\u3052\u304b\u3051\u308b\u5185\u5bb9\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>\u8a34\u8a1f\u306e\u672c\u8cea\u306f\u3001Beba\u304c\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u3067\u914d\u5e03\u3057\u305fBEBA\u30c8\u30fc\u30af\u30f3\u306b\u3042\u308a\u3001Beba\u306e\u30aa\u30f3\u30e9\u30a4\u30f3\u30b9\u30c8\u30a2\u3067\u9650\u5b9a\u8981\u7d20\u3092\u8cfc\u5165\u3059\u308b\u305f\u3081\u306b\u4f7f\u7528\u3067\u304d\u308b\u3053\u308c\u3089\u306e\u30c8\u30fc\u30af\u30f3\u306f\u6709\u4fa1\u8a3c\u5238\u3068\u307f\u306a\u3055\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u3002\u539f\u544a\u3089\u306f\u3001\u30c8\u30fc\u30af\u30f3\u306e\u914d\u5e03\u65b9\u6cd5\u3068\u4f7f\u7528\u6cd5\u304c\u3001\u8cc7\u7523\u304c\u6295\u8cc7\u5951\u7d04\u3067\u3042\u308b\u304b\u3069\u3046\u304b\u3001\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u3092\u78ba\u8a8d\u3059\u308b\u305f\u3081\u306bSEC\u306b\u3088\u3063\u3066\u63a1\u7528\u3055\u308c\u3066\u3044\u308bHowey Test\uff08\u30cf\u30a6\u30a4\u30fc\u30fb\u30c6\u30b9\u30c8\uff09\u3092\u6e80\u305f\u3057\u3066\u3044\u306a\u3044\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>Howey Test \u3067\u306f\u3001\u4ed6\u8005\u306e\u52aa\u529b\u306b\u3088\u3063\u3066\u4e88\u60f3\u3055\u308c\u308b\u5229\u76ca\u3092\u751f\u307f\u51fa\u3059\u5171\u901a\u306e\u4e8b\u696d\u306b\u8cc7\u91d1\u3092\u6295\u5165\u3059\u308b\u3053\u3068\u304c\u6c42\u3081\u3089\u308c\u308b\u3002Beba\u3068DeFi Education Fund\u306f\u3001\u30c8\u30fc\u30af\u30f3\u306f\u7121\u6599\u3067\u914d\u5e03\u3055\u308c\u3066\u304a\u308a\u3001\u4ed6\u4eba\u306e\u6210\u679c\u306b\u57fa\u3065\u3044\u305f\u5229\u76ca\u306e\u671f\u5f85\u304c\u306a\u3044\u305f\u3081\u3001BEBA\u30a8\u30a2\u30c9\u30ed\u30c3\u30d7\u3067\u306f\u3053\u308c\u3089\u306e\u6761\u4ef6\u304c\u6e80\u305f\u3055\u308c\u3066\u3044\u306a\u3044\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002<br \/>\n<\/br><\/p>\n<h3>\u7cbe\u67fb\u3055\u308c\u308bSEC\u306e\u898f\u5236\u30a2\u30d7\u30ed\u30fc\u30c1<\/h3>\n<p>\u3053\u306e\u8a34\u8a1f\u3067\u306f\u3055\u3089\u306b\u3001\u9023\u90a6\u653f\u5e9c\u6a5f\u95a2\u306b\u5bfe\u3057\u3001\u516c\u544a\u3068\u30b3\u30e1\u30f3\u30c8\u304b\u3089\u306a\u308b\u516c\u958b\u30d7\u30ed\u30bb\u30b9\u3092\u901a\u3058\u3066\u898f\u5247\u3092\u7b56\u5b9a\u3059\u308b\u3053\u3068\u3092\u7fa9\u52d9\u4ed8\u3051\u308bAPA\uff08\u884c\u653f\u624b\u7d9a\u6cd5\uff09\u306b\u9055\u53cd\u3057\u305f\u7591\u3044\u3067SEC\u3092\u544a\u767a\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u539f\u544a\u3089\u306f\u3001SEC\u306e\u300c\u57f7\u884c\u306b\u3088\u308b\u898f\u5236\u300d\u6226\u7565\u304c\u4eee\u60f3\u901a\u8ca8\u696d\u754c\u3092\u4e0d\u78ba\u5b9f\u306b\u3057\u3066\u304a\u308a\u3001\u660e\u78ba\u306a\u30ac\u30a4\u30c9\u30e9\u30a4\u30f3\u3084\u56fd\u6c11\u306e\u53c2\u52a0\u3092\u4f55\u3089\u63d0\u4f9b\u3057\u3066\u3044\u306a\u3044\u3068\u4e3b\u5f35\u3002\u8a34\u72b6\u3067\u306f\u3001\u3053\u306e\u6226\u8853\u304c\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3092\u6291\u5236\u3057\u3001\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u3092\u5408\u6cd5\u7684\u306a\u65b9\u6cd5\u3067\u6d3b\u7528\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u4f01\u696d\u306b\u8ca0\u62c5\u3092\u304b\u3051\u3066\u3044\u308b\u3068\u4e3b\u5f35\u3057\u3066\u304a\u308a\u3001Beba\u306e\u5171\u540c\u5275\u8a2d\u8005\u30cd\u30a4\u30b5\u30f3\u30fb\u30d8\u30cb\u30fc\uff08Nathan Hennigh\uff09\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p><strong><em>\u4ed6\u306e\u30d3\u30b8\u30cd\u30b9\u30aa\u30fc\u30ca\u30fc\u3068\u540c\u69d8\u306b\u3001\u79c1\u306f\u3088\u308a\u591a\u304f\u306e\u9867\u5ba2\u306b\u30ea\u30fc\u30c1\u3057\u3001\u5f53\u793e\u88fd\u54c1\u306e\u30b5\u30dd\u30fc\u30c8\u3092\u62e1\u5927\u3059\u308b\u305f\u3081\u306e\u65b0\u3057\u304f\u9769\u65b0\u7684\u306a\u65b9\u6cd5\u3092\u5e38\u306b\u8003\u3048\u3066\u3044\u307e\u3059\u3002\u6b8b\u5ff5\u3067\u306f\u3042\u308a\u307e\u3059\u304c\u3001BEBA\u30c8\u30fc\u30af\u30f3\u306a\u3069\u306e\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u306b\u5bfe\u3059\u308bSEC\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u306e\u305b\u3044\u3067\u3001\u79c1\u305f\u3061\u306f\u5e38\u306b\u4e0d\u78ba\u5b9f\u306a\u72b6\u614b\u3067\u696d\u52d9\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/em><\/strong><\/p><\/blockquote>\n<p>SEC \u306b\u306f\u8a34\u72b6\u306e\u7533\u3057\u7acb\u3066\u306b\u5bfe\u3057\u306660\u65e5\u9593\u306e\u56de\u7b54\u671f\u9650\u304c\u4e0e\u3048\u3089\u308c\u3066\u304a\u308a\u3001\u305d\u306e\u671f\u9593\u3001SEC \u304c\u6b63\u5f0f\u306a\u56de\u7b54\u3092\u6e96\u5099\u3057\u3066\u63d0\u51fa\u3059\u308b\u3053\u3068\u304c\u3067\u308b\u3068\u3044\u3046\u3002<\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Beba\u3068DeFi\u6559\u80b2\u57fa\u91d1\u304cSEC\u306b\u5bfe\u3057\u3066\u30c8\u30fc\u30af\u30f3\u5206\u985e\u3092\u5de1\u308b\u6cd5\u7684\u7570\u8b70\u7533\u3057\u7acb\u3066 Beba\uff08\u30d3\u30d0\uff09\u3068DeFi Education Fund\uff08DeFi\u6559\u80b2\u57fa\u91d1\uff09\u306f\u3001BEBA\u30c8\u30fc\u30af\u30f3\u306e\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30b9\u30c6\u30fc\u30bf\u30b9\u3092\u3081\u3050\u308b\u898f\u5236\u4e0a\u306e\u30a2\u30d7\u30ed&#8230;<\/p>\n","protected":false},"author":2,"featured_media":40670,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[5826,563,579,5827,609],"class_list":{"0":"post-64904","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-60","8":"tag-beba","9":"tag-defi","10":"tag-sec","11":"tag-5827","12":"tag-609"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/nextmoney.jp\/index.php?rest_route=\/wp\/v2\/posts\/64904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nextmoney.jp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nextmoney.jp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nextmoney.jp\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/nextmoney.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64904"}],"version-history":[{"count":1,"href":"https:\/\/nextmoney.jp\/index.php?rest_route=\/wp\/v2\/posts\/64904\/revisions"}],"predecessor-version":[{"id":64905,"href":"https:\/\/nextmoney.jp\/index.php?rest_route=\/wp\/v2\/posts\/64904\/revisions\/64905"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nextmoney.jp\/index.php?rest_route=\/wp\/v2\/media\/40670"}],"wp:attachment":[{"href":"https:\/\/nextmoney.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nextmoney.jp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nextmoney.jp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}