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Menkul k\u0131ymet nedir ve bir dijital varl\u0131k menkul k\u0131ymet olarak kabul edilirse ne olur?<\/strong><\/h4>\n\n\n\nAmerika Birle\u015fik Devletleri\u2019nde menkul k\u0131ymetleri tan\u0131mlayan ve menkul k\u0131ymetlerin tabi oldu\u011fu genel kurallar\u0131 ortaya koyan temel d\u00fczenlemeler, 1933 tarihli Menkul K\u0131ymetler Kanunu (Securities Act of 1933) ile 1934 tarihli Menkul K\u0131ymetler Borsas\u0131 Kanunu\u2019dur (Securities Exchange Act of 1934). Bu kanunlar, menkul k\u0131ymet kavram\u0131n\u0131 olduk\u00e7a geni\u015f bir \u015fekilde tan\u0131mlamakta ve hisse senetleri, tahviller, devredilebilir paylar ve yat\u0131r\u0131m s\u00f6zle\u015fmeleri gibi herhangi bir t\u00fcrde de\u011feri haiz finansal ara\u00e7lar\u0131 kapsamaktad\u0131r. Menkul k\u0131ymetler, Amerika Birle\u015fik Devletleri\u2019nde Securities and Exchange Commission\u2019\u0131n (\u201cSEC\u201d) yetki alan\u0131ndad\u0131r. Dijital varl\u0131klar da d\u00e2hil olmak \u00fczere bir menkul k\u0131ymetin halka arz\u0131 veya sat\u0131\u015f\u0131, ya SEC\u2019e kay\u0131t ettirilmek ya da kay\u0131ttan muafiyet (nitelikli yat\u0131r\u0131mc\u0131lara yap\u0131lan \u00f6zel sat\u0131\u015flar veya kitle fonlamas\u0131 gibi) kapsam\u0131nda de\u011ferlendirilmek zorundad\u0131r. Ayr\u0131ca SEC, yat\u0131r\u0131mc\u0131lar\u0131 piyasa manip\u00fclasyonundan korumak ve bilin\u00e7li yat\u0131r\u0131m kararlar\u0131 almalar\u0131na yard\u0131mc\u0131 olmak amac\u0131yla belirli a\u00e7\u0131klama ve bildirim y\u00fck\u00fcml\u00fcl\u00fcklerinin yerine getirilmesini zorunlu k\u0131lmaktad\u0131r.1 <\/p>\n\n\n\n
Bir dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olarak s\u0131n\u0131fland\u0131r\u0131lmas\u0131, \u00f6zellikle bu varl\u0131klar\u0131n ihra\u00e7\u00e7\u0131lar\u0131 olmak \u00fczere sekt\u00f6r kat\u0131l\u0131mc\u0131lar\u0131 a\u00e7\u0131s\u0131ndan genellikle \u00fcrk\u00fct\u00fcc\u00fc g\u00f6r\u00fclmektedir; zira bu durumda SEC nezdinde kay\u0131t y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fc ile daha geni\u015f kapsaml\u0131 a\u00e7\u0131klama ve bildirim y\u00fck\u00fcml\u00fcl\u00fckleri g\u00fcndeme gelecektir. Bu noktada, SEC\u2019in \u00e7o\u011fu dijital varl\u0131\u011f\u0131 yat\u0131r\u0131m s\u00f6zle\u015fmeleri kapsam\u0131nda menkul k\u0131ymet olarak de\u011ferlendirdi\u011finin alt\u0131n\u0131 \u00e7izmek \u00f6nemlidir; zira s\u00f6z konusu varl\u0131klar\u0131n, a\u015fa\u011f\u0131da daha ayr\u0131nt\u0131l\u0131 \u015fekilde ele alaca\u011f\u0131m\u0131z Howey Testi\u2019nin t\u00fcm unsurlar\u0131n\u0131 kar\u015f\u0131lad\u0131\u011f\u0131 kabul edilmektedir. 2<\/sup> <\/p>\n\n\n\n
Bir dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olup olmad\u0131\u011f\u0131 nas\u0131l belirlenir?<\/strong>
a.Howey Testi<\/strong><\/p>\n\n\n\n1946 y\u0131l\u0131nda Amerika Birle\u015fik Devletleri Y\u00fcksek Mahkemesi, bir finansal arac\u0131n yat\u0131r\u0131m s\u00f6zle\u015fmesi niteli\u011finde olup olmad\u0131\u011f\u0131n\u0131 ve dolay\u0131s\u0131yla SEC\u2019in yetki alan\u0131na girip girmedi\u011fini belirlemek amac\u0131yla \u201cHowey Testi\u201d olarak adland\u0131r\u0131lan bir kriter geli\u015ftirmi\u015ftir. 3<\/sup> Y\u0131llar i\u00e7erisinde bu standart, uluslararas\u0131 alanda da kabul g\u00f6rm\u00fc\u015f, benimsenmi\u015f ve ABD mahkemelerinde yerle\u015fik bir i\u00e7tihat haline gelmi\u015ftir.<\/p>\n\n\n\nABD Y\u00fcksek Mahkemesi\u2019nin Howey davas\u0131 ve bunu izleyen i\u00e7tihatlar, \u201cyat\u0131r\u0131m s\u00f6zle\u015fmesi\u201dnin \u015fu h\u00e2llerde var oldu\u011funa h\u00fckmetmi\u015ftir: Ba\u015fkalar\u0131n\u0131n \u00e7abalar\u0131ndan kaynaklanan k\u00e2r beklentisiyle, m\u00fc\u015fterek bir te\u015febb\u00fcse para yat\u0131r\u0131lmas\u0131.4 <\/sup> Bu nedenle Howey Testi, belirli bir finansal arac\u0131n (dijital varl\u0131klar d\u00e2hil<\/em>) somut olay baz\u0131nda menkul k\u0131ymet olarak de\u011ferlendirilip de\u011ferlendirilemeyece\u011fini tespit etmek i\u00e7in dikkate al\u0131nmas\u0131 gereken d\u00f6rt kriterden olu\u015fan bir turnusol testi sunar. A\u015fa\u011f\u0131da, bu d\u00f6rt kriterin neyi ifade etti\u011fine ili\u015fkin \u00f6zet yer almaktad\u0131r: <\/p>\n\n\n\n1. Paran\u0131n Yat\u0131r\u0131m\u0131<\/strong><\/p>\n\n\n\nHer ne kadar Howey davas\u0131nda bir yat\u0131r\u0131m s\u00f6zle\u015fmesinin varl\u0131\u011f\u0131 i\u00e7in \u201cpara\u201d yat\u0131r\u0131lmas\u0131 aranm\u0131\u015f olsa da, sonraki mahkeme kararlar\u0131 ve SEC bu kavram\u0131 geni\u015f yorumlamakta ve mutlaka nakden \u00f6deme yap\u0131lmas\u0131n\u0131 zorunlu g\u00f6rmemektedir. Fiat para birimleri veya dijital varl\u0131klar d\u00e2hil olmak \u00fczere her t\u00fcrl\u00fc katk\u0131, bu \u015fart\u0131n kar\u015f\u0131lanmas\u0131 i\u00e7in yeterli kabul edilmektedir. <\/p>\n\n\n\n
SEC, bir dijital varl\u0131\u011f\u0131n arz\u0131 ve sat\u0131\u015f\u0131 s\u00f6z konusu oldu\u011funda, bu t\u00fcr bir sat\u0131n alma veya iktisab\u0131n bir de\u011fer kar\u015f\u0131l\u0131\u011f\u0131nda ger\u00e7ekle\u015fmesi sebebiyle, s\u00f6z konusu kriterin her zaman kar\u015f\u0131land\u0131\u011f\u0131n\u0131 vurgulamaktad\u0131r.5<\/sup><\/p>\n\n\n\n2. M\u00fc\u015fterek Bir Te\u015febb\u00fcse Yat\u0131r\u0131m<\/strong><\/p>\n\n\n\n\u201cCommon enterprise\u201d (m\u00fc\u015fterek te\u015febb\u00fcs) kavram\u0131 herhangi bir mevzuatta tan\u0131mlanmad\u0131\u011f\u0131ndan, mahkemeler bu terimi yatay veya dikey ortakl\u0131k (horizontal\/vertical commonality) \u015feklinde farkl\u0131 yorumlarla ele alm\u0131\u015ft\u0131r. Genel hatlar\u0131yla, yatay ortakl\u0131k, yat\u0131r\u0131mc\u0131lar\u0131n paralar\u0131n\u0131 veya varl\u0131klar\u0131n\u0131 bir projeye aktararak, katk\u0131lar\u0131yla orant\u0131l\u0131 \u015fekilde pay almalar\u0131n\u0131 ifade etmektedir. Buna kar\u015f\u0131l\u0131k dikey ortakl\u0131k, yat\u0131r\u0131mc\u0131 ile projenin geli\u015ftiricisi\/te\u015fvik edeni (promoter) aras\u0131ndaki ili\u015fkiye odaklan\u0131r. Yat\u0131r\u0131mc\u0131 ile promoter ortak bir menfaati payla\u015f\u0131yor ve yat\u0131r\u0131mc\u0131n\u0131n ba\u015far\u0131s\u0131, promoter\u2019\u0131n uzmanl\u0131\u011f\u0131na ba\u011fl\u0131 bulunuyorsa dikey ortakl\u0131k var kabul edilir..6<\/sup> <\/p>\n\n\n\nHer ne kadar mahkemeler \u201cm\u00fc\u015fterek te\u015febb\u00fcs\u201d\u00fc yat\u0131r\u0131m s\u00f6zle\u015fmesinin ayr\u0131 ve ba\u011f\u0131ms\u0131z bir unsuru olarak de\u011ferlendirse de, SEC dijital varl\u0131klar bak\u0131m\u0131ndan \u201cm\u00fc\u015fterek te\u015febb\u00fcs\u201d\u00fcn kural olarak zaten mevcut oldu\u011funu kabul etmekte ve bu unsurun varl\u0131\u011f\u0131 i\u00e7in ayr\u0131ca dikey veya yatay ortakl\u0131k \u015fartlar\u0131n\u0131n tek tek sa\u011flanmas\u0131n\u0131 zorunlu g\u00f6rmemektedir. 7<\/sup><\/p>\n\n\n\nSon olarak SEC, DAO Raporu\u2019nda 8 <\/sup> token al\u0131c\u0131lar\u0131n\u0131n m\u00fc\u015fterek bir te\u015febb\u00fcse yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131 ve bu kriteri her h\u00e2l\u00fck\u00e2rda kar\u015f\u0131lad\u0131\u011f\u0131n\u0131 a\u00e7\u0131k\u00e7a beyan etmi\u015ftir.<\/p>\n\n\n\n3. Makul K\u00e2r Beklentisiyle Yap\u0131lan Yat\u0131r\u0131m<\/strong><\/p>\n\n\n\nSEC, \u201cDijital Varl\u0131klar\u0131n \u2018Yat\u0131r\u0131m S\u00f6zle\u015fmesi\u2019 Olarak Analizine \u0130li\u015fkin \u00c7er\u00e7eve\u201dde (\u201c\u00c7er\u00e7eve<\/strong>\u201d) \u201ck\u00e2r\u201d kavram\u0131n\u0131 da geni\u015f yorumlamakta ve bunu; ilk yat\u0131r\u0131m\u0131 takiben projenin geli\u015fiminden kaynaklanan sermaye kazanc\u0131 veya temett\u00fcler yoluyla te\u015febb\u00fcs\u00fcn gelirlerine katk\u0131 sa\u011flanmas\u0131 d\u00e2hil ancak bunlarla s\u0131n\u0131rl\u0131 olmamak \u00fczere her t\u00fcr k\u00e2r\u0131 kapsayacak \u015fekilde ele almaktad\u0131r. \u00d6te yandan, yaln\u0131zca d\u0131\u015f ko\u015fullardan (\u00f6rne\u011fin enflasyondan<\/em>) kaynaklanan fiyat art\u0131\u015flar\u0131n\u0131n Howey Testi bak\u0131m\u0131ndan \u201ck\u00e2r\u201d olarak kabul edilmedi\u011fini belirtmekte fayda vard\u0131r.9<\/sup> <\/p>\n\n\n\n\u00c7er\u00e7eve\u2019de SEC, makul k\u00e2r beklentisinin varl\u0131\u011f\u0131na i\u00e7kin olarak i\u015faret edebilecek \u00e7e\u015fitli \u00f6zellikler de ortaya koymaktad\u0131r. Bu ba\u011flamda, belirli bir dijital varl\u0131k bak\u0131m\u0131ndan a\u015fa\u011f\u0131daki unsurlar\u0131n mevcut olmas\u0131 h\u00e2linde, makul bir k\u00e2r beklentisinin bulundu\u011fu y\u00f6n\u00fcnde de\u011ferlendirme yap\u0131lma ihtimali artacakt\u0131r: <\/p>\n\n\n\n
- Dijital varl\u0131k, yat\u0131r\u0131mc\u0131ya te\u015febb\u00fcs\u00fcn gelirlerine (\u00f6rne\u011fin temett\u00fc<\/em>) katk\u0131 sa\u011flama veya ikincil piyasada sat\u0131\u015f\u0131 sonucunda sermaye kazanc\u0131 elde etme suretiyle (halen veya gelecekte<\/em>) gelir elde etme hakk\u0131 tan\u0131yorsa;<\/li>
- Dijital varl\u0131k, a\u011f\u0131n i\u015flevselli\u011finden fayda sa\u011flayacak mal\/hizmet kullan\u0131c\u0131lar\u0131n\u0131 hedeflemek yerine, kamuya a\u00e7\u0131k \u015fekilde t\u00fcm potansiyel al\u0131c\u0131lara sunuluyorsa;<\/li>
- Projenin geli\u015ftiricisi (ya da promoter\u2019\u0131), i\u015fleyen bir a\u011f kurmak ve s\u00fcrd\u00fcrmek i\u00e7in ihtiya\u00e7 duyulan tutar\u0131n \u00fczerinde fon toplam\u0131\u015fsa;<\/li>
- Dijital varl\u0131k, mevcut a\u011fa ili\u015fkin h\u00e2lihaz\u0131rda sunulan mal veya hizmetlerin tesliminden ziyade, bir i\u015f veya operasyon kurulaca\u011f\u0131 vaadiyle (a\u00e7\u0131k ya da z\u0131mni \u015fekilde<\/em>) pazarlan\u0131yorsa.<\/li>
- Dijital varl\u0131k, te\u015febb\u00fcs\u00fcn mevcut de\u011fil<\/em> gelecekteki i\u015flevselli\u011fine dayanarak, bir geli\u015ftirici\/promoter veya \u00fc\u00e7\u00fcnc\u00fc bir ki\u015finin uzmanl\u0131\u011f\u0131ndan yararlanmak suretiyle pazarlan\u0131yorsa;<\/li><\/ul>\n\n\n\n
L\u00fctfen yukar\u0131daki a\u00e7\u0131klamalar\u0131n, SEC taraf\u0131ndan ortaya konulan listenin yaln\u0131zca bir \u00f6zeti niteli\u011finde oldu\u011funu dikkate al\u0131n\u0131z. \u00d6zelliklerin tam listesine buradan ula\u015fabilirsiniz<\/a>.<\/p>\n\n\n\n4. Ba\u015fkalar\u0131n\u0131n \u00c7abalar\u0131na Dayanma<\/strong><\/p>\n\n\n\nBu kriter esas itibar\u0131yla, te\u015febb\u00fcs \u00fczerinde herhangi bir kontrol\u00fc bulunmayan ve te\u015febb\u00fcs\u00fcn ba\u015far\u0131ya ula\u015fmas\u0131 i\u00e7in yaln\u0131zca te\u015fvik edici ki\u015fi veya sponsorlar\u0131n \u00e7abalar\u0131na g\u00fcvenen pasif yat\u0131r\u0131mc\u0131lar\u0131 korumay\u0131 ama\u00e7lar.\u00b9\u2070 <\/sup> Promoter, sponsor veya di\u011fer herhangi bir \u00fc\u00e7\u00fcnc\u00fc ki\u015fi (hep birlikte \u201cAktif Kat\u0131l\u0131mc\u0131lar<\/strong>\u201d) te\u015febb\u00fcs\u00fcn ama\u00e7lanan amac\u0131na veya i\u015flevselli\u011fine ula\u015fmas\u0131 ya da bunu korumas\u0131 i\u00e7in a\u011f\u0131n geli\u015ftirilmesi, i\u015fletilmesi veya tan\u0131t\u0131m\u0131ndan esasen sorumlu ise, bu kriter kar\u015f\u0131lanm\u0131\u015f say\u0131l\u0131r. Bu gibi h\u00e2llerde, ba\u011flant\u0131s\u0131z bir kullan\u0131c\u0131 toplulu\u011fu (\u00f6rne\u011fin merkeziyetsiz bir a\u011f<\/em>) yerine, Aktif Kat\u0131l\u0131mc\u0131lar; a\u011f\u0131 olu\u015fturma, kontrol etme (\u00f6rne\u011fin, \u2026) gibi<\/em> temel y\u00f6netimsel g\u00f6revleri ifa eder veya etmeleri beklenir. (\u00f6rne\u011fin arz\u0131 s\u0131n\u0131rlama yoluyla<\/em>) ve dijital varl\u0131k i\u00e7in bir piyasa destekleme g\u00f6revlerini yerine getirir veya getirmeleri beklenir. Buna kar\u015f\u0131l\u0131k, Aktif Kat\u0131l\u0131mc\u0131lar projede hayati bir rol oynamaks\u0131z\u0131n yaln\u0131zca tali veya rutin nitelikte g\u00f6revler \u00fcstleniyor ya da proje yeterli \u00f6l\u00e7\u00fcde merkeziyetsizle\u015fmi\u015f ise, bu kriterin kar\u015f\u0131land\u0131\u011f\u0131 kabul edilmeyecektir.11<\/sup> <\/p>\n\n\n\nSEC ayr\u0131ca, Aktif Kat\u0131l\u0131mc\u0131lar\u0131n \u00e7abalar\u0131na g\u00fcvenilmesi olas\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendiren h\u00e2llere ili\u015fkin tahdidi olmayan (\u00f6rnek niteli\u011finde) bir liste de sunmu\u015ftur; bu listeye buradan eri\u015filebilmektedir. here<\/a>.<\/p>\n\n\n\nb. \u00c7er\u00e7eve\u2019de Ortaya Konulan Di\u011fer De\u011ferlendirmeler<\/strong><\/p>\n\n\n\nHowey Testi ile birlikte, hem federal mahkemeler hem de SEC, belirli bir dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olup olmad\u0131\u011f\u0131n\u0131 belirlerken yat\u0131r\u0131m\u0131n ekonomik ger\u00e7ekli\u011fini de dikkate almaktad\u0131r. Bu ba\u011flamda SEC, Howey Testi\u2019nin \u015fartlar\u0131n\u0131n sa\u011flanmas\u0131 riskini azaltabilecek nitelikteki \u00f6zelliklere ili\u015fkin \u00f6rnek niteli\u011finde bir ba\u015fka liste de sunmu\u015ftur.\u00b9\u00b2<\/sup> SEC\u2019in yakla\u015f\u0131m\u0131, belirli bir kullan\u0131m alan\u0131na sahip ve de\u011fer art\u0131\u015f\u0131 beklentisi s\u0131n\u0131rl\u0131 olan dijital varl\u0131klar bak\u0131m\u0131ndan Howey Testi\u2019nden ka\u00e7\u0131nman\u0131n m\u00fcmk\u00fcn olabilece\u011fini ortaya koymaktad\u0131r.\u00b9\u00b3<\/sup> \u00d6zetle, a\u015fa\u011f\u0131daki \u00f6zelliklerin mevcut olmas\u0131 h\u00e2linde, ilgili dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olarak de\u011ferlendirilme ihtimali daha d\u00fc\u015f\u00fck olacakt\u0131r: <\/p>\n\n\n\n- Da\u011f\u0131t\u0131k defter a\u011f\u0131 ve dijital varl\u0131klar tamamen geli\u015ftirilmi\u015f ve faal durumdad\u0131r;<\/li>
- Yat\u0131r\u0131mc\u0131lar (sahipler<\/em>), dijital varl\u0131klar\u0131 her zaman a\u011f \u00fczerindeki ama\u00e7lanan i\u015flevleri do\u011frultusunda kullanabilmektedir;<\/li>
- Dijital varl\u0131k, de\u011ferinin spek\u00fclasyon yoluyla art\u0131r\u0131lmas\u0131n\u0131 hedeflemek yerine, kullan\u0131c\u0131lar\u0131n ihtiya\u00e7 duydu\u011fu \u00f6l\u00e7\u00fcde olu\u015fturulmakta ve bu ihtiya\u00e7lar\u0131 kar\u015f\u0131layacak \u015fekilde yap\u0131land\u0131r\u0131lmaktad\u0131r.<\/li>
- Dijital varl\u0131\u011f\u0131n de\u011ferindeki art\u0131\u015f s\u0131n\u0131rl\u0131d\u0131r; bu nedenle sahipleri, s\u00f6z konusu varl\u0131\u011f\u0131 bir \u201cyat\u0131r\u0131m\u201d olarak de\u011ferlendirmemektedir. Dijital varl\u0131\u011f\u0131n de\u011fer kazanmas\u0131ndan kaynaklanan her t\u00fcrl\u00fc ekonomik fayda ise tali niteliktedir. <\/li>
- Aktif Kat\u0131l\u0131mc\u0131lar\u0131n ikincil piyasay\u0131 te\u015fvik etti\u011fi durumlarda, devirler yaln\u0131zca platformun kullan\u0131c\u0131lar\u0131 taraf\u0131ndan ve kullan\u0131c\u0131lar aras\u0131nda ger\u00e7ekle\u015ftirilebilmektedir (bu durum, \u00e7o\u011fu zaman oyun tokenlar\u0131 ve sadakat puanlar\u0131 bak\u0131m\u0131ndan da ge\u00e7erlidir<\/em>).<\/li>
- Dijital varl\u0131k sanal para birimi niteli\u011findeyse, \u00e7ok \u00e7e\u015fitli ba\u011flamlarda her zaman itibari para biriminin yerine ikame olarak kullan\u0131labilmektedir. <\/li>
- Dijital varl\u0131k bir mal veya hizmet \u00fczerinde haklar\u0131 temsil ediyorsa, dijital varl\u0131\u011f\u0131n de\u011feri ile dayanak mal veya hizmetlerin piyasa fiyat\u0131 aras\u0131nda bir korelasyon bulunmal\u0131d\u0131r.<\/li><\/ul>\n\n\n\n
c. Hinman\u2019\u0131n Konu\u015fmas\u0131ndan Di\u011fer \u00c7\u0131kar\u0131mlar <\/strong><\/p>\n\n\n\nHinman, 2018 tarihli konu\u015fmas\u0131nda, dijital varl\u0131klar\u0131n nitelikleri (yani menkul k\u0131ymet olup olmad\u0131klar\u0131 14<\/sup><\/em>) dikkate al\u0131narak nas\u0131l ele al\u0131nmalar\u0131 gerekti\u011fine ili\u015fkin \u00e7e\u015fitli de\u011ferlendirmeler sunmu\u015ftur. Konu\u015fmas\u0131ndan \u00e7\u0131kar\u0131labilecek baz\u0131 temel noktalar \u00f6zetle \u015fu \u015fekilde s\u0131ralanabilir: <\/p>\n\n\n\n- Bir dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olup olmad\u0131\u011f\u0131n\u0131n de\u011ferlendirilmesi, dikkatli ve olgulara duyarl\u0131 bir hukuki analiz gerektirir.<\/li>
- Bir dijital varl\u0131\u011fa \u201csanal para birimi\u201d, \u201ckripto para\u201d, \u201ccoin\u201d, \u201ctoken\u201d ad\u0131n\u0131 vermek veya i\u015flemi \u201cilk coin arz\u0131 (ICO)\u201d olarak nitelendirmek, s\u00f6z konusu dijital varl\u0131\u011f\u0131n menkul k\u0131ymet niteli\u011fini ve federal menkul k\u0131ymetler hukukunun uygulanabilirli\u011fini etkilemez. \u00d6nemli olan, \u015fekil de\u011fil, i\u015flemin \u00f6z\u00fc ve ekonomik ger\u00e7ekli\u011fidir. Bu nedenle, bir dijital varl\u0131\u011f\u0131n nas\u0131l arz edildi\u011finin veya sat\u0131ld\u0131\u011f\u0131n\u0131n ayr\u0131nt\u0131l\u0131 \u015fekilde incelenmesi gerekir.\u00b9\u2075<\/sup> Eski SEC Ba\u015fkan\u0131 Jay Clayton\u2019\u0131n da bir konu\u015fmas\u0131nda bu konuya de\u011finmi\u015f oldu\u011funu belirtmek gerekir.\u00b9\u2076<\/sup> <\/li>
- Belirli bir dijital varl\u0131\u011f\u0131n, arz\u0131 veya sat\u0131\u015f\u0131 an\u0131nda Howey Testi\u2019nin \u015fartlar\u0131n\u0131 kar\u015f\u0131lay\u0131p kar\u015f\u0131lamad\u0131\u011f\u0131, somut olay\u0131n \u00f6zelliklerine ve ko\u015fullar\u0131na ba\u011fl\u0131d\u0131r. \u00d6rne\u011fin, daha \u00f6nce menkul k\u0131ymet olarak sat\u0131lm\u0131\u015f bir dijital varl\u0131k, sonradan yeterli \u00f6l\u00e7\u00fcde merkeziyetsiz h\u00e2le gelebilir. B\u00f6yle bir durumda Aktif Kat\u0131l\u0131mc\u0131lar\u0131n \u00e7abalar\u0131 art\u0131k te\u015febb\u00fcs\u00fcn ba\u015far\u0131s\u0131n\u0131 etkilemez ve al\u0131c\u0131lar da te\u015febb\u00fcs\u00fcn temel y\u00f6netim i\u015flevlerini yerine getirmesi i\u00e7in makul olarak bir Aktif Kat\u0131l\u0131mc\u0131ya g\u00fcvenmezler. Bu \u00e7er\u00e7evede, her bir dijital varl\u0131k, daha sonraki arz veya sat\u0131\u015f zamanlar\u0131nda yeniden de\u011ferlendirilmelidir. <\/li><\/ul>\n\n\n\n
Piyasadaki G\u00fcncel Durum Nedir?<\/strong><\/h3>\n\n\n\n\u00d6nceki b\u00f6l\u00fcmlerde de belirtildi\u011fi \u00fczere, SEC mevcut dijital varl\u0131klar\u0131n \u00e7o\u011funu menkul k\u0131ymet olarak de\u011ferlendirmekte; dolay\u0131s\u0131yla bu varl\u0131klar\u0131n ya SEC nezdinde kayda al\u0131nmas\u0131 ya da kay\u0131t y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnden muafiyet kapsam\u0131nda de\u011ferlendirilmesi gerekmektedir. \u00d6te yandan, SEC\u2019in \u00fcst d\u00fczey baz\u0131 yetkilileri, Bitcoin ve Ether\u2019in otorite nezdinde menkul k\u0131ymet olarak kabul edilmedi\u011fini teyit etmi\u015ftir.\u00b9\u2077 <\/sup>Bunun nedeni, her iki varl\u0131\u011f\u0131n da yeterli \u00f6l\u00e7\u00fcde merkeziyetsiz olmas\u0131 ve te\u015febb\u00fcs a\u00e7\u0131s\u0131ndan belirleyici nitelikte \u00e7aba sarf eden merkezi bir \u00fc\u00e7\u00fcnc\u00fc ki\u015finin bulunmamas\u0131d\u0131r. Di\u011fer dijital varl\u0131klar bak\u0131m\u0131ndan ise SEC, belirli bir kripto varl\u0131\u011f\u0131n \u201cmenkul k\u0131ymet\u201d say\u0131l\u0131p say\u0131lmayaca\u011f\u0131na ili\u015fkin de\u011ferlendirmeyi piyasa kat\u0131l\u0131mc\u0131lar\u0131na b\u0131rakmaktad\u0131r.\u00b9\u2078<\/sup> <\/p>\n\n\n\nReferans olmas\u0131 a\u00e7\u0131s\u0131ndan, h\u00e2lihaz\u0131rda en \u00e7ok tart\u0131\u015f\u0131lan dijital varl\u0131klar\u0131n mevcut durumuna k\u0131saca a\u015fa\u011f\u0131da de\u011finmek isteriz:<\/p>\n\n\n\n
a. Bitcoin<\/strong><\/p>\n\n\n\nBitcoin\u2019in konumu olduk\u00e7a a\u00e7\u0131kt\u0131r. Yat\u0131r\u0131mc\u0131lar kendi ad ve hesaplar\u0131na hareket etmekte, ancak fonlar\u0131n\u0131 bir havuzda birle\u015ftirmemektedir; bu nedenle \u201cpara yat\u0131r\u0131m\u0131\u201d kriteri kar\u015f\u0131lanmamaktad\u0131r. Benzer \u015fekilde, bir yat\u0131r\u0131mc\u0131n\u0131n ba\u015far\u0131s\u0131, ba\u015fkalar\u0131n\u0131n \u00e7abalar\u0131na de\u011fil, Bitcoin\u2019in piyasa fiyat\u0131na ba\u011fl\u0131d\u0131r. Bu itibarla, Bitcoin\u2019in Howey Testi\u2019nin \u015fartlar\u0131n\u0131 kar\u015f\u0131lamad\u0131\u011f\u0131 ve menkul k\u0131ymet olarak de\u011ferlendirilemeyece\u011fi hususu, sekt\u00f6r payda\u015flar\u0131 taraf\u0131ndan oybirli\u011fiyle kabul edilmektedir. 19<\/sup><\/p>\n\n\n\nb. Ethereum <\/strong><\/p>\n\n\n\nEther\u2019in s\u0131n\u0131fland\u0131r\u0131lmas\u0131, \u00f6zellikle Ethereum 2.0\u2019\u0131n devreye al\u0131nmas\u0131n\u0131n ard\u0131ndan olduk\u00e7a tart\u0131\u015fmal\u0131 bir konu olarak varl\u0131\u011f\u0131n\u0131 s\u00fcrd\u00fcrmektedir.\u00b2\u2070<\/sup> \u0130lk ihra\u00e7 edildi\u011fi d\u00f6nemde Ether, Howey Testi\u2019nin d\u00f6rt kriterinin tamam\u0131n\u0131 kar\u015f\u0131layabilmekteydi. Zaman i\u00e7erisinde ise ortak bir te\u015febb\u00fcs taraf\u0131ndan sat\u0131lmak yerine, t\u0131pk\u0131 Bitcoin\u2019de oldu\u011fu gibi madencilik yoluyla edinilen bir varl\u0131k h\u00e2line gelmi\u015ftir. Bu de\u011fi\u015fim dikkate al\u0131nd\u0131\u011f\u0131nda Hinman, 2018 tarihli konu\u015fmas\u0131nda, merkeziyetsiz yap\u0131 sebebiyle Ether\u2019in g\u00fcncel arz ve sat\u0131\u015flar\u0131n\u0131n menkul k\u0131ymet i\u015flemi olarak nitelendirilemeyece\u011fini vurgulam\u0131\u015ft\u0131r.\u00b2\u00b9<\/sup> Bununla birlikte, 2020 y\u0131l\u0131n\u0131n sonunda Ethereum 2.0\u2019\u0131n devreye al\u0131nmas\u0131yla birlikte madencilik sistemi staking modeline d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015f ve bu durum merkeziyetsizli\u011fi zay\u0131flatm\u0131\u015ft\u0131r. Buna ra\u011fmen, Emtia Vadeli \u0130\u015flemler Komisyonu\u2019nun (Commodity Futures Trading Commission) bir komiseri, ETH\u2019nin h\u00e2len menkul k\u0131ymet niteli\u011fi ta\u015f\u0131mayan bir emtia oldu\u011funu a\u00e7\u0131klam\u0131\u015ft\u0131r.\u00b2\u00b2 <\/sup> Her ne kadar mevcut durum bu \u015fekilde olsa da, nihai bir sonuca ula\u015f\u0131lmadan \u00f6nce h\u00e2len tart\u0131\u015fmaya a\u00e7\u0131k pek \u00e7ok husus bulundu\u011fu kanaatindeyiz. <\/p>\n\n\n\nSon olarak, ERC-20, Ethereum blokzinciri \u00fczerinde \u00e7al\u0131\u015fabilen ve menkul k\u0131ymet tokenlar\u0131 aras\u0131nda de\u011ferlendirildi\u011fi i\u00e7in SEC\u2019in yetki alan\u0131na giren, s\u0131k\u00e7a kullan\u0131lan token t\u00fcrlerinden biridir.\u00b2\u00b3<\/sup> Bu nedenle, \u015firketler s\u00fcrece devam etmeden \u00f6nce do\u011fru token t\u00fcr\u00fcn\u00fc se\u00e7me konusunda dikkatli olmal\u0131d\u0131r.<\/p>\n\n\n\nc. XRP<\/strong><\/p>\n\n\n\n2020 y\u0131l\u0131n\u0131n son g\u00fcnlerinde SEC, XRP\u2019nin emtia de\u011fil menkul k\u0131ymet olarak kabul edilmesine ra\u011fmen \u015firketin kay\u0131t ve a\u00e7\u0131klama y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirmedi\u011fini ileri s\u00fcrerek Ripple Labs, Inc. aleyhine dava a\u00e7m\u0131\u015ft\u0131r.<\/p>\n\n\n\n
Bitcoin ve Ethereum madencilik s\u00fcreciyle kademeli olarak yarat\u0131l\u0131rken, Ripple do\u011frudan kendi lehine 100 milyar adet XRP \u00fcretmi\u015f ve bunlar\u0131 takvimlendirilmi\u015f tahsisler kapsam\u0131nda sat\u0131\u015fa sunmaya ba\u015flam\u0131\u015ft\u0131r. Bu nedenle SEC m\u00fcdahale etmi\u015f ve akabinde dava a\u00e7m\u0131\u015ft\u0131r.\u00b2\u2074<\/sup> <\/p>\n\n\n\nDava h\u00e2len derdesttir; ancak mahkemenin Bitcoin, Ethereum ve XRP aras\u0131ndaki fark\u0131 incelemesi ve mahkemelerin bu konuda nas\u0131l bir tutum benimseyece\u011fine ili\u015fkin i\u00e7g\u00f6r\u00fc sa\u011flamas\u0131 beklenmektedir. Verilecek karar\u0131n, Amerika Birle\u015fik Devletleri\u2019ndeki ve dolay\u0131s\u0131yla d\u00fcnyan\u0131n geri kalan\u0131ndaki t\u00fcm dijital varl\u0131klar\u0131n gelece\u011fini etkileyece\u011fi ku\u015fkusuzdur. <\/p>\n\n\n\n
d. Coinbase\u2019e Kar\u015f\u0131 A\u00e7\u0131lan Son Toplu Dava <\/strong><\/p>\n\n\n\nGe\u00e7ti\u011fimiz ay, Nasdaq\u2019ta i\u015flem g\u00f6ren bir kripto para borsas\u0131 platformu olan Coinbase\u2019e kar\u015f\u0131, platformun m\u00fc\u015fterilerin menkul k\u0131ymet olarak kabul edilen 79 farkl\u0131 kripto paray\u0131 (XRP, DOGE, SHIB d\u00e2hil<\/em>) bu niteli\u011fi a\u00e7\u0131klamaks\u0131z\u0131n al\u0131p satmalar\u0131na imk\u00e2n tan\u0131d\u0131\u011f\u0131 iddias\u0131yla bir toplu dava a\u00e7\u0131lm\u0131\u015ft\u0131r. Dava konusu dijital varl\u0131klar\u0131n hi\u00e7biri, Coinbase gibi, SEC nezdinde kayda al\u0131nm\u0131\u015f de\u011fildir. Toplam talep tutar\u0131 5.000.000 ABD Dolar\u0131n\u0131 a\u015fmakta olup davac\u0131lar; s\u00f6z konusu tokenlar i\u00e7in \u00f6denen bedeller, i\u015flem \u00fccretleri ve bunlara ili\u015fkin t\u00fcm zararlar\u0131n, ilgili masraf ve faizlerle birlikte tazminini talep etmektedir. <\/p>\n\n\n\nSonu\u00e7<\/strong><\/p>\n\n\n\nFederal menkul k\u0131ymetler mevzuat\u0131n\u0131n, menkul k\u0131ymet olarak kabul edilen varl\u0131klar bak\u0131m\u0131ndan \u00e7e\u015fitli y\u00fck\u00fcml\u00fcl\u00fckler \u00f6ng\u00f6rmesi nedeniyle, bir dijital varl\u0131\u011f\u0131n en ba\u015f\u0131ndan do\u011fru \u015fekilde s\u0131n\u0131fland\u0131r\u0131lmas\u0131, projenin gelece\u011fi ve ba\u015far\u0131s\u0131 a\u00e7\u0131s\u0131ndan hayati \u00f6nem ta\u015f\u0131maktad\u0131r. Bunun, \u00f6zellikle proje hen\u00fcz sa\u011fl\u0131kl\u0131 bir \u015fekilde yap\u0131land\u0131r\u0131lmadan \u00f6nce, start-up\u2019lar i\u00e7in son derece zorlay\u0131c\u0131 olabilece\u011finin fark\u0131nday\u0131z; ancak itibarl\u0131 Howey Testi gibi turnusol niteli\u011findeki testlerden ve SEC yetkililerinin ilave de\u011ferlendirmelerinden faydalanman\u0131z m\u00fcmk\u00fcnd\u00fcr. Bu a\u015faman\u0131n gerekli \u00f6zen g\u00f6sterilmeksizin atlanmas\u0131 h\u00e2linde, te\u015fvik edici ki\u015filer (promoter\u2019lar), proje ve borsa platformlar\u0131 bak\u0131m\u0131ndan do\u011facak zararlar son derece b\u00fcy\u00fck ve telafisi imk\u00e2ns\u0131z boyutlara ula\u015fabilir.
<\/p>\n\n\n\n
\n\n\n\n- https:\/\/www.sec.gov\/files\/dlt-framework.pdf (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/li>
- https:\/\/www.sec.gov\/news\/public-statement\/gensler-aspen-security-forum-2021-08-03<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- Amerika Birle\u015fik Devletleri Y\u00fcksek Mahkemesi, SEC v. W.J. Howey Co., 328 U.S. 293 (1946). K\u0131saca, Howey portakal bah\u00e7elerinin bulundu\u011fu bir araziye sahipti ve bu arazinin b\u00f6l\u00fcmlerini farkl\u0131 al\u0131c\u0131lara satarak, ard\u0131ndan bu b\u00f6l\u00fcmleri geri kiralay\u0131p \u00fczerinde tar\u0131m yapmak ve elde edilen k\u00e2r\u0131 al\u0131c\u0131larla payla\u015fmak suretiyle bir finansal model olu\u015fturdu. Mahkeme, bu finansal modelin federal menkul k\u0131ymetler mevzuat\u0131 uyar\u0131nca bir yat\u0131r\u0131m s\u00f6zle\u015fmesi te\u015fkil etti\u011fine ve dolay\u0131s\u0131yla SEC\u2019in denetimine tabi oldu\u011funa h\u00fckmetmi\u015ftir. <\/li>
- https:\/\/www.sec.gov\/files\/dlt-framework.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/files\/dlt-framework.pdf<\/a>; https:\/\/www.sec.gov\/litigation\/investreport\/34-81207.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.jdsupra.com\/legalnews\/cryptocurrencies-and-the-securities-and-6989064\/<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/files\/dlt-framework.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: The DAO, https:\/\/www.sec.gov\/litigation\/investreport\/34-81207.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/files\/dlt-framework.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/files\/dlt-framework.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/files\/dlt-framework.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.mondaq.com\/unitedstates\/fin-tech\/1129220\/is-crypto-a-currency-or-security-litigation-involving-the-sec-may-provide-guidance<\/a> (Last Access Date: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418<\/a> (Son Eri\u015fim Tarihi<\/em>: 04\/04\/2022).<\/li>
- https:\/\/www.sec.gov\/files\/dlt-framework.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/news\/public-statement\/statement-clayton-2017-12-11<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.winston.com\/en\/crypto-law-corner\/when-is-a-crypto-asset-a-security-and-why-does-that-matter-part-i.html<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418<\/a>; https:\/\/www.jdsupra.com\/legalnews\/cryptocurrencies-and-the-securities-and-6989064\/<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022).<\/em><\/li>
- https:\/\/www.jdsupra.com\/legalnews\/cryptocurrencies-and-the-securities-and-6989064\/<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022)<\/em>.<\/li>
- https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022)<\/em>.<\/li>
- https:\/\/www.fxstreet.com\/cryptocurrencies\/news\/cftc-commissioner-clarifies-ethereum-is-non-security-commodity-ending-sec-ambiguity-202108160433<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022)<\/em>.<\/li>
- https:\/\/www.sec.gov\/litigation\/admin\/2019\/33-10714.pdf<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022)<\/em>.<\/li>
- https:\/\/news.bitcoin.com\/coinbase-sued-for-allegedly-selling-79-unregistered-crypto-securities-xrp-dogecoin-shiba-inu\/<\/a>;https:\/\/www.mondaq.com\/unitedstates\/fin-tech\/1129220\/is-crypto-a-currency-or-security-litigation-involving-the-sec-may-provide-guidance<\/a> (Son Eri\u015fim Tarihi: 04\/04\/2022)<\/em>.<\/li><\/ol>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Blokzincir teknolojilerinin h\u0131zla geli\u015fmesi, beraberinde \u00e7ok say\u0131da kullan\u0131m alan\u0131 getirmi\u015f ve bunun sonucunda kamu otoritelerinin denetimini zorunlu k\u0131lm\u0131\u015ft\u0131r. Her ne kadar Amerika Birle\u015fik Devletleri de d\u00e2hil olmak \u00fczere \u00e7o\u011fu \u00fclke blokzincir ve dijital varl\u0131klara ili\u015fkin kapsaml\u0131 bir mevzuat hen\u00fcz y\u00fcr\u00fcrl\u00fc\u011fe koymam\u0131\u015f olsa da, blokzincir ile ba\u011flant\u0131l\u0131 faaliyetlerin me\u015fruiyetinin belirlenmesinde genel hukuk kurallar\u0131 uygulanmaya devam etmektedir. […]<\/p>\n","protected":false},"author":1,"featured_media":7234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137],"tags":[131,199,200,143,144],"ppma_author":[125],"class_list":["post-7233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blok-zinciri","tag-blok-zinciri","tag-dijital-varliklar","tag-howey-test-tr","tag-kripto-para","tag-yatirim"],"authors":[{"term_id":125,"user_id":1,"is_guest":0,"slug":"virconlegal","display_name":"virconlegal","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/4f3ec5d54b8792b25790cf55d797a6dce67ee1dc5500de97bf1aa1af483fb68a?s=96&d=mm&r=g","author_category":"","first_name":"","last_name":"","user_url":"http:\/\/virconlegal.com\/blog","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=7233"}],"version-history":[{"count":5,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7233\/revisions"}],"predecessor-version":[{"id":7242,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7233\/revisions\/7242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media\/7234"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/tags?post=7233"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/ppma_author?post=7233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
1946 y\u0131l\u0131nda Amerika Birle\u015fik Devletleri Y\u00fcksek Mahkemesi, bir finansal arac\u0131n yat\u0131r\u0131m s\u00f6zle\u015fmesi niteli\u011finde olup olmad\u0131\u011f\u0131n\u0131 ve dolay\u0131s\u0131yla SEC\u2019in yetki alan\u0131na girip girmedi\u011fini belirlemek amac\u0131yla \u201cHowey Testi\u201d olarak adland\u0131r\u0131lan bir kriter geli\u015ftirmi\u015ftir. 3<\/sup> Y\u0131llar i\u00e7erisinde bu standart, uluslararas\u0131 alanda da kabul g\u00f6rm\u00fc\u015f, benimsenmi\u015f ve ABD mahkemelerinde yerle\u015fik bir i\u00e7tihat haline gelmi\u015ftir.<\/p>\n\n\n\n ABD Y\u00fcksek Mahkemesi\u2019nin Howey davas\u0131 ve bunu izleyen i\u00e7tihatlar, \u201cyat\u0131r\u0131m s\u00f6zle\u015fmesi\u201dnin \u015fu h\u00e2llerde var oldu\u011funa h\u00fckmetmi\u015ftir: Ba\u015fkalar\u0131n\u0131n \u00e7abalar\u0131ndan kaynaklanan k\u00e2r beklentisiyle, m\u00fc\u015fterek bir te\u015febb\u00fcse para yat\u0131r\u0131lmas\u0131.4 <\/sup> Bu nedenle Howey Testi, belirli bir finansal arac\u0131n (dijital varl\u0131klar d\u00e2hil<\/em>) somut olay baz\u0131nda menkul k\u0131ymet olarak de\u011ferlendirilip de\u011ferlendirilemeyece\u011fini tespit etmek i\u00e7in dikkate al\u0131nmas\u0131 gereken d\u00f6rt kriterden olu\u015fan bir turnusol testi sunar. A\u015fa\u011f\u0131da, bu d\u00f6rt kriterin neyi ifade etti\u011fine ili\u015fkin \u00f6zet yer almaktad\u0131r: <\/p>\n\n\n\n 1. Paran\u0131n Yat\u0131r\u0131m\u0131<\/strong><\/p>\n\n\n\n Her ne kadar Howey davas\u0131nda bir yat\u0131r\u0131m s\u00f6zle\u015fmesinin varl\u0131\u011f\u0131 i\u00e7in \u201cpara\u201d yat\u0131r\u0131lmas\u0131 aranm\u0131\u015f olsa da, sonraki mahkeme kararlar\u0131 ve SEC bu kavram\u0131 geni\u015f yorumlamakta ve mutlaka nakden \u00f6deme yap\u0131lmas\u0131n\u0131 zorunlu g\u00f6rmemektedir. Fiat para birimleri veya dijital varl\u0131klar d\u00e2hil olmak \u00fczere her t\u00fcrl\u00fc katk\u0131, bu \u015fart\u0131n kar\u015f\u0131lanmas\u0131 i\u00e7in yeterli kabul edilmektedir. <\/p>\n\n\n\n SEC, bir dijital varl\u0131\u011f\u0131n arz\u0131 ve sat\u0131\u015f\u0131 s\u00f6z konusu oldu\u011funda, bu t\u00fcr bir sat\u0131n alma veya iktisab\u0131n bir de\u011fer kar\u015f\u0131l\u0131\u011f\u0131nda ger\u00e7ekle\u015fmesi sebebiyle, s\u00f6z konusu kriterin her zaman kar\u015f\u0131land\u0131\u011f\u0131n\u0131 vurgulamaktad\u0131r.5<\/sup><\/p>\n\n\n\n 2. M\u00fc\u015fterek Bir Te\u015febb\u00fcse Yat\u0131r\u0131m<\/strong><\/p>\n\n\n\n \u201cCommon enterprise\u201d (m\u00fc\u015fterek te\u015febb\u00fcs) kavram\u0131 herhangi bir mevzuatta tan\u0131mlanmad\u0131\u011f\u0131ndan, mahkemeler bu terimi yatay veya dikey ortakl\u0131k (horizontal\/vertical commonality) \u015feklinde farkl\u0131 yorumlarla ele alm\u0131\u015ft\u0131r. Genel hatlar\u0131yla, yatay ortakl\u0131k, yat\u0131r\u0131mc\u0131lar\u0131n paralar\u0131n\u0131 veya varl\u0131klar\u0131n\u0131 bir projeye aktararak, katk\u0131lar\u0131yla orant\u0131l\u0131 \u015fekilde pay almalar\u0131n\u0131 ifade etmektedir. Buna kar\u015f\u0131l\u0131k dikey ortakl\u0131k, yat\u0131r\u0131mc\u0131 ile projenin geli\u015ftiricisi\/te\u015fvik edeni (promoter) aras\u0131ndaki ili\u015fkiye odaklan\u0131r. Yat\u0131r\u0131mc\u0131 ile promoter ortak bir menfaati payla\u015f\u0131yor ve yat\u0131r\u0131mc\u0131n\u0131n ba\u015far\u0131s\u0131, promoter\u2019\u0131n uzmanl\u0131\u011f\u0131na ba\u011fl\u0131 bulunuyorsa dikey ortakl\u0131k var kabul edilir..6<\/sup> <\/p>\n\n\n\n Her ne kadar mahkemeler \u201cm\u00fc\u015fterek te\u015febb\u00fcs\u201d\u00fc yat\u0131r\u0131m s\u00f6zle\u015fmesinin ayr\u0131 ve ba\u011f\u0131ms\u0131z bir unsuru olarak de\u011ferlendirse de, SEC dijital varl\u0131klar bak\u0131m\u0131ndan \u201cm\u00fc\u015fterek te\u015febb\u00fcs\u201d\u00fcn kural olarak zaten mevcut oldu\u011funu kabul etmekte ve bu unsurun varl\u0131\u011f\u0131 i\u00e7in ayr\u0131ca dikey veya yatay ortakl\u0131k \u015fartlar\u0131n\u0131n tek tek sa\u011flanmas\u0131n\u0131 zorunlu g\u00f6rmemektedir. 7<\/sup><\/p>\n\n\n\n Son olarak SEC, DAO Raporu\u2019nda 8 <\/sup> token al\u0131c\u0131lar\u0131n\u0131n m\u00fc\u015fterek bir te\u015febb\u00fcse yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131 ve bu kriteri her h\u00e2l\u00fck\u00e2rda kar\u015f\u0131lad\u0131\u011f\u0131n\u0131 a\u00e7\u0131k\u00e7a beyan etmi\u015ftir.<\/p>\n\n\n\n 3. Makul K\u00e2r Beklentisiyle Yap\u0131lan Yat\u0131r\u0131m<\/strong><\/p>\n\n\n\n SEC, \u201cDijital Varl\u0131klar\u0131n \u2018Yat\u0131r\u0131m S\u00f6zle\u015fmesi\u2019 Olarak Analizine \u0130li\u015fkin \u00c7er\u00e7eve\u201dde (\u201c\u00c7er\u00e7eve<\/strong>\u201d) \u201ck\u00e2r\u201d kavram\u0131n\u0131 da geni\u015f yorumlamakta ve bunu; ilk yat\u0131r\u0131m\u0131 takiben projenin geli\u015fiminden kaynaklanan sermaye kazanc\u0131 veya temett\u00fcler yoluyla te\u015febb\u00fcs\u00fcn gelirlerine katk\u0131 sa\u011flanmas\u0131 d\u00e2hil ancak bunlarla s\u0131n\u0131rl\u0131 olmamak \u00fczere her t\u00fcr k\u00e2r\u0131 kapsayacak \u015fekilde ele almaktad\u0131r. \u00d6te yandan, yaln\u0131zca d\u0131\u015f ko\u015fullardan (\u00f6rne\u011fin enflasyondan<\/em>) kaynaklanan fiyat art\u0131\u015flar\u0131n\u0131n Howey Testi bak\u0131m\u0131ndan \u201ck\u00e2r\u201d olarak kabul edilmedi\u011fini belirtmekte fayda vard\u0131r.9<\/sup> <\/p>\n\n\n\n \u00c7er\u00e7eve\u2019de SEC, makul k\u00e2r beklentisinin varl\u0131\u011f\u0131na i\u00e7kin olarak i\u015faret edebilecek \u00e7e\u015fitli \u00f6zellikler de ortaya koymaktad\u0131r. Bu ba\u011flamda, belirli bir dijital varl\u0131k bak\u0131m\u0131ndan a\u015fa\u011f\u0131daki unsurlar\u0131n mevcut olmas\u0131 h\u00e2linde, makul bir k\u00e2r beklentisinin bulundu\u011fu y\u00f6n\u00fcnde de\u011ferlendirme yap\u0131lma ihtimali artacakt\u0131r: <\/p>\n\n\n\n L\u00fctfen yukar\u0131daki a\u00e7\u0131klamalar\u0131n, SEC taraf\u0131ndan ortaya konulan listenin yaln\u0131zca bir \u00f6zeti niteli\u011finde oldu\u011funu dikkate al\u0131n\u0131z. \u00d6zelliklerin tam listesine buradan ula\u015fabilirsiniz<\/a>.<\/p>\n\n\n\n 4. Ba\u015fkalar\u0131n\u0131n \u00c7abalar\u0131na Dayanma<\/strong><\/p>\n\n\n\n Bu kriter esas itibar\u0131yla, te\u015febb\u00fcs \u00fczerinde herhangi bir kontrol\u00fc bulunmayan ve te\u015febb\u00fcs\u00fcn ba\u015far\u0131ya ula\u015fmas\u0131 i\u00e7in yaln\u0131zca te\u015fvik edici ki\u015fi veya sponsorlar\u0131n \u00e7abalar\u0131na g\u00fcvenen pasif yat\u0131r\u0131mc\u0131lar\u0131 korumay\u0131 ama\u00e7lar.\u00b9\u2070 <\/sup> Promoter, sponsor veya di\u011fer herhangi bir \u00fc\u00e7\u00fcnc\u00fc ki\u015fi (hep birlikte \u201cAktif Kat\u0131l\u0131mc\u0131lar<\/strong>\u201d) te\u015febb\u00fcs\u00fcn ama\u00e7lanan amac\u0131na veya i\u015flevselli\u011fine ula\u015fmas\u0131 ya da bunu korumas\u0131 i\u00e7in a\u011f\u0131n geli\u015ftirilmesi, i\u015fletilmesi veya tan\u0131t\u0131m\u0131ndan esasen sorumlu ise, bu kriter kar\u015f\u0131lanm\u0131\u015f say\u0131l\u0131r. Bu gibi h\u00e2llerde, ba\u011flant\u0131s\u0131z bir kullan\u0131c\u0131 toplulu\u011fu (\u00f6rne\u011fin merkeziyetsiz bir a\u011f<\/em>) yerine, Aktif Kat\u0131l\u0131mc\u0131lar; a\u011f\u0131 olu\u015fturma, kontrol etme (\u00f6rne\u011fin, \u2026) gibi<\/em> temel y\u00f6netimsel g\u00f6revleri ifa eder veya etmeleri beklenir. (\u00f6rne\u011fin arz\u0131 s\u0131n\u0131rlama yoluyla<\/em>) ve dijital varl\u0131k i\u00e7in bir piyasa destekleme g\u00f6revlerini yerine getirir veya getirmeleri beklenir. Buna kar\u015f\u0131l\u0131k, Aktif Kat\u0131l\u0131mc\u0131lar projede hayati bir rol oynamaks\u0131z\u0131n yaln\u0131zca tali veya rutin nitelikte g\u00f6revler \u00fcstleniyor ya da proje yeterli \u00f6l\u00e7\u00fcde merkeziyetsizle\u015fmi\u015f ise, bu kriterin kar\u015f\u0131land\u0131\u011f\u0131 kabul edilmeyecektir.11<\/sup> <\/p>\n\n\n\n SEC ayr\u0131ca, Aktif Kat\u0131l\u0131mc\u0131lar\u0131n \u00e7abalar\u0131na g\u00fcvenilmesi olas\u0131l\u0131\u011f\u0131n\u0131 g\u00fc\u00e7lendiren h\u00e2llere ili\u015fkin tahdidi olmayan (\u00f6rnek niteli\u011finde) bir liste de sunmu\u015ftur; bu listeye buradan eri\u015filebilmektedir. here<\/a>.<\/p>\n\n\n\n b. \u00c7er\u00e7eve\u2019de Ortaya Konulan Di\u011fer De\u011ferlendirmeler<\/strong><\/p>\n\n\n\n Howey Testi ile birlikte, hem federal mahkemeler hem de SEC, belirli bir dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olup olmad\u0131\u011f\u0131n\u0131 belirlerken yat\u0131r\u0131m\u0131n ekonomik ger\u00e7ekli\u011fini de dikkate almaktad\u0131r. Bu ba\u011flamda SEC, Howey Testi\u2019nin \u015fartlar\u0131n\u0131n sa\u011flanmas\u0131 riskini azaltabilecek nitelikteki \u00f6zelliklere ili\u015fkin \u00f6rnek niteli\u011finde bir ba\u015fka liste de sunmu\u015ftur.\u00b9\u00b2<\/sup> SEC\u2019in yakla\u015f\u0131m\u0131, belirli bir kullan\u0131m alan\u0131na sahip ve de\u011fer art\u0131\u015f\u0131 beklentisi s\u0131n\u0131rl\u0131 olan dijital varl\u0131klar bak\u0131m\u0131ndan Howey Testi\u2019nden ka\u00e7\u0131nman\u0131n m\u00fcmk\u00fcn olabilece\u011fini ortaya koymaktad\u0131r.\u00b9\u00b3<\/sup> \u00d6zetle, a\u015fa\u011f\u0131daki \u00f6zelliklerin mevcut olmas\u0131 h\u00e2linde, ilgili dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olarak de\u011ferlendirilme ihtimali daha d\u00fc\u015f\u00fck olacakt\u0131r: <\/p>\n\n\n\n c. Hinman\u2019\u0131n Konu\u015fmas\u0131ndan Di\u011fer \u00c7\u0131kar\u0131mlar <\/strong><\/p>\n\n\n\n Hinman, 2018 tarihli konu\u015fmas\u0131nda, dijital varl\u0131klar\u0131n nitelikleri (yani menkul k\u0131ymet olup olmad\u0131klar\u0131 14<\/sup><\/em>) dikkate al\u0131narak nas\u0131l ele al\u0131nmalar\u0131 gerekti\u011fine ili\u015fkin \u00e7e\u015fitli de\u011ferlendirmeler sunmu\u015ftur. Konu\u015fmas\u0131ndan \u00e7\u0131kar\u0131labilecek baz\u0131 temel noktalar \u00f6zetle \u015fu \u015fekilde s\u0131ralanabilir: <\/p>\n\n\n\n \u00d6nceki b\u00f6l\u00fcmlerde de belirtildi\u011fi \u00fczere, SEC mevcut dijital varl\u0131klar\u0131n \u00e7o\u011funu menkul k\u0131ymet olarak de\u011ferlendirmekte; dolay\u0131s\u0131yla bu varl\u0131klar\u0131n ya SEC nezdinde kayda al\u0131nmas\u0131 ya da kay\u0131t y\u00fck\u00fcml\u00fcl\u00fc\u011f\u00fcnden muafiyet kapsam\u0131nda de\u011ferlendirilmesi gerekmektedir. \u00d6te yandan, SEC\u2019in \u00fcst d\u00fczey baz\u0131 yetkilileri, Bitcoin ve Ether\u2019in otorite nezdinde menkul k\u0131ymet olarak kabul edilmedi\u011fini teyit etmi\u015ftir.\u00b9\u2077 <\/sup>Bunun nedeni, her iki varl\u0131\u011f\u0131n da yeterli \u00f6l\u00e7\u00fcde merkeziyetsiz olmas\u0131 ve te\u015febb\u00fcs a\u00e7\u0131s\u0131ndan belirleyici nitelikte \u00e7aba sarf eden merkezi bir \u00fc\u00e7\u00fcnc\u00fc ki\u015finin bulunmamas\u0131d\u0131r. Di\u011fer dijital varl\u0131klar bak\u0131m\u0131ndan ise SEC, belirli bir kripto varl\u0131\u011f\u0131n \u201cmenkul k\u0131ymet\u201d say\u0131l\u0131p say\u0131lmayaca\u011f\u0131na ili\u015fkin de\u011ferlendirmeyi piyasa kat\u0131l\u0131mc\u0131lar\u0131na b\u0131rakmaktad\u0131r.\u00b9\u2078<\/sup> <\/p>\n\n\n\n Referans olmas\u0131 a\u00e7\u0131s\u0131ndan, h\u00e2lihaz\u0131rda en \u00e7ok tart\u0131\u015f\u0131lan dijital varl\u0131klar\u0131n mevcut durumuna k\u0131saca a\u015fa\u011f\u0131da de\u011finmek isteriz:<\/p>\n\n\n\n a. Bitcoin<\/strong><\/p>\n\n\n\n Bitcoin\u2019in konumu olduk\u00e7a a\u00e7\u0131kt\u0131r. Yat\u0131r\u0131mc\u0131lar kendi ad ve hesaplar\u0131na hareket etmekte, ancak fonlar\u0131n\u0131 bir havuzda birle\u015ftirmemektedir; bu nedenle \u201cpara yat\u0131r\u0131m\u0131\u201d kriteri kar\u015f\u0131lanmamaktad\u0131r. Benzer \u015fekilde, bir yat\u0131r\u0131mc\u0131n\u0131n ba\u015far\u0131s\u0131, ba\u015fkalar\u0131n\u0131n \u00e7abalar\u0131na de\u011fil, Bitcoin\u2019in piyasa fiyat\u0131na ba\u011fl\u0131d\u0131r. Bu itibarla, Bitcoin\u2019in Howey Testi\u2019nin \u015fartlar\u0131n\u0131 kar\u015f\u0131lamad\u0131\u011f\u0131 ve menkul k\u0131ymet olarak de\u011ferlendirilemeyece\u011fi hususu, sekt\u00f6r payda\u015flar\u0131 taraf\u0131ndan oybirli\u011fiyle kabul edilmektedir. 19<\/sup><\/p>\n\n\n\n b. Ethereum <\/strong><\/p>\n\n\n\n Ether\u2019in s\u0131n\u0131fland\u0131r\u0131lmas\u0131, \u00f6zellikle Ethereum 2.0\u2019\u0131n devreye al\u0131nmas\u0131n\u0131n ard\u0131ndan olduk\u00e7a tart\u0131\u015fmal\u0131 bir konu olarak varl\u0131\u011f\u0131n\u0131 s\u00fcrd\u00fcrmektedir.\u00b2\u2070<\/sup> \u0130lk ihra\u00e7 edildi\u011fi d\u00f6nemde Ether, Howey Testi\u2019nin d\u00f6rt kriterinin tamam\u0131n\u0131 kar\u015f\u0131layabilmekteydi. Zaman i\u00e7erisinde ise ortak bir te\u015febb\u00fcs taraf\u0131ndan sat\u0131lmak yerine, t\u0131pk\u0131 Bitcoin\u2019de oldu\u011fu gibi madencilik yoluyla edinilen bir varl\u0131k h\u00e2line gelmi\u015ftir. Bu de\u011fi\u015fim dikkate al\u0131nd\u0131\u011f\u0131nda Hinman, 2018 tarihli konu\u015fmas\u0131nda, merkeziyetsiz yap\u0131 sebebiyle Ether\u2019in g\u00fcncel arz ve sat\u0131\u015flar\u0131n\u0131n menkul k\u0131ymet i\u015flemi olarak nitelendirilemeyece\u011fini vurgulam\u0131\u015ft\u0131r.\u00b2\u00b9<\/sup> Bununla birlikte, 2020 y\u0131l\u0131n\u0131n sonunda Ethereum 2.0\u2019\u0131n devreye al\u0131nmas\u0131yla birlikte madencilik sistemi staking modeline d\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015f ve bu durum merkeziyetsizli\u011fi zay\u0131flatm\u0131\u015ft\u0131r. Buna ra\u011fmen, Emtia Vadeli \u0130\u015flemler Komisyonu\u2019nun (Commodity Futures Trading Commission) bir komiseri, ETH\u2019nin h\u00e2len menkul k\u0131ymet niteli\u011fi ta\u015f\u0131mayan bir emtia oldu\u011funu a\u00e7\u0131klam\u0131\u015ft\u0131r.\u00b2\u00b2 <\/sup> Her ne kadar mevcut durum bu \u015fekilde olsa da, nihai bir sonuca ula\u015f\u0131lmadan \u00f6nce h\u00e2len tart\u0131\u015fmaya a\u00e7\u0131k pek \u00e7ok husus bulundu\u011fu kanaatindeyiz. <\/p>\n\n\n\n Son olarak, ERC-20, Ethereum blokzinciri \u00fczerinde \u00e7al\u0131\u015fabilen ve menkul k\u0131ymet tokenlar\u0131 aras\u0131nda de\u011ferlendirildi\u011fi i\u00e7in SEC\u2019in yetki alan\u0131na giren, s\u0131k\u00e7a kullan\u0131lan token t\u00fcrlerinden biridir.\u00b2\u00b3<\/sup> Bu nedenle, \u015firketler s\u00fcrece devam etmeden \u00f6nce do\u011fru token t\u00fcr\u00fcn\u00fc se\u00e7me konusunda dikkatli olmal\u0131d\u0131r.<\/p>\n\n\n\n c. XRP<\/strong><\/p>\n\n\n\n 2020 y\u0131l\u0131n\u0131n son g\u00fcnlerinde SEC, XRP\u2019nin emtia de\u011fil menkul k\u0131ymet olarak kabul edilmesine ra\u011fmen \u015firketin kay\u0131t ve a\u00e7\u0131klama y\u00fck\u00fcml\u00fcl\u00fcklerini yerine getirmedi\u011fini ileri s\u00fcrerek Ripple Labs, Inc. aleyhine dava a\u00e7m\u0131\u015ft\u0131r.<\/p>\n\n\n\n Bitcoin ve Ethereum madencilik s\u00fcreciyle kademeli olarak yarat\u0131l\u0131rken, Ripple do\u011frudan kendi lehine 100 milyar adet XRP \u00fcretmi\u015f ve bunlar\u0131 takvimlendirilmi\u015f tahsisler kapsam\u0131nda sat\u0131\u015fa sunmaya ba\u015flam\u0131\u015ft\u0131r. Bu nedenle SEC m\u00fcdahale etmi\u015f ve akabinde dava a\u00e7m\u0131\u015ft\u0131r.\u00b2\u2074<\/sup> <\/p>\n\n\n\n Dava h\u00e2len derdesttir; ancak mahkemenin Bitcoin, Ethereum ve XRP aras\u0131ndaki fark\u0131 incelemesi ve mahkemelerin bu konuda nas\u0131l bir tutum benimseyece\u011fine ili\u015fkin i\u00e7g\u00f6r\u00fc sa\u011flamas\u0131 beklenmektedir. Verilecek karar\u0131n, Amerika Birle\u015fik Devletleri\u2019ndeki ve dolay\u0131s\u0131yla d\u00fcnyan\u0131n geri kalan\u0131ndaki t\u00fcm dijital varl\u0131klar\u0131n gelece\u011fini etkileyece\u011fi ku\u015fkusuzdur. <\/p>\n\n\n\n d. Coinbase\u2019e Kar\u015f\u0131 A\u00e7\u0131lan Son Toplu Dava <\/strong><\/p>\n\n\n\n Ge\u00e7ti\u011fimiz ay, Nasdaq\u2019ta i\u015flem g\u00f6ren bir kripto para borsas\u0131 platformu olan Coinbase\u2019e kar\u015f\u0131, platformun m\u00fc\u015fterilerin menkul k\u0131ymet olarak kabul edilen 79 farkl\u0131 kripto paray\u0131 (XRP, DOGE, SHIB d\u00e2hil<\/em>) bu niteli\u011fi a\u00e7\u0131klamaks\u0131z\u0131n al\u0131p satmalar\u0131na imk\u00e2n tan\u0131d\u0131\u011f\u0131 iddias\u0131yla bir toplu dava a\u00e7\u0131lm\u0131\u015ft\u0131r. Dava konusu dijital varl\u0131klar\u0131n hi\u00e7biri, Coinbase gibi, SEC nezdinde kayda al\u0131nm\u0131\u015f de\u011fildir. Toplam talep tutar\u0131 5.000.000 ABD Dolar\u0131n\u0131 a\u015fmakta olup davac\u0131lar; s\u00f6z konusu tokenlar i\u00e7in \u00f6denen bedeller, i\u015flem \u00fccretleri ve bunlara ili\u015fkin t\u00fcm zararlar\u0131n, ilgili masraf ve faizlerle birlikte tazminini talep etmektedir. <\/p>\n\n\n\n Sonu\u00e7<\/strong><\/p>\n\n\n\n Federal menkul k\u0131ymetler mevzuat\u0131n\u0131n, menkul k\u0131ymet olarak kabul edilen varl\u0131klar bak\u0131m\u0131ndan \u00e7e\u015fitli y\u00fck\u00fcml\u00fcl\u00fckler \u00f6ng\u00f6rmesi nedeniyle, bir dijital varl\u0131\u011f\u0131n en ba\u015f\u0131ndan do\u011fru \u015fekilde s\u0131n\u0131fland\u0131r\u0131lmas\u0131, projenin gelece\u011fi ve ba\u015far\u0131s\u0131 a\u00e7\u0131s\u0131ndan hayati \u00f6nem ta\u015f\u0131maktad\u0131r. Bunun, \u00f6zellikle proje hen\u00fcz sa\u011fl\u0131kl\u0131 bir \u015fekilde yap\u0131land\u0131r\u0131lmadan \u00f6nce, start-up\u2019lar i\u00e7in son derece zorlay\u0131c\u0131 olabilece\u011finin fark\u0131nday\u0131z; ancak itibarl\u0131 Howey Testi gibi turnusol niteli\u011findeki testlerden ve SEC yetkililerinin ilave de\u011ferlendirmelerinden faydalanman\u0131z m\u00fcmk\u00fcnd\u00fcr. Bu a\u015faman\u0131n gerekli \u00f6zen g\u00f6sterilmeksizin atlanmas\u0131 h\u00e2linde, te\u015fvik edici ki\u015filer (promoter\u2019lar), proje ve borsa platformlar\u0131 bak\u0131m\u0131ndan do\u011facak zararlar son derece b\u00fcy\u00fck ve telafisi imk\u00e2ns\u0131z boyutlara ula\u015fabilir. Blokzincir teknolojilerinin h\u0131zla geli\u015fmesi, beraberinde \u00e7ok say\u0131da kullan\u0131m alan\u0131 getirmi\u015f ve bunun sonucunda kamu otoritelerinin denetimini zorunlu k\u0131lm\u0131\u015ft\u0131r. Her ne kadar Amerika Birle\u015fik Devletleri de d\u00e2hil olmak \u00fczere \u00e7o\u011fu \u00fclke blokzincir ve dijital varl\u0131klara ili\u015fkin kapsaml\u0131 bir mevzuat hen\u00fcz y\u00fcr\u00fcrl\u00fc\u011fe koymam\u0131\u015f olsa da, blokzincir ile ba\u011flant\u0131l\u0131 faaliyetlerin me\u015fruiyetinin belirlenmesinde genel hukuk kurallar\u0131 uygulanmaya devam etmektedir. […]<\/p>\n","protected":false},"author":1,"featured_media":7234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137],"tags":[131,199,200,143,144],"ppma_author":[125],"class_list":["post-7233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blok-zinciri","tag-blok-zinciri","tag-dijital-varliklar","tag-howey-test-tr","tag-kripto-para","tag-yatirim"],"authors":[{"term_id":125,"user_id":1,"is_guest":0,"slug":"virconlegal","display_name":"virconlegal","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/4f3ec5d54b8792b25790cf55d797a6dce67ee1dc5500de97bf1aa1af483fb68a?s=96&d=mm&r=g","author_category":"","first_name":"","last_name":"","user_url":"http:\/\/virconlegal.com\/blog","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=7233"}],"version-history":[{"count":5,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7233\/revisions"}],"predecessor-version":[{"id":7242,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/7233\/revisions\/7242"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media\/7234"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=7233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=7233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/tags?post=7233"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/ppma_author?post=7233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Bir dijital varl\u0131\u011f\u0131n menkul k\u0131ymet olup olmad\u0131\u011f\u0131 nas\u0131l belirlenir?<\/strong>
a.Howey Testi<\/strong><\/p>\n\n\n\nPiyasadaki G\u00fcncel Durum Nedir?<\/strong><\/h3>\n\n\n\n
<\/p>\n\n\n\n
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<\/p>\n","protected":false},"excerpt":{"rendered":"