{"id":25998,"date":"2023-02-23T15:00:51","date_gmt":"2023-02-23T06:00:51","guid":{"rendered":"https:\/\/sipo.tokyo\/?p=25998"},"modified":"2023-02-23T15:01:21","modified_gmt":"2023-02-23T06:01:21","slug":"post-25998","status":"publish","type":"post","link":"https:\/\/sipo.tokyo\/?p=25998","title":{"rendered":"POSA\u304c\u4e8c\u3064\u306e\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u3092\u767a\u8868\u3057\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30c8\u30fc\u30af\u30f3\u306b\u95a2\u3059\u308b\u6cd5\u7684\u8abf\u67fb\u3068\u5206\u6790\u3092\u516c\u8868\uff1a\u30c7\u30b8\u30bf\u30eb\u5546\u54c1\u306eLST\u306f\u8a3c\u5238\u3001\u30b9\u30ef\u30c3\u30d7\u3001\u8ab2\u7a0e\u5bfe\u8c61\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044"},"content":{"rendered":"\n<p class=\"\"><a rel=\"noreferrer noopener\" href=\"https:\/\/www.proofofstakealliance.org\" data-type=\"URL\" data-id=\"https:\/\/www.proofofstakealliance.org\" target=\"_blank\">Proof of Stake Alliance<\/a>\uff08\u4ee5\u4e0b\u300cPOSA\u300d\uff09\u306f\u3001\u4e8c\u3064\u306e<a rel=\"noreferrer noopener\" href=\"https:\/\/www.proofofstakealliance.org\/22123-posa-liquid-staking-legal-white-paper\" data-type=\"URL\" data-id=\"https:\/\/www.proofofstakealliance.org\/22123-posa-liquid-staking-legal-white-paper\" target=\"_blank\">\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc<\/a>\u3092\u767a\u8868\u3057\u3001\u696d\u754c\u306e\u81ea\u4e3b\u898f\u5236\u3092\u4fc3\u3059\u76ee\u7684\u3067\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30c8\u30fc\u30af\u30f3\uff08LST\uff09\u306b\u95a2\u3059\u308b\u521d\u306e\u6cd5\u7684\u8abf\u67fb\u3068\u5206\u6790\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\u767a\u8868\u3055\u308c\u305f2\u3064\u306e\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u306f\u3001\u30c7\u30b8\u30bf\u30eb\u5546\u54c1\u306e\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30c8\u30fc\u30af\u30f3\uff08LST\u306f\u8a3c\u5238\u3001\u30b9\u30ef\u30c3\u30d7\u3001\u8ab2\u7a0e\u5bfe\u8c61\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u3068\u3057\u3001\u8cac\u4efb\u3042\u308b\u6210\u9577\u306e\u305f\u3081\u306e\u696d\u754c\u539f\u5247\u3092\u5b9a\u7fa9\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Our two white papers published today provide legal research &amp; analysis of liquid staking tokens. <br><br>They reason that LSTs for digital commodities should not be treated as securities, swaps, or taxable events, &amp; define industry principles for responsible growth.<br><br>\ud83e\uddf5Here\u2019s a summary<\/p>&mdash; Proof of Stake Alliance (POSA) (@TeamPOSA) <a href=\"https:\/\/twitter.com\/TeamPOSA\/status\/1628017928405762053?ref_src=twsrc%5Etfw\">February 21, 2023<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"\">\u6700\u521d\u306e\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u300c<a rel=\"noreferrer noopener\" href=\"https:\/\/www.proofofstakealliance.org\/s\/US-Federal-Securities-and-Commodity-Law-Analysis-of-Liquid-Staking-Receipt-Tokens-Willkie-Draft-0214.pdf\" target=\"_blank\"><strong>U.S. Federal Securities and Commodity Law Analysis of Liquid Staking Receipt Tokens<\/strong><\/a>\u201d\uff1a\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30ec\u30b7\u30fc\u30c8\u30fb\u30c8\u30fc\u30af\u30f3\u306e\u7c73\u56fd\u9023\u90a6\u8a3c\u5238\u6cd5\u304a\u3088\u3073\u5546\u54c1\u6cd5\u4e0a\u306e\u5206\u6790\u300d\u306f\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30ec\u30b7\u30fc\u30c8\u30fb\u30c8\u30fc\u30af\u30f3\u306e\u5206\u985e\u3092\u3081\u3050\u308b\u898f\u5236\u4e0a\u306e\u554f\u984c\u306b\u7126\u70b9\u3092\u5f53\u3066\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u30da\u30fc\u30d1\u30fc\u3067\u306f\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30ec\u30b7\u30fc\u30c8\u30fb\u30c8\u30fc\u30af\u30f3\u304c\u3001\u7c73\u56fd\u9023\u90a6\u8a3c\u5238\u6cd5\u4e0a\u306e\u300c\u6295\u8cc7\u5951\u7d04\u300d\u307e\u305f\u306f\u300c\u50b5\u5238\u300d\u3001\u3042\u308b\u3044\u306f\u7c73\u56fd\u9023\u90a6\u5546\u54c1\u6cd5\u4e0a\u306e\u300c\u30b9\u30ef\u30c3\u30d7\u300d\u3068\u307f\u306a\u3055\u308c\u308b\u3079\u304d\u304b\u3069\u3046\u304b\u3092\u691c\u8a3c\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">2\u3064\u76ee\u306e\u8ad6\u6587\u300c<strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.proofofstakealliance.org\/s\/US_Federal_Income_Tax_Analysis_of_Liquid_Staking.pdf\" target=\"_blank\">U.S. Federal Income Tax Analysis of Liquid Staking<\/a><\/strong>\uff1a\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u306e\u7c73\u56fd\u9023\u90a6\u6240\u5f97\u7a0e\u5206\u6790\u300d\u3067\u306f\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ab\u30fc\u306e\u6697\u53f7\u8cc7\u7523\u306e\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30ec\u30b7\u30fc\u30c8\u30fb\u30c8\u30fc\u30af\u30f3\u3078\u306e\u5909\u63db\u304c\u8ab2\u7a0e\u53d6\u5f15\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3079\u304d\u304b\u3069\u3046\u304b\u3092\u691c\u8a3c\u3057\u3066\u3044\u307e\u3059\u3002\u7c73\u56fd\u8ca1\u52d9\u7701\u53ca\u3073\u7c73\u56fd\u5185\u56fd\u6b73\u5165\u5e81\u306f\u3001\u300c\u6697\u53f7\u901a\u8ca8\u300d\u53d6\u5f15\u306e\u7a0e\u52d9\u51e6\u7406\u306b\u3064\u3044\u3066\u9650\u5b9a\u7684\u306a\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u767a\u8868\u3057\u3066\u304a\u308a\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u6d3b\u52d5\u306b\u3064\u3044\u3066\u306f\u30ac\u30a4\u30c0\u30f3\u30b9\u3092\u767a\u8868\u3057\u3066\u3044\u307e\u305b\u3093\u3002\u672c\u7a3f\u3067\u306f\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u306e\u53d6\u5f15\u306b\u95a2\u9023\u3057\u3066\u3001\u7a0e\u52d9\u4e0a\u306e\u6240\u6709\u6a29\u3001\u5b9f\u73fe\u8981\u4ef6\u3001\u5225\u6cd5\u4eba\u306e\u53d6\u308a\u6271\u3044\u306b\u95a2\u3059\u308b\u4e00\u822c\u7684\u306a\u7a0e\u52d9\u539f\u5247\u3068\u5224\u4f8b\u306e\u9069\u7528\u3092\u691c\u8a0e\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\u672c\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u306f\u3001Proof of Stake Alliance\uff08\u4ee5\u4e0b\u300cPOSA\u300d\uff09\u3092\u4ee3\u8868\u3057\u3066\u4f5c\u6210\u3055\u308c\u305f\u3082\u306e\u3067\u3059\u3002POSA \u306f\u975e\u55b6\u5229\u306e\u696d\u754c\u30a2\u30e9\u30a4\u30a2\u30f3\u30b9\u3067\u3042\u308a\u3001\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u6280\u8853\u3092\u57fa\u76e4\u3068\u3057\u305f\u65e2\u5b58\u306e\u30d7\u30ed\u30c8\u30b3\u30eb\u3092\u63a8\u9032\u307e\u305f\u306f\u30b5\u30fc\u30d3\u30b9\u3059\u308b\u5927\u624b\u4f01\u696d\u304c\u4f1a\u54e1\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\u3088\u308a\u30a8\u30cd\u30eb\u30ae\u30fc\u52b9\u7387\u306e\u9ad8\u3044\u53d6\u5f15\u691c\u8a3c\u65b9\u6cd5\u3067\u3042\u308b\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u306f\u3001\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u5e02\u5834\u5168\u4f53\u306b\u304a\u3051\u308b\u30b7\u30a7\u30a2\u304c\u62e1\u5927\u3057\u7d9a\u3051\u3066\u3044\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u65b0\u8208\u306e\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30a2\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u597d\u307e\u308c\u308b\u65b9\u6cd5\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001Ethereum\u3001Solana\u3001Cardano\u3001Tezos\u3001Polkadot\u3001Avalanche\u306a\u3069\u306e\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306a\u3069\u300120\u5927\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306e\u3046\u306119\u3064\u304c\u3001\u53d6\u5f15\u306e\u691c\u8a3c\u306b\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u6cd5\u3092\u5229\u7528\u3057\u305f\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u306b\u3088\u3063\u3066\u904b\u55b6\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">POSA\u306e\u76ee\u6a19\u306f\u3001\u7c73\u56fd\u306b\u304a\u3051\u308b\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u65b9\u5f0f\u306e\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306e\u63a1\u7528\u62e1\u5927\u3092\u4fc3\u9032\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u578b\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306b\u95a2\u9023\u3059\u308b\u6d41\u52d5\u6027\u306e\u5236\u7d04\u306b\u5bfe\u3059\u308b\u6280\u8853\u7684\u89e3\u6c7a\u7b56\u3068\u3057\u3066\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u3092\u7d99\u7d9a\u7684\u306b\u958b\u767a\u3059\u308b\u3053\u3068\u306f\u3001\u305d\u306e\u3088\u3046\u306a\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306e\u63a1\u7528\u3092\u5897\u3084\u3059\u3068\u3044\u3046POSA\u306e\u76ee\u6a19\u3092\u63a8\u9032\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"\"><strong>\u4ee5\u4e0b\u306f\u30c4\u30a3\u30c3\u30bf\u30fc\u306b\u3088\u308b\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u306e\u8981\u7d04\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"\">\u672c\u8ad6\u6587\u306f\u3001\u7c73\u56fd\u9023\u90a6\u8a3c\u5238\u6cd5\u3001\u5546\u54c1\u6cd5\u3001\u7a0e\u6cd5\u306b\u57fa\u3065\u304f\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30c8\u30fc\u30af\u30f3\u306e\u521d\u306e\u516c\u958b\u6cd5\u7684\u8abf\u67fb\u3068\u5206\u6790\u3067\u3042\u308a\u3001\u7c73\u56fd\u306b\u304a\u3051\u308b\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u306e\u898f\u5236\u3068\u8ab2\u7a0e\u306b\u95a2\u3059\u308b\u4e3b\u8981\u306a\u6cd5\u7684\u554f\u984c\u3092\u89e3\u6c7a\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\u6cd5\u5f8b\u3001\u7523\u696d\u3001\u653f\u7b56\u306e\u5c02\u9580\u5bb6\u3084\u7d44\u7e54\u304b\u3089\u306a\u308b\u30ef\u30fc\u30ad\u30f3\u30b0\u30b0\u30eb\u30fc\u30d7\u304c\u958b\u767a\u3057\u3001\u4ee5\u4e0b\u306e\u30e1\u30f3\u30d0\u30fc\u304c\u5171\u540c\u8b70\u9577\u3092\u52d9\u3081\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"\">\u57fa\u790e\u3068\u306a\u308b\u30b9\u30c6\u30fc\u30af\u30c8\u30fc\u30af\u30f3\u3068\u30ec\u30b7\u30fc\u30c8\u30c8\u30fc\u30af\u30f3\u306e\u95a2\u4fc2\u306e\u6027\u8cea\u306e\u5b9f\u614b\u306b\u57fa\u3065\u304d\u3001\u30c8\u30fc\u30af\u30f3\u3092\u9069\u5207\u306b\u547d\u540d\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3042\u308b\u3002<\/li>\n<\/ol>\n\n\n\n<p class=\"\">\u30ec\u30b7\u30fc\u30c8\u30fb\u30c8\u30fc\u30af\u30f3\u3092\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3068\u547c\u3076\u306e\u306f\u4e0d\u6b63\u78ba\u3067\u3042\u308b\u3002\u4eca\u5f8c\u3001LST\uff08Liquid Staking Token\uff09\u3092\u4f7f\u7528\u3059\u308b\u3053\u3068\u3092\u63a8\u5968\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li class=\"\">2. \u30c7\u30b8\u30bf\u30eb\u5546\u54c1\u306e LST \u306f\u3001\u6295\u8cc7\u5951\u7d04\u307e\u305f\u306f\u624b\u5f62\u3068\u307f\u306a\u3055\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u304f\u3001\u3057\u305f\u304c\u3063\u3066\u3001\u7c73\u56fd\u9023\u90a6\u8a3c\u5238\u6cd5\u306b\u57fa \u3065\u304f\u8a3c\u5238\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u3002<\/li>\n\n\n\n<li class=\"\">LST\u306f\u3001\u7c73\u56fd\u9023\u90a6\u5546\u54c1\u6cd5\u4e0a\u306e\u30b9\u30ef\u30c3\u30d7\u3068\u306f\u307f\u306a\u3055\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u3002<\/li>\n\n\n\n<li class=\"\">4. \u6697\u53f7\u8cc7\u7523\u306eLST\u3078\u306e\u8ee2\u63db\u306f\u3001\u7c73\u56fd\u9023\u90a6\u6240\u5f97\u7a0e\u6cd5\u4e0a\u306e\u8ab2\u7a0e\u53d6\u5f15\u3068\u307f\u306a\u3055\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u3002<\/li>\n<\/ol>\n\n\n\n<p class=\"\">\u3053\u308c\u3089\u306e\u8ad6\u6587\u306f\u3001\u78ba\u7acb\u3055\u308c\u305f\u5224\u4f8b\u3084\u5148\u4f8b\u3092\u57fa\u306b\u3001\u696d\u754c\u3084\u6cd5\u5f8b\u5bb6\u306b\u5b66\u8853\u7684\u306a\u6cd5\u7684\u8abf\u67fb\u3068\u5206\u6790\u3092\u63d0\u4f9b\u3057\u3001\u6709\u610f\u7fa9\u306a\u6cd5\u5236\u5316\u30fb\u89e3\u660e\u3078\u306e\u67a0\u7d44\u307f\u3092\u63d0\u4f9b\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"\">\u6211\u3005\u306f\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u3092\u53d6\u308a\u5dfb\u304f\u898f\u5236\u306e\u72b6\u6cc1\u3092\u6539\u5584\u3059\u308b\u3053\u3068\u3092\u76ee\u7684\u3068\u3057\u305f4\u3064\u306e\u696d\u754c\u539f\u5247\u3092\u5b9a\u7fa9\u3057\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"\">\u6211\u3005\u306f\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u306e\u8cac\u4efb\u3042\u308b\u6210\u9577\u3092\u4fc3\u9032\u3057\u7d9a\u3051\u308b\u305f\u3081\u306b\u3001\u696d\u754c\u5168\u4f53\u304c\u3053\u308c\u3089\u306e\u539f\u5247\u3092\u63a1\u7528\u3057\u3001\u81ea\u4e3b\u898f\u5236\u3092\u884c\u3046\u3053\u3068\u3092\u5f37\u304f\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"\">\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30c8\u30fc\u30af\u30f3\u3092LST\u3068\u3057\u3066\u6b63\u78ba\u306b\u8868\u793a\u3059\u308b\u3053\u3068\u3002<\/li>\n\n\n\n<li class=\"\">\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u306b\u88cf\u6253\u3061\u3055\u308c\u305f\u5229\u56de\u308a\u5546\u54c1\u3067\u306f\u306a\u304f\u3001\u6d41\u52d5\u6027\u306b\u30a2\u30af\u30bb\u30b9\u3067\u304d\u308b\u30c0\u30a4\u30ec\u30af\u30c8\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u3092\u53ef\u80fd\u306b\u3059\u308b\u30c4\u30fc\u30eb\u3092\u958b\u767a\u3059\u308b\u3002<\/li>\n\n\n\n<li class=\"\">\u5b89\u5168\u6027\u3068\u53c2\u52a0\u6027\u3092\u72a0\u7272\u306b\u3059\u308b\u3053\u3068\u306a\u304f\u3001\u6d41\u52d5\u6027\u3092\u62e1\u5927\u3059\u308b\u3053\u3068\u306b\u30d7\u30ed\u30e2\u30fc\u30b7\u30e7\u30f3\u3092\u96c6\u4e2d\u3055\u305b\u308b\u3002<\/li>\n\n\n\n<li class=\"\">\u6295\u8cc7\u30a2\u30c9\u30d0\u30a4\u30b9\u306e\u63d0\u4f9b\u306f\u63a7\u3048\u308b<\/li>\n<\/ul>\n\n\n\n<p class=\"\">\u30ef\u30fc\u30ad\u30f3\u30b0\u30b0\u30eb\u30fc\u30d7\u306e\u7686\u69d8\u3001\u3053\u308c\u3089\u306e\u539f\u5247\u3092\u7b56\u5b9a\u3059\u308b\u305f\u3081\u306e\u8abf\u67fb\u3068\u5354\u529b\u306b\u611f\u8b1d\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\u6211\u3005\u306f\u3001\u3059\u3079\u3066\u306e\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30d7\u30ed\u30c8\u30b3\u30eb\u3068\u305d\u306e\u53c2\u52a0\u8005\u304c\u3001\u4e16\u754c\u306e\u653f\u7b56\u5f62\u6210\u3068\u898f\u5236\u5f53\u5c40\u306e\u5553\u8499\u306b\u5f79\u7acb\u3064\u6a19\u6e96\u3068\u624b\u9806\u3092\u69cb\u7bc9\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u306b\u53c2\u52a0\u3059\u308b\u3053\u3068\u3092\u6c42\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<p class=\"\"><\/p>\n\n\n\n<p class=\"\">\u672c\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u306f\u3001\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u30fb\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306b\u5e83\u304f\u898b\u3089\u308c\u308b\u6d41\u52d5\u6027\u5236\u7d04\u306b\u5bfe\u3059\u308b\u65b0\u3057\u3044\u6280\u8853\u7684\u89e3\u6c7a\u7b56\u3067\u3042\u308b\u300c\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u300d\u306e\u6982\u8981\u3092\u63d0\u4f9b\u3057\u3001\u30b9\u30c6\u30fc\u30af\u3055\u308c\u305f\u6697\u53f7\u8cc7\u7523\u306e\u6cd5\u7684\u30fb\u5b9f\u8cea\u7684\u6240\u6709\u6a29\u3092\u8a3c\u660e\u3059\u308b\u305f\u3081\u306b\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u6280\u8853\u304c\u767a\u884c\u3059\u308b\u30ec\u30b7\u30fc\u30c8\u30c8\u30fc\u30af\u30f3\uff08\u300c\u30ec\u30b7\u30fc\u30c8\u30c8\u30fc\u30af\u30f3\u300d\uff09\u3078\u306e\u6697\u53f7\u8cc7\u7523\u306e\u4ea4\u63db\u304c\u7c73\u56fd\u9023\u90a6\u6240\u5f97\u7a0e\u306e\u8ab2\u7a0e\u53d6\u5f15\u3068\u3057\u3066\u51e6\u7406\u3059\u3079\u304d\u304b\u3069\u3046\u304b\u3092\u691c\u8a0e\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\u672c\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u306f\u3001Proof of Stake Alliance\uff08\u4ee5\u4e0b\u300cPOSA\u300d\uff09\u3092\u4ee3\u8868\u3057\u3066\u4f5c\u6210\u3055\u308c\u305f\u3082\u306e\u3067\u3059\u3002POSA \u306f\u975e\u55b6\u5229\u306e\u696d\u754c\u30a2\u30e9\u30a4\u30a2\u30f3\u30b9\u3067\u3042\u308a\u3001\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u6280\u8853\u3092\u57fa\u76e4\u3068\u3057\u305f\u65e2\u5b58\u306e\u30d7\u30ed\u30c8\u30b3\u30eb\u3092\u63a8\u9032\u307e\u305f\u306f\u30b5\u30fc\u30d3\u30b9\u3059\u308b\u5927\u624b\u4f01\u696d\u304c\u4f1a\u54e1\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">\u3088\u308a\u30a8\u30cd\u30eb\u30ae\u30fc\u52b9\u7387\u306e\u9ad8\u3044\u53d6\u5f15\u691c\u8a3c\u65b9\u6cd5\u3067\u3042\u308b\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u306f\u3001\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u5e02\u5834\u5168\u4f53\u306b\u304a\u3051\u308b\u30b7\u30a7\u30a2\u304c\u62e1\u5927\u3057\u7d9a\u3051\u3066\u3044\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u65b0\u8208\u306e\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30a2\u30d7\u30ea\u30b1\u30fc\u30b7\u30e7\u30f3\u306b\u597d\u307e\u308c\u308b\u65b9\u6cd5\u3068\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u4f8b\u3048\u3070\u3001Ethereum\u3001Solana\u3001Cardano\u3001Tezos\u3001Polkadot\u3001Avalanche\u306a\u3069\u306e\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306a\u3069\u300120\u5927\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u30d7\u30e9\u30c3\u30c8\u30d5\u30a9\u30fc\u30e0\u306e\u3046\u306119\u3064\u304c\u3001\u53d6\u5f15\u306e\u691c\u8a3c\u306b\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u6cd5\u3092\u5229\u7528\u3057\u305f\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u306b\u3088\u3063\u3066\u904b\u55b6\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"\">POSA\u306e\u76ee\u6a19\u306f\u3001\u7c73\u56fd\u306b\u304a\u3051\u308b\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u65b9\u5f0f\u306e\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306e\u63a1\u7528\u62e1\u5927\u3092\u4fc3\u9032\u3059\u308b\u3053\u3068\u3067\u3059\u3002\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\u578b\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306b\u95a2\u9023\u3059\u308b\u6d41\u52d5\u6027\u306e\u5236\u7d04\u306b\u5bfe\u3059\u308b\u6280\u8853\u7684\u89e3\u6c7a\u7b56\u3068\u3057\u3066\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u3092\u7d99\u7d9a\u7684\u306b\u958b\u767a\u3059\u308b\u3053\u3068\u306f\u3001\u305d\u306e\u3088\u3046\u306a\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u30fb\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306e\u63a1\u7528\u3092\u5897\u3084\u3059\u3068\u3044\u3046POSA\u306e\u76ee\u6a19\u3092\u63a8\u9032\u3059\u308b\u3082\u306e\u3067\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"Proof of Stake Alliance\uff08\u4ee5\u4e0b\u300cPOSA\u300d\uff09\u306f\u3001\u4e8c\u3064\u306e\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u3092\u767a\u8868\u3057\u3001\u696d\u754c\u306e\u81ea\u4e3b\u898f\u5236\u3092\u4fc3\u3059\u76ee\u7684\u3067\u3001\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30c8\u30fc\u30af\u30f3\uff08LST\uff09\u306b\u95a2\u3059\u308b\u521d\u306e\u6cd5\u7684\u8abf\u67fb\u3068\u5206\u6790\u3092\u884c\u3063\u3066\u3044\u307e\u3059\u3002 \u767a\u8868\u3055\u308c\u305f2\u3064\u306e\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u306f\u3001\u30c7\u30b8\u30bf\u30eb\u5546\u54c1\u306e\u30ea\u30ad\u30c3\u30c9\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u30fb\u30c8\u30fc\u30af\u30f3\uff08LST\u306f\u8a3c\u5238\u3001\u30b9\u30ef\u30c3\u30d7\u3001\u8ab2\u7a0e\u5bfe\u8c61\u3068\u3057\u3066\u6271\u308f\u308c\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u3068\u3057\u3001\u8cac\u4efb\u3042\u308b\u6210\u9577\u306e\u305f\u3081\u306e\u696d\u754c\u539f\u5247\u3092\u5b9a\u7fa9\u3057\u3066\u3044\u307e\u3059\u3002 https:\/\/twitter.com\/TeamPOSA\/status\/1628017928405762053?s=20 \u6700\u521d\u306e\u30db\u30ef\u30a4\u30c8\u30da\u30fc\u30d1\u30fc\u300cU.S. Federal Securities and Commodity Law 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