{"id":49975,"date":"2019-03-04T05:46:41","date_gmt":"2019-03-04T05:46:41","guid":{"rendered":"https:\/\/cn.cryptonews.com\/?p=49975"},"modified":"2022-02-10T08:03:08","modified_gmt":"2022-02-10T08:03:08","slug":"what-is-a-security-token-offering-sto","status":"publish","type":"guides","link":"https:\/\/cryptonews.com\/cn\/guides\/what-is-a-security-token-offering-sto\/","title":{"rendered":"\u4f55\u8c13\u8bc1\u5238\u578b\u901a\u8bc1(STO)\uff1f"},"content":{"rendered":"<p>STO\u662f\u8bc1\u5238\u578b\u901a\u8bc1\u7684\u7f29\u5199\uff0c\u7a0b\u5e8f\u4e0eICO\u975e\u5e38\u76f8\u4f3c\u3002\u6295\u8d44\u8005\u83b7\u5f97\u52a0\u5bc6\u8d27\u5e01\u6216\u901a\u8bc1\u4ee5\u4ee3\u8868\u4ed6\u4eec\u7684\u6295\u8d44\u3002<\/p><figure class=\"center\"><img decoding=\"async\" class=\"content-img\" src=\"https:\/\/cimg.co\/w\/guides-attachments\/1\/5c7\/c9d400a66e.png\" alt=\"What Is STO\">\r\n<figcaption><\/figcaption>\r\n<\/figure><p>\u8bc1\u5238\u578b\u901a\u8bc1\u65f6\u5e38\u88ab\u8ba4\u4e3a\u662f\u901a\u8bc1\u6f14\u8fdb\u7684\u4e0b\u4e00\u4e2a\u9636\u6bb5\u3002\u7136\u800c\uff0c\u4f55\u8c13\u8bc1\u5238\u578b\u901a\u8bc1\uff0c\u4ee5\u53ca\u5176\u91cd\u8981\u6027\u4e3a\u4f55?<\/p><h2 id=\"shen-me-shi-zheng-quan-xing-tong-zheng-(sto)?\">\u4ec0\u4e48\u662f\u8bc1\u5238\u578b\u901a\u8bc1(STO)\uff1f<\/h2><span class=\"replacer\"><\/span><p>STO\u662f\u8bc1\u5238\u578b\u901a\u8bc1\u7684\u7f29\u5199\uff0c\u7a0b\u5e8f\u4e0eICO\u975e\u5e38\u76f8\u4f3c\u3002\u6295\u8d44\u8005\u83b7\u5f97\u52a0\u5bc6\u8d27\u5e01\u6216\u901a\u8bc1\u4ee5\u4ee3\u8868\u4ed6\u4eec\u7684\u6295\u8d44\u3002\u4e0eICO\u4e0d\u540c\u7684\u662f\uff0c\u8bc1\u5238\u578b\u901a\u8bc1\u66f4\u8fdb\u4e00\u6b65\uff0c\u5176\u53d1\u884c\u7684\u901a\u8bc1\u4e0e\u8bc1\u5238\u6709\u76f8\u540c\u6548\u529b\uff1b\u8bc1\u5238\u578b\u901a\u8bc1\u6709\u7ed1\u5b9a\u4e0e\u5176\u4ee3\u8868\u4ef7\u503c\u76f8\u5bf9\u7684\u5b9e\u8d28\u8d44\u4ea7\uff0c\u5982\u80a1\u7968\u3001\u503a\u5238\u3001\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u57fa\u91d1\u6216\u5176\u4ed6\u8d44\u4ea7\u3002<\/p><p>\u56e0\u6b64\uff0cSTO\u53d1\u884c\u8bc1\u5238\u578b\u901a\u8bc1\u3002\u8fd9\u4e9b\u901a\u8bc1\u662f\u53ef\u4ea4\u6613\u6216\u53ef\u8f6c\u8ba9\uff0c\u5177\u53ef\u534f\u5546\u4e14\u6709\u4ef7\u503c\u7684\u91d1\u878d\u5de5\u5177\uff0c\u5982\u540c\u8d44\u4ea7\u6216\u516c\u53f8\u4e00\u5c0f\u90e8\u5206\u3002<\/p><p>STO\u4e0d\u4f1a\u4e8e\u4e00\u822c\u901a\u8bc1\u4ea4\u6613\u6240\u4e70\u5356\uff0c\u63d0\u4f9bSTO\u670d\u52a1\u7684\u4ea4\u6613\u6240\u5fc5\u987b\u5b8c\u5168\u9075\u5b88\u901a\u8bc1\u4e0a\u5e02\u7684\u5e7f\u6cdb\u8c03\u67e5\u3001\u6570\u636e\u5206\u4eab\u3001\u6295\u8d44\u8005\u5165\u4f1a\u6d41\u7a0b\u7b49\u76f8\u5173\u7684\u6cd5\u5f8b\u89c4\u8303\uff0c\u56e0\u6b64STO\u53ea\u5728\u4e13\u95e8\u7684\u4ea4\u6613\u6240\u4e0a\u4e70\u5356\u3002<\/p><h2 id=\"sto-de-you-shi?\">STO\u7684\u4f18\u52bf?<\/h2><span class=\"replacer\"><\/span><p>\u57282017\u81f32018\u5e74\u7684ICO\u72c2\u6f6e\u4e2d\uff0c\u8bb8\u591a\u901a\u8bc1\u53d1\u884c\u8005\u8d29\u552e\u7ed9\u6295\u8d44\u8005\u5927\u91cf\u7684\u901a\u8bc1\uff0c\u7136\u800c\u8fd9\u4e9b\u901a\u8bc1\u5728\u6cd5\u5f8b\u4e0a\u5e76\u4e0d\u5177\u5907\u4efb\u4f55\u4ef7\u503c\u76f8\u5e94\u7684\u6743\u5229\u3002<\/p><p>\u76f8\u8f83\u4e8e\u4e00\u822c\u7684\u901a\u8bc1\u8d29\u552e\uff0cSTO\u8bbe\u8ba1\u76ee\u7684\u5728\u4e8e\u6210\u4e3a\u5408\u89c4\u66ff\u4ee3\u65b9\u6848\uff0c\u8d4b\u4e88\u901a\u8bc1\u6301\u6709\u8005\u80a1\u606f\u6743\u5229\u3001\u5176\u4ed6\u4e8b\u5148\u7ea6\u5b9a\u597d\u7684\u83b7\u5229\u6765\u6e90\uff0c\u4ee5\u6539\u53d8\u6295\u8d44\u8005\u65b9\u9762\u7684\u4e0d\u5e73\u7b49\u73b0\u8c61\u3002<\/p><p>\u53d1\u884c\u8005\u4e5f\u53ef\u4eceSTO\u4e2d\u53d7\u76ca\uff0c\u4ed6\u4eec\u65e0\u987b\u5ba3\u4f20\u6743\u8bc1\u7684\u7ecf\u6d4e\u4ef7\u503c\uff0c\u901a\u5e38\u6d89\u53ca\u901a\u8bc1\u5206\u914d\u3001\u53d1\u884c\u8d29\u552e\u4ee5\u53ca\u4e8c\u7ea7\u4ea4\u6613\u8fc7\u7a0b\u4e2d\u7684\u5229\u76ca\u76f8\u5173\u8005\u4e49\u52a1\u4f1a\u88ab\u660e\u786e\u5b9a\u4e49\u3002<\/p><p>\u5176\u4ed6\u4f34\u968fSTO\u7684\u4f18\u52bf\uff1a<\/p><ul>\r\n<li><b>\u4fe1\u8a89\u5ea6<\/b>\uff5c\u81f3\u5c11\u53ef\u4ee5\u8bf4ICO\u5e02\u573a\u662f\u4e00\u56e2\u6df7\u4e71\u3002\u8bb8\u591a\u4eba\u9677\u5165\u9a97\u5c40\u3001\u8bb8\u591a\u9879\u76ee\u65e0\u6cd5\u5b8c\u6210\u627f\u8bfa\u3001\u5927\u90e8\u5206\u6295\u8d44\u8005\u624b\u4e0a\u88ab\u4e00\u5806\u65e0\u7528\u901a\u8bc1\u5957\u7262\u3002\u76f8\u53cd\u5730\u200b\u200b\u200b\u200b\uff0cSTO\u9075\u5b88\u6240\u6709\u6cd5\u89c4\uff0c\u8ba9\u5e02\u573a\u5bf9\u533a\u5757\u94fe\u4ee5\u53ca\u52a0\u5bc6\u8d27\u5e01\u91cd\u62fe\u90e8\u5206\u4fe1\u5fc3\u3002<\/li>\r\n<li><b>\u4f18\u5316\u4f20\u7edf\u91d1\u878d<\/b>\uff5c\u4f20\u7edf\u8bc1\u5238\u4ea4\u6613\u7531\u4e8e\u57fa\u7840\u67b6\u6784\u8001\u65e7\u4ee5\u53ca\u5927\u91cf\u4e2d\u95f4\u4eba\uff0c\u663e\u5f97\u65e2\u7f13\u6162\u53c8\u6602\u8d35\uff0c\u7136\u800cSTO\u76f8\u8f83\u4e4b\u4e0b\u6210\u672c\u8f83\u4f4e\uff0c\u4fc3\u8fdb\u4e86\u670d\u52a1\u53d1\u5c55\u3002<\/li>\r\n<li><b>\u53ef\u7f16\u7a0b\u5316<\/b>\uff5cSTO\u4ea4\u6613\u53ef\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u8fdb\u884c\u7f16\u7a0b\u4e0e\u5f3a\u5236\u5b9e\u65bd\u3002<\/li>\r\n<li><b>\u81ea\u7531\u5e02\u573a<\/b>\uff5c\u56fd\u754c\u4e0e\u5730\u65b9\u6027\u6cd5\u89c4\u4e0d\u4f1a\u5c40\u9650STO\u7684\u4ea4\u6613\u3002<\/li>\r\n<li><b>\u5927\u91cf\u6295\u8d44\u8005<\/b>\uff5c\u4f20\u7edf\u8bc1\u5238\u4ea4\u6613\u53ea\u80fd\u7531\u5f53\u5730\u5c45\u6c11\u53c2\u4e0e\uff0cSTO\u4ea4\u6613\u5219\u5bf9\u4e92\u8054\u7f51\u4e0a\u7684\u4efb\u4f55\u4eba\u5f00\u653e\u3002<\/li>\r\n<li><b>\u6e1b\u5c11\u6a5f\u69cb\u64cd\u63a7<\/b>\uff5c\u7406\u8bba\u4e0a\uff0c\u516c\u5f00\u800c\u81ea\u7531\u7684\u5e02\u573a\u4f1a\u51cf\u5c11\u4e2d\u95f4\u4eba\uff0c\u907f\u514d\u5e02\u573a\u88ab\u64cd\u5f04\u3002<\/li>\r\n<li><b>\u66f4\u597d\u7684\u6d41\u52a8\u6027<\/b>\uff5c\u8bc1\u5238\u578b\u901a\u8bc1\u4f1a\u5728\u4e13\u95e8\u7684\u8bc1\u5238\u4ea4\u6613\u6240\u4e70\u5356\uff0c\u56e0\u6b64\u6295\u8d44\u8005\u80fd\u66f4\u65b9\u4fbf\u5730\u6e05\u7b97\u8d44\u4ea7\u3002<\/li>\r\n<\/ul><p>\u6700\u91cd\u8981\u7684\u662f\uff0c\u8bc1\u5238\u578b\u901a\u8bc1\u548cSTO\u5141\u8bb8\u516c\u53f8\u80fd\u900f\u8fc7\u91cd\u65b0\u7ec4\u5408\u503a\u52a1\u3001\u80a1\u6743\u6216\u8d21\u732e\u8005\uff0c\u521b\u9020\u5168\u65b0\u7684\u5229\u76ca\u76f8\u5173\u8005\u3002<\/p><p>\u56e0\u6b64\uff0c\u8bc1\u5238\u578b\u901a\u8bc1\u901a\u5e38\u88ab\u8ba4\u4e3a\u662fICO\u7684\u6539\u8fdb\uff0c\u5176\u8bbe\u8ba1\u9488\u5bf9\u529f\u80fd\u578b\u901a\u8bc1\u8d29\u552e\u7684\u57fa\u672c\u7f3a\u9677\uff0c\u5e76\u5177\u6709\u6539\u8fdb\u4f20\u7edf\u8bc1\u5238\u7684\u6f5c\u529b\u3002<\/p><h2 id=\"ru-he-pan-duan-tong-zheng-shu-yu-zheng-quan-xing?\">\u5982\u4f55\u5224\u65ad\u901a\u8bc1\u5c5e\u4e8e\u8bc1\u5238\u578b?<\/h2><span class=\"replacer\"><\/span><figure class=\"center\" style=\"max-width: 660px\"><img decoding=\"async\" class=\"content-img lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"The Howey Test\" data-src=\"https:\/\/cimg.co\/w\/guides-attachments\/1\/5c7\/ca0269910e.png\" data-srcset=\"\">\r\n<figcaption>\u6765\u6e90: Congressional Research Service<\/figcaption>\r\n<\/figure><p>\u533a\u5206\u8bc1\u5238\u578b\u901a\u8bc1\u8ddf\u529f\u80fd\u578b\u901a\u8bc1\u7684\u6700\u5e38\u89c1\u65b9\u6cd5\u662f<b>\u8c6a\u5a01\u6d4b\u8bd5<\/b>\u3002\u5176\u540d\u79f0\u662f\u6e90\u81ea\u4e8e\u7f8e\u56fd\u6700\u9ad8\u6cd5\u9662\u57281946\u5e74\u5bf9\u8c6a\u5a01\u516c\u53f8\u7684\u5224\u51b3\u6848\u3002\u7b80\u5355\u6765\u8bf4\uff0c\u8be5\u516c\u53f8\u51b3\u5b9a\u51fa\u79df\u5176\u534a\u6570\u8d44\u4ea7\u7ed9\u6295\u8d44\u8005\uff0c\u57fa\u4e8e\u8fd9\u90e8\u5206\u8d44\u4ea7\u5c06\u88ab\u5176\u52b3\u5de5\u7528\u4e8e\u751f\u4ea7\u5229\u6da6\u7684\u5047\u8bbe\uff0c\u7136\u800c\u7f8e\u56fdSEC\u62d2\u7edd\u63a5\u53d7\u8be5\u4ea4\u6613\u6848\u3002<\/p><p>\u5f53\u8be5\u6848\u4ef6\u9001\u8fbe\u6700\u9ad8\u6cd5\u9662\u540e\u7684\u5224\u5b9a\u662f\u53f2\u65e0\u524d\u4f8b\u7684\uff0c\u9700\u8981\u91cd\u65b0\u5b9a\u4e49\u8bc1\u5238\u7684\u6784\u6210\uff0c\u8c6a\u5a01\u6d4b\u8bd5\u5e94\u8fd0\u800c\u751f\u3002<\/p><p>\u6839\u636e\u8c6a\u5a01\u6d4b\u8bd5\uff0c\u4e00\u91d1\u878d\u5de5\u5177\u5982\u679c\u6ee1\u8db3\u4ee5\u4e0b\u6761\u4ef6\u4f1a\u88ab\u5224\u5b9a\u4e3a\u8bc1\u5238\uff1a<\/p><ol type=\"1\">\r\n<li>\u5c5e\u4e8e\u91d1\u94b1\u6295\u8d44\u884c\u4e3a<\/li>\r\n<li>\u6295\u8d44\u4e8e\u4e00\u4e2a\u5171\u540c\u4e8b\u4e1a\u4f53<\/li>\r\n<li>\u671f\u671b\u83b7\u5229<\/li>\r\n<li>\u83b7\u5229\u51ed\u501f\u53d1\u8d77\u4eba\u6216\u7b2c\u4e09\u65b9\u7684\u52aa\u529b<\/li>\r\n<\/ol><p>\u5f53\u4e00\u4e2a\u901a\u8bc1\u901a\u8fc7\u8c6a\u5a01\u6d4b\u8bd5\uff0c\u5b83\u5c06\u88ab\u89c6\u4e3a\u8bc1\u5238\u578b\u901a\u8bc1\u3002<\/p><h2 id=\"zheng-quan-xing-tong-zheng-gen-tong-zheng-hua-zheng-quan-de-cha-bie\">\u8bc1\u5238\u578b\u901a\u8bc1\u8ddf\u901a\u8bc1\u5316\u8bc1\u5238\u7684\u5dee\u522b<\/h2><span class=\"replacer\"><\/span><p>\u8bc1\u5238\u578b\u901a\u8bc1\u8ddf\u901a\u8bc1\u5316\u8bc1\u5238\u5f88\u5bb9\u6613\u4e92\u76f8\u6df7\u6dc6\u3002<\/p><p>\u4e24\u8005\u95f4\u7684\u5173\u952e\u533a\u522b\u5728\u4e8e\uff0c\u8bc1\u5238\u578b\u901a\u8bc1\u662f\u5728\u5206\u5e03\u5f0f\u5e10\u672c\u4e0a\u8d77\u4f5c\u7528\u7684\u65b0\u53d1\u884c\u8bc1\u5238\uff0c\u800c\u901a\u8bc1\u5316\u8bc1\u5238\u53ea\u662f\u7528\u901a\u8bc1\u6765\u4ee3\u8868\u5df2\u5b58\u5728\u53d1\u884c\u7684\u8bc1\u5238\u3002\u57fa\u672c\u4e0a\uff0c\u5982\u679c\u662f\u53d1\u884c\u4e86\u4e00\u4e2a\u5e26\u6709\u8bc1\u5238\u7279\u6027\u7684\u5168\u65b0\u91d1\u878d\u4ea7\u54c1\uff0c\u90a3\u5c31\u662f\u8bc1\u5238\u578b\u901a\u8bc1\uff1b\u53cd\u4e4b\u82e5\u662f\u91c7\u7528\u73b0\u6709\u8d44\u4ea7\u5305\u88c5\u6210\u901a\u8bc1\u5f62\u5f0f\u5373\u662f\u901a\u8bc1\u5316\u8bc1\u5238\u3002<\/p><p>\u5373\u4f7f\u5b57\u9762\u4e0a\u6709\u76f8\u4f3c\u4e4b\u5904\uff0c\u4f46\u53d1\u653e\u8bc1\u5238\u578b\u901a\u8bc1\u8ddf\u901a\u8bc1\u5316\u8bc1\u5238\u5b8c\u5168\u6ca1\u6709\u5173\u8054\u3002<\/p><h2 id=\"zheng-quan-xing-tong-zheng-de-jian-yao-li-shi\">\u8bc1\u5238\u578b\u901a\u8bc1\u7684\u7b80\u8981\u5386\u53f2<\/h2><span class=\"replacer\"><\/span><p>\u7b2c\u4e00\u4e2a\u8bc1\u5238\u578b\u901a\u8bc1\u4e8e2017\u5e744\u670810\u65e5\u5728Blockchain Capital (BCAP)\u53d1\u884c\uff0c\u8be5\u8bc1\u5238\u578b\u901a\u8bc1\u4e00\u5929\u5185\u52df\u96c6\u4e86\u4e00\u5343\u4e07\u7f8e\u5143\u3002\u4ece\u90a3\u65f6\u8d77\uff0cSTO\u5728\u6574\u4e2a2018\u5e74\u548c2019\u5e74\u81f3\u4eca\uff0c\u4f9d\u7136\u53d7\u5230\u6295\u8d44\u8005\u9752\u7750\u3002\u4e0b\u65b9\u662f\u4e00\u4e2a\u7b80\u77ed\u7684\u65f6\u95f4\u8868\u7f57\u5217\u4e86\u6570\u4e2a\u8457\u540d\u7684STO\u3002<\/p><figure class=\"center\"><img decoding=\"async\" class=\"content-img lazyload\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"A Brief History of STOs\" data-src=\"https:\/\/cimg.co\/w\/guides-attachments\/1\/5c7\/c9e5fb9a71.png\" data-srcset=\"\">\r\n<figcaption>\u6765\u6e90: Security Token Overview Series \/ Smith+Crown<\/figcaption>\r\n<\/figure><h2 id=\"sto-fa-xing-ping-tai\">STO\u53d1\u884c\u5e73\u53f0<\/h2><span class=\"replacer\"><\/span><p>\u534f\u52a9\u4f01\u4e1a\u53d1\u884cSTO\u7684\u9886\u5bfc\u5e73\u53f0\uff1a<\/p><ul>\r\n<li><a href=\"https:\/\/cryptonews.com\/coins\/polymath-network\/\" target=\"_blank\" rel=\"noopener\">Polymath<\/a> (POLY)<\/li>\r\n<li>Securitize<\/li>\r\n<li><b>Harbor<\/b><\/li>\r\n<li><b>Swarm<\/b><\/li>\r\n<\/ul><p>\u901a\u5e38\u5e73\u53f0\u4f1a\u5bf9STO\u4f01\u4e1a\u63d0\u4f9b\u76d1\u7ba1\u534f\u52a9\u3001\u6d41\u7a0b\u8f85\u52a9\u3001\u901a\u8bc1\u53d1\u884c\u4ee5\u53ca\u5176\u4ed6\u76f8\u5173\u534f\u52a9\u3002<\/p><h2 id=\"wo-ke-yi-can-yusto-ma?\">\u6211\u53ef\u4ee5\u53c2\u4e0eSTO\u5417?<\/h2><span class=\"replacer\"><\/span><p>\u5728\u7f8e\u56fd\uff0c\u53ea\u6709\u5408\u683c\u6295\u8d44\u4eba\u53ef\u6295\u8d44STO\u3002\u4f46\u662f\uff0c\u5982\u679c\u4f60\u5c45\u4f4f\u5728\u7f8e\u56fd\u5883\u5916\u5730\u533a\uff0c\u4ecd\u4e0d\u53d7\u6b64\u89c4\u8303\u9650\u5236\uff0c\u53ef\u4ee5\u53c2\u4e0e\u5927\u90e8\u5206\u7684STO\u9879\u76ee\u3002\u7136\u800c\u53ef\u80fd\u4f1a\u6709\u5176\u4ed6\u5177\u4f53\u7279\u5b9a\u9650\u5236\uff0c\u56e0\u6b64\u5728\u6295\u8d44\u524d\uff0c\u8bf7\u52a1\u5fc5\u54a8\u8be2\u6240\u5728\u5730\u4e3b\u7ba1\u673a\u5173\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>STO\u662f\u8bc1\u5238\u578b\u901a\u8bc1\u7684\u7f29\u5199\uff0c\u7a0b\u5e8f\u4e0eICO\u975e\u5e38\u76f8\u4f3c\u3002\u6295\u8d44\u8005\u83b7\u5f97\u52a0\u5bc6\u8d27\u5e01\u6216\u901a\u8bc1\u4ee5\u4ee3\u8868\u4ed6\u4eec\u7684\u6295\u8d44\u3002\u8bc1\u5238\u578b\u901a\u8bc1\u65f6\u5e38\u88ab\u8ba4\u4e3a\u662f\u901a\u8bc1\u6f14\u8fdb\u7684\u4e0b\u4e00\u4e2a\u9636\u6bb5\u3002\u7136\u800c\uff0c\u4f55\u8c13\u8bc1\u5238\u578b\u901a\u8bc1\uff0c\u4ee5\u53ca\u5176\u91cd\u8981\u6027\u4e3a\u4f55?\u4ec0\u4e48\u662f\u8bc1\u5238\u578b\u901a\u8bc1(STO)\uff1fSTO\u662f\u8bc1\u5238\u578b\u901a\u8bc1\u7684\u7f29\u5199\uff0c\u7a0b\u5e8f\u4e0eICO\u975e\u5e38\u76f8\u4f3c\u3002\u6295\u8d44\u8005\u83b7\u5f97\u52a0\u5bc6\u8d27\u5e01\u6216\u901a\u8bc1\u4ee5\u4ee3\u8868\u4ed6\u4eec\u7684\u6295\u8d44\u3002\u4e0eICO\u4e0d\u540c\u7684\u662f\uff0c\u8bc1\u5238\u578b\u901a\u8bc1\u66f4\u8fdb\u4e00\u6b65\uff0c\u5176\u53d1\u884c\u7684\u901a\u8bc1\u4e0e\u8bc1\u5238\u6709\u76f8\u540c\u6548\u529b\uff1b\u8bc1\u5238\u578b\u901a\u8bc1\u6709\u7ed1\u5b9a\u4e0e\u5176\u4ee3\u8868\u4ef7\u503c\u76f8\u5bf9\u7684\u5b9e\u8d28\u8d44\u4ea7\uff0c\u5982\u80a1\u7968\u3001\u503a\u5238\u3001\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\u57fa\u91d1\u6216\u5176\u4ed6\u8d44\u4ea7\u3002\u56e0\u6b64\uff0cSTO\u53d1\u884c\u8bc1\u5238\u578b\u901a\u8bc1\u3002\u8fd9\u4e9b\u901a\u8bc1\u662f\u53ef\u4ea4\u6613\u6216\u53ef\u8f6c\u8ba9\uff0c\u5177\u53ef\u534f\u5546\u4e14\u6709\u4ef7\u503c\u7684\u91d1\u878d\u5de5\u5177\uff0c\u5982\u540c\u8d44\u4ea7\u6216\u516c\u53f8\u4e00\u5c0f\u90e8\u5206\u3002STO\u4e0d\u4f1a\u4e8e\u4e00\u822c\u901a\u8bc1\u4ea4\u6613\u6240\u4e70\u5356\uff0c\u63d0\u4f9bSTO\u670d\u52a1\u7684\u4ea4\u6613\u6240\u5fc5\u987b\u5b8c\u5168\u9075\u5b88\u901a\u8bc1\u4e0a\u5e02\u7684\u5e7f\u6cdb\u8c03\u67e5\u3001\u6570\u636e\u5206\u4eab\u3001\u6295\u8d44\u8005\u5165\u4f1a\u6d41\u7a0b\u7b49\u76f8\u5173\u7684\u6cd5\u5f8b\u89c4\u8303\uff0c\u56e0\u6b64STO\u53ea\u5728\u4e13\u95e8\u7684\u4ea4\u6613\u6240\u4e0a\u4e70\u5356\u3002STO\u7684\u4f18\u52bf?\u57282017\u81f32018\u5e74\u7684ICO\u72c2\u6f6e\u4e2d\uff0c\u8bb8\u591a\u901a\u8bc1\u53d1\u884c\u8005\u8d29\u552e\u7ed9\u6295\u8d44\u8005\u5927\u91cf\u7684\u901a\u8bc1\uff0c\u7136\u800c\u8fd9\u4e9b\u901a\u8bc1\u5728\u6cd5\u5f8b\u4e0a\u5e76\u4e0d\u5177\u5907\u4efb\u4f55\u4ef7\u503c\u76f8\u5e94\u7684\u6743\u5229\u3002\u76f8\u8f83\u4e8e\u4e00\u822c\u7684\u901a\u8bc1\u8d29\u552e\uff0cSTO\u8bbe\u8ba1\u76ee\u7684\u5728\u4e8e\u6210\u4e3a\u5408\u89c4\u66ff\u4ee3\u65b9\u6848\uff0c\u8d4b\u4e88\u901a\u8bc1\u6301\u6709\u8005\u80a1\u606f\u6743\u5229\u3001\u5176\u4ed6\u4e8b\u5148\u7ea6\u5b9a\u597d\u7684\u83b7\u5229\u6765\u6e90\uff0c\u4ee5\u6539\u53d8\u6295\u8d44\u8005\u65b9\u9762\u7684\u4e0d\u5e73\u7b49\u73b0\u8c61\u3002\u53d1\u884c\u8005\u4e5f\u53ef\u4eceSTO\u4e2d\u53d7\u76ca\uff0c\u4ed6\u4eec\u65e0\u987b\u5ba3\u4f20\u6743\u8bc1\u7684\u7ecf\u6d4e\u4ef7\u503c\uff0c\u901a\u5e38\u6d89\u53ca\u901a\u8bc1\u5206\u914d\u3001\u53d1\u884c\u8d29\u552e\u4ee5\u53ca\u4e8c\u7ea7\u4ea4\u6613\u8fc7\u7a0b\u4e2d\u7684\u5229\u76ca\u76f8\u5173\u8005\u4e49\u52a1\u4f1a\u88ab\u660e\u786e\u5b9a\u4e49\u3002\u5176\u4ed6\u4f34\u968fSTO\u7684\u4f18\u52bf\uff1a 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\u6700\u91cd\u8981\u7684\u662f\uff0c\u8bc1\u5238\u578b\u901a\u8bc1\u548cSTO\u5141\u8bb8\u516c\u53f8\u80fd\u900f\u8fc7\u91cd\u65b0\u7ec4\u5408\u503a\u52a1\u3001\u80a1\u6743\u6216\u8d21\u732e\u8005\uff0c\u521b\u9020\u5168\u65b0\u7684\u5229\u76ca\u76f8\u5173\u8005\u3002\u56e0\u6b64\uff0c\u8bc1\u5238\u578b\u901a\u8bc1\u901a\u5e38\u88ab\u8ba4\u4e3a\u662fICO\u7684\u6539\u8fdb\uff0c\u5176\u8bbe\u8ba1\u9488\u5bf9\u529f\u80fd\u578b\u901a\u8bc1\u8d29\u552e\u7684\u57fa\u672c\u7f3a\u9677\uff0c\u5e76\u5177\u6709\u6539\u8fdb\u4f20\u7edf\u8bc1\u5238\u7684\u6f5c\u529b\u3002\u5982\u4f55\u5224\u65ad\u901a\u8bc1\u5c5e\u4e8e\u8bc1\u5238\u578b?\u6765\u6e90: Congressional Research Service\u533a\u5206\u8bc1\u5238\u578b\u901a\u8bc1\u8ddf\u529f\u80fd\u578b\u901a\u8bc1\u7684\u6700\u5e38\u89c1\u65b9\u6cd5\u662f\u8c6a\u5a01\u6d4b\u8bd5\u3002\u5176\u540d\u79f0\u662f\u6e90\u81ea\u4e8e\u7f8e\u56fd\u6700\u9ad8\u6cd5\u9662\u57281946\u5e74\u5bf9\u8c6a\u5a01\u516c\u53f8\u7684\u5224\u51b3\u6848\u3002\u7b80\u5355\u6765\u8bf4\uff0c\u8be5\u516c\u53f8\u51b3\u5b9a\u51fa\u79df\u5176\u534a\u6570\u8d44\u4ea7\u7ed9\u6295\u8d44\u8005\uff0c\u57fa\u4e8e\u8fd9\u90e8\u5206\u8d44\u4ea7\u5c06\u88ab\u5176\u52b3\u5de5\u7528\u4e8e\u751f\u4ea7\u5229\u6da6\u7684\u5047\u8bbe\uff0c\u7136\u800c\u7f8e\u56fdSEC\u62d2\u7edd\u63a5\u53d7\u8be5\u4ea4\u6613\u6848\u3002\u5f53\u8be5\u6848\u4ef6\u9001\u8fbe\u6700\u9ad8\u6cd5\u9662\u540e\u7684\u5224\u5b9a\u662f\u53f2\u65e0\u524d\u4f8b\u7684\uff0c\u9700\u8981\u91cd\u65b0\u5b9a\u4e49\u8bc1\u5238\u7684\u6784\u6210\uff0c\u8c6a\u5a01\u6d4b\u8bd5\u5e94\u8fd0\u800c\u751f\u3002\u6839\u636e\u8c6a\u5a01\u6d4b\u8bd5\uff0c\u4e00\u91d1\u878d\u5de5\u5177\u5982\u679c\u6ee1\u8db3\u4ee5\u4e0b\u6761\u4ef6\u4f1a\u88ab\u5224\u5b9a\u4e3a\u8bc1\u5238\uff1a 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