{"id":22594,"date":"2026-09-17T16:52:55","date_gmt":"2026-09-17T16:52:55","guid":{"rendered":"https:\/\/cryptozen.asia\/vn\/dot-pha-lon-michael-saylor-phan-ung-truoc-dong-thai-quan-trong-cua-sec-ve-tien-dien-tu\/"},"modified":"2026-09-17T16:52:55","modified_gmt":"2026-09-17T16:52:55","slug":"dot-pha-lon-michael-saylor-phan-ung-truoc-dong-thai-quan-trong-cua-sec-ve-tien-dien-tu","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/vn\/dot-pha-lon-michael-saylor-phan-ung-truoc-dong-thai-quan-trong-cua-sec-ve-tien-dien-tu\/","title":{"rendered":"\u0110\u1ed9t Ph\u00e1 L\u1edbn: Michael Saylor Ph\u1ea3n \u1ee8ng Tr\u01b0\u1edbc \u0110\u1ed9ng Th\u00e1i Quan Tr\u1ecdng C\u1ee7a SEC V\u1ec1 Ti\u1ec1n \u0110i\u1ec7n T\u1eed"},"content":{"rendered":"<h2>SEC v\u00e0 B\u01b0\u1edbc Ti\u1ebfn Quan Tr\u1ecdng Trong Giao D\u1ecbch C\u1ed5 Phi\u1ebfu<\/h2>\n<p>\u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (<strong>SEC<\/strong>) v\u1eeba th\u1ef1c hi\u1ec7n m\u1ed9t b\u01b0\u1edbc ti\u1ebfn quan tr\u1ecdng trong vi\u1ec7c \u0111\u01b0a c\u1ed5 phi\u1ebfu tr\u00ean Ph\u1ed1 Wall v\u00e0o c\u00e1c <em>blockchain<\/em> c\u00f4ng khai. H\u1ecd \u0111\u00e3 c\u00f4ng b\u1ed1 m\u1ed9t khung quy \u0111\u1ecbnh t\u1ea1m th\u1eddi cho ph\u00e9p m\u1ed9t s\u1ed1 c\u1ed5 phi\u1ebfu M\u1ef9 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a giao d\u1ecbch th\u00f4ng qua c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng vay m\u01b0\u1ee3n tr\u1ef1c ti\u1ebfp t\u1eeb t\u00e0i ch\u00ednh phi t\u1eadp trung (<strong>DeFi<\/strong>). C\u1ef1u Gi\u00e1m \u0111\u1ed1c Chi\u1ebfn l\u01b0\u1ee3c <strong>Michael Saylor<\/strong> \u0111\u00e3 m\u00f4 t\u1ea3 \u0111\u00e2y l\u00e0 m\u1ed9t &#8220;<strong>\u0111\u1ed9t ph\u00e1 l\u1edbn<\/strong>&#8220;.<\/p>\n<h2>C\u1ed5 Phi\u1ebfu \u0110\u01b0\u1ee3c M\u00e3 H\u00f3a v\u00e0 C\u01a1 Ch\u1ebf Giao D\u1ecbch M\u1edbi<\/h2>\n<p>C\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t kh\u00e1i ni\u1ec7m ho\u00e0n to\u00e0n m\u1edbi. C\u00e1c n\u1ec1n t\u1ea3ng b\u00ean ngo\u00e0i Hoa K\u1ef3 \u0111\u00e3 th\u1eed nghi\u1ec7m v\u1edbi c\u00e1c \u0111\u1ea1i di\u1ec7n d\u1ef1a tr\u00ean blockchain c\u1ee7a c\u00e1c c\u00f4ng ty ni\u00eam y\u1ebft c\u00f4ng khai. SEC \u0111ang m\u1edf ra m\u1ed9t con \u0111\u01b0\u1eddng cho vi\u1ec7c giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p th\u1ef1c s\u1ef1 di\u1ec5n ra b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00e1c c\u01a1 ch\u1ebf li\u00ean quan ch\u1eb7t ch\u1ebd \u0111\u1ebfn ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 t\u00e0i ch\u00ednh phi t\u1eadp trung. M\u1ed9t <strong>Automated Market Maker (AMM)<\/strong> c\u00f3 th\u1ec3 cung c\u1ea5p c\u00e1c b\u1ec3 thanh kho\u1ea3n cho c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng, trong \u0111\u00f3 c\u00e1c b\u00ean tham gia \u0111\u01b0\u1ee3c ph\u00ea duy\u1ec7t c\u00f3 th\u1ec3 mua v\u00e0 b\u00e1n c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a. AMM d\u1ef1a v\u00e0o h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh v\u00e0 c\u00e1c b\u1ec3 t\u00e0i s\u1ea3n thay v\u00ec m\u00f4 h\u00ecnh s\u1ed5 \u0111\u1eb7t h\u00e0ng truy\u1ec1n th\u1ed1ng m\u00e0 c\u00e1c s\u00e0n giao d\u1ecbch ch\u1ee9ng kho\u00e1n l\u1edbn \u0111ang s\u1eed d\u1ee5ng.<\/p>\n<h2>Y\u00eau C\u1ea7u v\u00e0 Th\u1eed Nghi\u1ec7m c\u1ee7a SEC<\/h2>\n<p>\u0110\u00e1ng ch\u00fa \u00fd, SEC y\u00eau c\u1ea7u c\u00e1c h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh \u0111\u1ee9ng sau c\u00e1c \u0111\u1ecba \u0111i\u1ec3m n\u00e0y ph\u1ea3i c\u00f4ng khai v\u00e0 c\u00f3 th\u1ec3 ki\u1ec3m to\u00e1n, ho\u1ea1t \u0111\u1ed9ng tr\u00ean m\u1ed9t s\u1ed5 c\u00e1i ph\u00e2n t\u00e1n c\u00f4ng khai m\u00e0 kh\u00f4ng c\u1ea7n s\u1ef1 cho ph\u00e9p. SEC \u0111ang cho ph\u00e9p c\u00e1c ph\u1ea7n c\u1ee7a c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng blockchain c\u00f4ng khai, \u0111\u01b0\u1ee3c ph\u00e1t tri\u1ec3n b\u1edfi ng\u00e0nh c\u00f4ng nghi\u1ec7p ti\u1ec1n \u0111i\u1ec7n t\u1eed, tr\u1edf th\u00e0nh m\u1ed9t ph\u1ea7n c\u1ee7a c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng th\u1eed nghi\u1ec7m cho c\u00e1c c\u1ed5 phi\u1ebfu ni\u00eam y\u1ebft t\u1ea1i Hoa K\u1ef3. \u1ee6y vi\u00ean SEC <strong>Hester Peirce<\/strong> v\u00e0 <strong>Atkins<\/strong> tr\u01b0\u1edbc \u0111\u00f3 \u0111\u00e3 \u0111\u1ec1 c\u1eadp \u0111\u1ebfn kh\u1ea3 n\u0103ng n\u00e0y. Atkins \u0111\u00e3 n\u00f3i v\u00e0o \u0111\u1ea7u n\u0103m nay r\u1eb1ng c\u00e1c b\u00ean tham gia th\u1ecb tr\u01b0\u1eddng n\u00ean c\u00f3 kh\u1ea3 n\u0103ng th\u1eed nghi\u1ec7m giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a th\u00f4ng qua c\u00e1c nh\u00e0 t\u1ea1o l\u1eadp th\u1ecb tr\u01b0\u1eddng t\u1ef1 \u0111\u1ed9ng v\u00e0 c\u00e1c \u1ee9ng d\u1ee5ng phi t\u1eadp trung ch\u1ea1y tr\u00ean c\u00e1c blockchain c\u00f4ng khai m\u00e0 kh\u00f4ng c\u1ea7n s\u1ef1 cho ph\u00e9p.<\/p>\n<h2>Thay \u0110\u1ed5i Trong C\u00f4ng Ngh\u1ec7 Giao D\u1ecbch Ch\u1ee9ng Kho\u00e1n<\/h2>\n<p>Theo khung quy \u0111\u1ecbnh c\u1ee7a SEC, vi\u1ec7c m\u00e3 h\u00f3a d\u1ef1 ki\u1ebfn s\u1ebd thay \u0111\u1ed5i h\u00ecnh th\u1ee9c c\u00f4ng ngh\u1ec7 m\u00e0 ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c n\u1eafm gi\u1eef v\u00e0 giao d\u1ecbch, m\u00e0 kh\u00f4ng l\u00e0m m\u1ea5t \u0111i c\u00e1c quy\u1ec1n kinh t\u1ebf v\u00e0 ph\u00e1p l\u00fd g\u1eafn li\u1ec1n v\u1edbi ch\u1ee9ng kho\u00e1n c\u01a1 s\u1edf. C\u00e1ch x\u1eed l\u00fd c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n c\u0169ng l\u00e0 m\u1ed9t thay \u0111\u1ed5i quan tr\u1ecdng kh\u00e1c. SEC c\u0169ng \u0111ang cung c\u1ea5p s\u1ef1 mi\u1ec5n tr\u1eeb t\u1ea1m th\u1eddi c\u00f3 \u0111i\u1ec1u ki\u1ec7n kh\u1ecfi \u0111\u1ecbnh ngh\u0129a &#8220;nh\u00e0 giao d\u1ecbch&#8221; trong \u0110\u1ea1o lu\u1eadt Giao d\u1ecbch cho m\u1ed9t s\u1ed1 b\u00ean tham gia cung c\u1ea5p c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a c\u1ee7a ri\u00eang h\u1ecd cho c\u00e1c b\u1ec3 thanh kho\u1ea3n AMM.<\/p>\n<h2>Th\u1ef1c Ti\u1ec5n v\u00e0 H\u1ea1n Ch\u1ebf<\/h2>\n<p>V\u1ec1 m\u1eb7t th\u1ef1c ti\u1ec5n, SEC \u0111ang th\u1eed nghi\u1ec7m xem li\u1ec7u m\u1ed9t c\u01a1 ch\u1ebf \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng r\u1ed9ng r\u00e3i \u0111\u1ec3 giao d\u1ecbch ti\u1ec1n \u0111i\u1ec7n t\u1eed c\u00f3 th\u1ec3 ph\u1ee5c v\u1ee5 nh\u01b0 m\u1ed9t ph\u1ea7n c\u1ee7a c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng cho vi\u1ec7c giao d\u1ecbch ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd hay kh\u00f4ng. Tuy nhi\u00ean, v\u1eabn c\u00f2n nh\u1eefng h\u1ea1n ch\u1ebf l\u1edbn. Th\u00f4ng b\u00e1o n\u00e0y kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 m\u1ecdi c\u1ed5 phi\u1ebfu c\u1ee7a Hoa K\u1ef3 c\u00f3 th\u1ec3 \u0111\u1ed9t nhi\u00ean \u0111\u01b0\u1ee3c giao d\u1ecbch t\u1ef1 do th\u00f4ng qua DeFi. S\u1ed1 l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a c\u00f3 s\u1eb5n th\u00f4ng qua c\u00e1c <strong>TSV<\/strong> v\u00e0 kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch c\u1ee7a ch\u00fang s\u1ebd b\u1ecb gi\u1edbi h\u1ea1n. SEC th\u1ef1c ch\u1ea5t \u0111ang t\u1ea1o ra m\u1ed9t ph\u00f2ng th\u00ed nghi\u1ec7m k\u00e9o d\u00e0i n\u0103m n\u0103m, trong \u0111\u00f3 c\u00e1c c\u00f4ng ty g\u1ed1c ti\u1ec1n \u0111i\u1ec7n t\u1eed v\u00e0 c\u00e1c c\u00f4ng ty t\u00e0i ch\u00ednh \u0111\u00e3 \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp c\u00f3 th\u1ec3 th\u1eed nghi\u1ec7m xem li\u1ec7u c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng blockchain c\u00f4ng khai c\u00f3 th\u1ec3 x\u1eed l\u00fd c\u00e1c ph\u1ea7n c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu Hoa K\u1ef3 d\u01b0\u1edbi s\u1ef1 gi\u00e1m s\u00e1t quy \u0111\u1ecbnh hay kh\u00f4ng.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC v\u00e0 B\u01b0\u1edbc Ti\u1ebfn Quan Tr\u1ecdng Trong Giao D\u1ecbch C\u1ed5 Phi\u1ebfu \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (SEC) v\u1eeba th\u1ef1c hi\u1ec7n m\u1ed9t b\u01b0\u1edbc ti\u1ebfn quan tr\u1ecdng trong vi\u1ec7c \u0111\u01b0a c\u1ed5 phi\u1ebfu tr\u00ean Ph\u1ed1 Wall v\u00e0o c\u00e1c blockchain c\u00f4ng khai. H\u1ecd \u0111\u00e3 c\u00f4ng b\u1ed1 m&#8230;<\/p>\n","protected":false},"author":3,"featured_media":22593,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[12733,4242,12732,9708,5257,4217,4239,5320,4348,12734,4204,9546],"class_list":["post-22594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-amms","tag-apple","tag-atkins","tag-exchange-act","tag-hester-peirce","tag-legal","tag-michael-saylor","tag-robinhood","tag-sec","tag-tokenized-securities-venues","tag-usa","tag-vlad-tenev"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u0110\u1ed9t Ph\u00e1 L\u1edbn: Michael Saylor Ph\u1ea3n \u1ee8ng Tr\u01b0\u1edbc \u0110\u1ed9ng Th\u00e1i Quan Tr\u1ecdng C\u1ee7a SEC V\u1ec1 Ti\u1ec1n \u0110i\u1ec7n T\u1eed - CryptoZen<\/title>\n<meta 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Tr\u01b0\u1edbc \u0110\u1ed9ng Th\u00e1i Quan Tr\u1ecdng C\u1ee7a SEC V\u1ec1 Ti\u1ec1n \u0110i\u1ec7n T\u1eed\",\"datePublished\":\"2026-09-17T16:52:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptozen.asia\/vn\/dot-pha-lon-michael-saylor-phan-ung-truoc-dong-thai-quan-trong-cua-sec-ve-tien-dien-tu\/\"},\"wordCount\":1089,\"publisher\":{\"@id\":\"https:\/\/cryptozen.asia\/vn\/#organization\"},\"image\":{\"@id\":\"https:\/\/cryptozen.asia\/vn\/dot-pha-lon-michael-saylor-phan-ung-truoc-dong-thai-quan-trong-cua-sec-ve-tien-dien-tu\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/cryptozen.asia\/vn\/wp-content\/uploads\/sites\/27\/2026\/09\/story_208578_preview.jpeg\",\"keywords\":[\"AMMs\",\"Apple\",\"Atkins\",\"Exchange Act\",\"Hester Peirce\",\"Legal\",\"Michael Saylor\",\"Robinhood\",\"SEC\",\"Tokenized Securities Venues\",\"USA\",\"Vlad 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