{"id":22956,"date":"2026-09-28T18:52:12","date_gmt":"2026-09-28T18:52:12","guid":{"rendered":"https:\/\/cryptozen.asia\/vn\/sec-cap-nhat-huong-dan-ve-tai-san-crypto-theo-mo-hinh-cua-cftc\/"},"modified":"2026-09-28T18:52:12","modified_gmt":"2026-09-28T18:52:12","slug":"sec-cap-nhat-huong-dan-ve-tai-san-crypto-theo-mo-hinh-cua-cftc","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/vn\/sec-cap-nhat-huong-dan-ve-tai-san-crypto-theo-mo-hinh-cua-cftc\/","title":{"rendered":"SEC C\u1eadp Nh\u1eadt H\u01b0\u1edbng D\u1eabn V\u1ec1 T\u00e0i S\u1ea3n Crypto Theo M\u00f4 H\u00ecnh C\u1ee7a CFTC"},"content":{"rendered":"<h2>C\u1eadp nh\u1eadt t\u1eeb SEC v\u1ec1 \u0110\u1ea1o lu\u1eadt CLARITY<\/h2>\n<p>Sau cu\u1ed9c b\u1ecf phi\u1ebfu kh\u00f4ng th\u00e0nh c\u00f4ng v\u1ec1 \u0110\u1ea1o lu\u1eadt <strong>CLARITY<\/strong>, \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (<strong>SEC<\/strong>) \u0111\u00e3 c\u00f4ng b\u1ed1 c\u00e1c c\u1eadp nh\u1eadt li\u00ean quan \u0111\u1ebfn c\u00e1ch m\u00e0 lu\u1eadt ch\u1ee9ng kho\u00e1n li\u00ean bang c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng cho c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh token, theo h\u01b0\u1edbng d\u1eabn t\u01b0\u01a1ng t\u1ef1 t\u1eeb \u1ee6y ban Giao d\u1ecbch H\u00e0ng h\u00f3a T\u01b0\u01a1ng lai Hoa K\u1ef3 (<strong>CFTC<\/strong>). SEC \u0111\u00e3 c\u1eadp nh\u1eadt ch\u00ednh s\u00e1ch c\u1ee7a m\u00ecnh v\u1ec1 c\u00e1ch m\u00e0 lu\u1eadt ch\u1ee9ng kho\u00e1n s\u1ebd \u00e1p d\u1ee5ng cho &#8220;c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n crypto nh\u1ea5t \u0111\u1ecbnh v\u00e0 m\u1ed9t s\u1ed1 giao d\u1ecbch li\u00ean quan \u0111\u1ebfn t\u00e0i s\u1ea3n crypto,&#8221; sau \u0111\u1ed9ng th\u00e1i t\u01b0\u01a1ng t\u1ef1 c\u1ee7a CFTC v\u00e0o tu\u1ea7n tr\u01b0\u1edbc.<\/p>\n<h2>Gi\u1ea3i th\u00edch m\u1edbi v\u1ec1 quy t\u1eafc c\u1ee7a SEC<\/h2>\n<p>Trong m\u1ed9t b\u1ea3n c\u1eadp nh\u1eadt v\u00e0o th\u1ee9 S\u00e1u cho c\u00e1c c\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p c\u1ee7a SEC \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh v\u00e0o th\u00e1ng Ba, c\u01a1 quan n\u00e0y cho bi\u1ebft r\u1eb1ng c\u00e1ch gi\u1ea3i th\u00edch m\u1edbi nh\u1ea5t v\u1ec1 c\u00e1c quy t\u1eafc c\u1ee7a m\u00ecnh v\u1ec1 crypto l\u00e0 <strong>kh\u00f4ng r\u00e0ng bu\u1ed9c<\/strong>, kh\u00f4ng c\u00f3 &#8220;s\u1ee9c m\u1ea1nh ph\u00e1p l\u00fd ho\u1eb7c hi\u1ec7u l\u1ef1c, [kh\u00f4ng] thay \u0111\u1ed5i ho\u1eb7c s\u1eeda \u0111\u1ed5i lu\u1eadt \u00e1p d\u1ee5ng, v\u00e0 [kh\u00f4ng] t\u1ea1o ra b\u1ea5t k\u1ef3 ngh\u0129a v\u1ee5 m\u1edbi ho\u1eb7c b\u1ed5 sung n\u00e0o cho b\u1ea5t k\u1ef3 ai.&#8221; C\u00e1c c\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p s\u1ebd \u00e1p d\u1ee5ng cho c\u00e1ch m\u00e0 SEC xem x\u00e9t c\u00e1c s\u1ea3n ph\u1ea9m t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 thu\u1ed9c ph\u1ea1m vi th\u1eed nghi\u1ec7m <em>Howey<\/em> cho c\u00e1c h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0.<\/p>\n<h2>Ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i v\u00e0 th\u1eed nghi\u1ec7m Howey<\/h2>\n<p>Theo SEC, c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh token c\u00f3 th\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i cho kh\u00e1ch h\u00e0ng v\u1edbi \u0111i\u1ec1u ki\u1ec7n &#8220;m\u1ed9t h\u1ec7 th\u1ed1ng crypto ho\u1ea1t \u0111\u1ed9ng v\u00e0 kh\u00f4ng c\u00f3 b\u00ean trung gian&#8221; m\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i \u0111\u01b0\u1ee3c coi l\u00e0 &#8220;m\u1ed9t \u0111\u1ea1i di\u1ec7n ho\u1eb7c l\u1eddi h\u1ee9a \u0111\u1ec3 th\u1ef1c hi\u1ec7n c\u00e1c n\u1ed7 l\u1ef1c qu\u1ea3n l\u00fd thi\u1ebft y\u1ebfu,&#8221; t\u1ee9c l\u00e0 kh\u00f4ng ph\u1ea3i l\u00e0 h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 theo lu\u1eadt ch\u1ee9ng kho\u00e1n li\u00ean bang. C\u01a1 quan qu\u1ea3n l\u00fd c\u0169ng \u0111\u00e3 \u0111\u01b0a ra h\u01b0\u1edbng d\u1eabn t\u01b0\u01a1ng t\u1ef1 cho c\u00e1c m\u1ea1ng crypto, cho r\u1eb1ng m\u1ed9t h\u1ec7 th\u1ed1ng &#8220;ho\u1ea1t \u0111\u1ed9ng, cung c\u1ea5p d\u1ecbch v\u1ee5 \u0111\u1ec3 b\u1ea3o m\u1eadt, duy tr\u00ec, c\u1ea3i thi\u1ec7n ho\u1eb7c n\u00e2ng cao h\u1ec7 th\u1ed1ng ho\u1eb7c ch\u1ee9c n\u0103ng c\u1ee7a n\u00f3, ho\u1eb7c \u0111\u1ec3 t\u1ea1o \u0111i\u1ec1u ki\u1ec7n cho c\u00e1c hi\u1ec7u \u1ee9ng m\u1ea1ng&#8221; s\u1ebd kh\u00f4ng nh\u1ea5t thi\u1ebft ph\u1ea3i \u0111\u00e1p \u1ee9ng th\u1eed nghi\u1ec7m <em>Howey<\/em> c\u1ee7a c\u01a1 quan. C\u00e1c token nh\u1eadn staking, t\u01b0\u01a1ng t\u1ef1, c\u0169ng kh\u00f4ng ph\u1ea3i l\u00fac n\u00e0o c\u0169ng \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i l\u00e0 ch\u1ee9ng kho\u00e1n, theo c\u01a1 quan n\u00e0y.<\/p>\n<h2>\u0110\u1ed9ng th\u00e1i t\u1eeb CFTC v\u00e0 t\u00ecnh h\u00ecnh hi\u1ec7n t\u1ea1i<\/h2>\n<p>C\u00e1c c\u1eadp nh\u1eadt c\u1ee7a SEC theo sau m\u1ed9t \u0111\u1ed9ng th\u00e1i t\u01b0\u01a1ng t\u1ef1 t\u1eeb CFTC, c\u01a1 quan n\u00e0y \u0111\u00e3 cung c\u1ea5p h\u01b0\u1edbng d\u1eabn cho c\u00e1c nh\u00e0 ph\u00e1t h\u00e0nh token. C\u1ea3 hai c\u01a1 quan \u0111\u00e3 ph\u00e1t h\u00e0nh c\u00e1c c\u00e2u tr\u1ea3 l\u1eddi c\u1ee7a nh\u00e2n vi\u00ean v\u00e0i ng\u00e0y sau khi Th\u01b0\u1ee3ng vi\u1ec7n kh\u00f4ng th\u00f4ng qua m\u1ed9t d\u1ef1 lu\u1eadt c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng crypto m\u00e0 nhi\u1ec1u ng\u01b0\u1eddi \u0111\u00e3 k\u1ef3 v\u1ecdng s\u1ebd l\u00e0m r\u00f5 vai tr\u00f2 c\u1ee7a hai c\u01a1 quan t\u00e0i ch\u00ednh \u0111\u1ed1i v\u1edbi t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1. Ch\u1ee7 t\u1ecbch SEC <strong>Paul Atkins<\/strong> v\u00e0 Ch\u1ee7 t\u1ecbch CFTC <strong>Michael Selig<\/strong> \u0111\u00e3 ph\u00e1t bi\u1ec3u cho th\u1ea5y r\u1eb1ng c\u00e1c c\u01a1 quan s\u1ebd gi\u1ea3i quy\u1ebft quy \u0111\u1ecbnh v\u1ec1 crypto trong b\u1ed1i c\u1ea3nh kh\u00f4ng c\u00f3 lu\u1eadt n\u00e0o \u0111\u01b0\u1ee3c Qu\u1ed1c h\u1ed9i th\u00f4ng qua.<\/p>\n<h2>Ra \u0111i c\u1ee7a \u1ee6y vi\u00ean Hester Peirce<\/h2>\n<p>Sau khi ph\u1ee5c v\u1ee5 t\u1ea1i SEC trong t\u00e1m n\u0103m, \u1ee6y vi\u00ean <strong>Hester Peirce<\/strong> \u0111\u00e3 th\u00f4ng b\u00e1o v\u00e0o th\u1ee9 S\u00e1u r\u1eb1ng c\u00f4 d\u1ef1 \u0111\u1ecbnh t\u1eeb ch\u1ee9c v\u00e0o ng\u00e0y 2 th\u00e1ng 10. Quan ch\u1ee9c n\u00e0y, \u0111\u01b0\u1ee3c nhi\u1ec1u ng\u01b0\u1eddi trong ng\u00e0nh bi\u1ebft \u0111\u1ebfn v\u1edbi t\u00ean g\u1ecdi &#8220;<em>Crypto Mom<\/em>&#8221; v\u00ec s\u1ef1 \u1ee7ng h\u1ed9 c\u1ee7a c\u00f4 \u0111\u1ed1i v\u1edbi c\u00e1c ch\u00ednh s\u00e1ch c\u00f3 l\u1ee3i cho t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1, d\u1ef1 ki\u1ebfn s\u1ebd gia nh\u1eadp tr\u01b0\u1eddng lu\u1eadt c\u1ee7a \u0110\u1ea1i h\u1ecdc Regent \u1edf Virginia v\u1edbi t\u01b0 c\u00e1ch l\u00e0 gi\u00e1o s\u01b0 tr\u1ee3 l\u00fd v\u00e0o th\u00e1ng 11. V\u1edbi s\u1ef1 ra \u0111i c\u1ee7a Peirce, l\u00e3nh \u0111\u1ea1o c\u1ee7a c\u01a1 quan t\u00e0i ch\u00ednh s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o Atkins v\u00e0 \u1ee6y vi\u00ean <strong>Mark Uyeda<\/strong>. C\u1ea3 hai \u0111\u1ec1u l\u00e0 \u1ee7y vi\u00ean \u0110\u1ea3ng C\u1ed9ng h\u00f2a trong m\u1ed9t \u1ee7y ban l\u01b0\u1ee1ng \u0111\u1ea3ng th\u01b0\u1eddng bao g\u1ed3m n\u0103m th\u00e0nh vi\u00ean. T\u00ednh \u0111\u1ebfn th\u1ee9 Hai, T\u1ed5ng th\u1ed1ng Hoa K\u1ef3 <strong>Donald Trump<\/strong> ch\u01b0a th\u00f4ng b\u00e1o v\u1ec1 b\u1ea5t k\u1ef3 s\u1ef1 thay th\u1ebf ti\u1ec1m n\u0103ng n\u00e0o cho Peirce ho\u1eb7c hai gh\u1ebf c\u00f2n l\u1ea1i c\u1ee7a \u0110\u1ea3ng D\u00e2n ch\u1ee7 t\u1ea1i SEC.<\/p>\n<blockquote>\n<p>T\u1ea1p ch\u00ed: Nh\u1eefng ng\u01b0\u1eddi th\u1eafng v\u00e0 thua trong c\u00e1c quy t\u1eafc ch\u1ee9ng kho\u00e1n token h\u00f3a m\u1edbi c\u1ee7a SEC. Nh\u1eadn th\u00eam th\u00f4ng tin t\u1eeb Cointelegraph tr\u00ean Google. Th\u00eam Cointelegraph nh\u01b0 m\u1ed9t ngu\u1ed3n \u01b0u ti\u00ean cho T\u00ecm ki\u1ebfm Google.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>C\u1eadp nh\u1eadt t\u1eeb SEC v\u1ec1 \u0110\u1ea1o lu\u1eadt CLARITY Sau cu\u1ed9c b\u1ecf phi\u1ebfu kh\u00f4ng th\u00e0nh c\u00f4ng v\u1ec1 \u0110\u1ea1o lu\u1eadt CLARITY, \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (SEC) \u0111\u00e3 c\u00f4ng b\u1ed1 c\u00e1c c\u1eadp nh\u1eadt li\u00ean quan \u0111\u1ebfn c\u00e1ch m\u00e0 lu\u1eadt ch\u1ee9ng kho\u00e1n li\u00ean bang c\u00f3 th\u1ec3 \u00e1p &#8230;<\/p>\n","protected":false},"author":3,"featured_media":22955,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,48],"tags":[4225,4521,7367,10259,4303,5257,9585,4217,10232,10870,5047,4348,9284,4796],"class_list":["post-22956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-legal","tag-bitcoin","tag-cftc","tag-clarity-act","tag-crypto-mom","tag-donald-trump","tag-hester-peirce","tag-howey-test","tag-legal","tag-mark-uyeda","tag-michael-selig","tag-paul-atkins","tag-sec","tag-us-commodity-futures-trading-commission","tag-virginia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC C\u1eadp Nh\u1eadt H\u01b0\u1edbng D\u1eabn V\u1ec1 T\u00e0i S\u1ea3n Crypto Theo M\u00f4 H\u00ecnh C\u1ee7a CFTC - CryptoZen<\/title>\n<meta name=\"description\" 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