{"id":9720,"date":"2025-06-12T09:52:27","date_gmt":"2025-06-12T09:52:27","guid":{"rendered":"https:\/\/cryptozen.asia\/vn\/bao-cao-nghien-cuu-chuyen-sau-ve-defi-chinh-sach-moi-cua-sec-va-trien-vong-tai-lap-mua-he-defi\/"},"modified":"2025-06-12T09:52:27","modified_gmt":"2025-06-12T09:52:27","slug":"bao-cao-nghien-cuu-chuyen-sau-ve-defi-chinh-sach-moi-cua-sec-va-trien-vong-tai-lap-mua-he-defi","status":"publish","type":"post","link":"https:\/\/cryptozen.asia\/vn\/bao-cao-nghien-cuu-chuyen-sau-ve-defi-chinh-sach-moi-cua-sec-va-trien-vong-tai-lap-mua-he-defi\/","title":{"rendered":"B\u00e1o c\u00e1o Nghi\u00ean c\u1ee9u Chuy\u00ean S\u00e2u v\u1ec1 DeFi: Ch\u00ednh S\u00e1ch M\u1edbi c\u1ee7a SEC v\u00e0 Tri\u1ec3n V\u1ecdng T\u00e1i L\u1eadp M\u00f9a H\u00e8 DeFi"},"content":{"rendered":"
\n

T\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi) v\u00e0 S\u1ef1 ph\u00e1t tri\u1ec3n<\/h2>\n

T\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi<\/strong>) \u0111\u00e3 ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng k\u1ec3 t\u1eeb n\u0103m 2018 v\u00e0 hi\u1ec7n \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng tr\u1ee5 c\u1ed9t c\u1ed1t l\u00f5i<\/em> c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i s\u1ea3n ti\u1ec1n m\u00e3 h\u00f3a to\u00e0n c\u1ea7u. Th\u00f4ng qua c\u00e1c giao th\u1ee9c t\u00e0i ch\u00ednh m\u1edf v\u00e0 kh\u00f4ng c\u1ea7n s\u1ef1 cho ph\u00e9p, DeFi cung c\u1ea5p m\u1ed9t kho t\u00e0ng ch\u1ee9c n\u0103ng t\u00e0i ch\u00ednh \u0111a d\u1ea1ng, bao g\u1ed3m giao d\u1ecbch t\u00e0i s\u1ea3n, cho vay, ph\u00e1i sinh, stablecoin, qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n, v\u00e0 nhi\u1ec1u h\u01a1n n\u1eefa. \u1ede c\u1ea5p \u0111\u1ed9 k\u1ef9 thu\u1eadt, DeFi d\u1ef1a v\u00e0o c\u00e1c h\u1ee3p \u0111\u1ed3ng th\u00f4ng minh, gi\u1ea3i quy\u1ebft tr\u00ean chu\u1ed7i, oracle phi t\u1eadp trung v\u00e0 c\u01a1 ch\u1ebf qu\u1ea3n tr\u1ecb \u0111\u1ec3 t\u00e1i c\u1ea5u tr\u00fac v\u00e0 m\u00f4 ph\u1ecfng s\u00e2u s\u1eafc c\u00e1c c\u1ea5u tr\u00fac t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng.<\/p>\n

S\u1ef1 m\u1edf r\u1ed9ng v\u00e0 Th\u00e1ch th\u1ee9c trong DeFi<\/h2>\n

\u0110\u1eb7c bi\u1ec7t, k\u1ec3 t\u1eeb m\u00f9a h\u00e8 DeFi v\u00e0o n\u0103m 2020, t\u1ed5ng gi\u00e1 tr\u1ecb b\u1ecb kh\u00f3a (TVL<\/strong>) c\u1ee7a c\u00e1c giao th\u1ee9c DeFi \u0111\u00e3 v\u01b0\u1ee3t qua 180 t\u1ef7 USD<\/strong>, cho th\u1ea5y kh\u1ea3 n\u0103ng m\u1edf r\u1ed9ng v\u00e0 s\u1ef1 c\u00f4ng nh\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi l\u0129nh v\u1ef1c n\u00e0y \u0111\u00e3 \u0111\u1ea1t \u0111\u1ebfn m\u1ed9t m\u1ee9c \u0111\u1ed9 ch\u01b0a t\u1eebng c\u00f3. Tuy nhi\u00ean, s\u1ef1 m\u1edf r\u1ed9ng nhanh ch\u00f3ng c\u1ee7a l\u0129nh v\u1ef1c DeFi c\u0169ng \u0111i k\u00e8m v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c nh\u01b0 v\u1ea5n \u0111\u1ec1 tu\u00e2n th\u1ee7 kh\u00f4ng r\u00f5 r\u00e0ng, r\u1ee7i ro h\u1ec7 th\u1ed1ng v\u00e0 kho\u1ea3ng tr\u1ed1ng quy \u0111\u1ecbnh.<\/p>\n

\n

D\u01b0\u1edbi s\u1ef1 l\u00e3nh \u0111\u1ea1o c\u1ee7a Gary Gensler, c\u1ef1u ch\u1ee7 t\u1ecbch \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (SEC), c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd M\u1ef9 \u0111\u00e3 \u00e1p d\u1ee5ng m\u1ed9t chi\u1ebfn l\u01b0\u1ee3c th\u1ef1c thi nghi\u00eam ng\u1eb7t cho to\u00e0n b\u1ed9 ng\u00e0nh c\u00f4ng nghi\u1ec7p ti\u1ec1n m\u00e3 h\u00f3a.<\/p>\n<\/blockquote>\n

Chi\u1ebfn l\u01b0\u1ee3c Quy \u0111\u1ecbnh<\/h2>\n

T\u1eeb n\u0103m 2022 \u0111\u1ebfn 2024, nhi\u1ec1u d\u1ef1 \u00e1n nh\u01b0 Uniswap Labs, Coinbase, Kraken v\u00e0 Balancer Labs \u0111\u1ec1u b\u1ecb \u0111i\u1ec1u tra v\u00e0 nh\u1eadn \u0111\u01b0\u1ee3c th\u01b0 th\u1ef1c thi d\u01b0\u1edbi nhi\u1ec1u h\u00ecnh th\u1ee9c kh\u00e1c nhau t\u1eeb SEC<\/strong> ho\u1eb7c CFTC<\/strong>.<\/p>\n

S\u1ef1 thi\u1ebfu h\u1ee5t v\u1ec1 ti\u00eau ch\u00ed x\u00e1c \u0111\u1ecbnh li\u1ec7u c\u00e1c giao th\u1ee9c n\u00e0o th\u1ef1c s\u1ef1 phi t\u1eadp trung \u0111\u00e3 khi\u1ebfn to\u00e0n b\u1ed9 ng\u00e0nh DeFi r\u01a1i v\u00e0o t\u00ecnh th\u1ebf kh\u00f3 kh\u0103n, nh\u01b0 ti\u1ebfn h\u00f3a c\u00f4ng ngh\u1ec7 h\u1ea1n ch\u1ebf, \u0111\u1ea7u t\u01b0 v\u1ed1n thu h\u1eb9p v\u00e0 s\u1ef1 ra \u0111i c\u1ee7a c\u00e1c nh\u00e0 ph\u00e1t tri\u1ec3n trong b\u1ed1i c\u1ea3nh ch\u00ednh s\u00e1ch kh\u00f4ng ch\u1eafc ch\u1eafn.<\/p>\n

Thay \u0111\u1ed5i Ch\u00ednh s\u00e1ch v\u00e0o N\u0103m 2025<\/h2>\n

B\u1ed1i c\u1ea3nh quy \u0111\u1ecbnh n\u00e0y \u0111\u00e3 tr\u1ea3i qua nh\u1eefng thay \u0111\u1ed5i l\u1edbn v\u00e0o qu\u00fd II n\u0103m 2025. V\u00e0o \u0111\u1ea7u th\u00e1ng 6, Ch\u1ee7 t\u1ecbch SEC m\u1edbi Paul Atkins \u0111\u00e3 l\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u1ec1 xu\u1ea5t m\u1ed9t con \u0111\u01b0\u1eddng kh\u00e1m ph\u00e1 quy \u0111\u1ecbnh t\u00edch c\u1ef1c cho DeFi v\u00e0 l\u00e0m r\u00f5 ba h\u01b0\u1edbng ch\u00ednh s\u00e1ch:<\/p>\n

    \n
  1. Thi\u1ebft l\u1eadp C\u01a1 ch\u1ebf Mi\u1ec5n tr\u1eeb \u0110\u1ed5i m\u1edbi<\/strong> cho c\u00e1c giao th\u1ee9c c\u00f3 m\u1ee9c \u0111\u1ed9 phi t\u1eadp trung cao, t\u1ea1m ng\u1eebng m\u1ed9t s\u1ed1 ngh\u0129a v\u1ee5 \u0111\u0103ng k\u00fd trong m\u1ed9t ph\u1ea1m vi th\u00ed \u0111i\u1ec3m c\u1ee5 th\u1ec3.<\/li>\n
  2. Th\u00fac \u0111\u1ea9y Khung Ph\u00e2n lo\u1ea1i Ch\u1ee9c n\u0103ng<\/strong>, ph\u00e2n lo\u1ea1i v\u00e0 quy \u0111\u1ecbnh d\u1ef1a tr\u00ean logic kinh doanh v\u00e0 ho\u1ea1t \u0111\u1ed9ng tr\u00ean chu\u1ed7i c\u1ee7a giao th\u1ee9c, thay v\u00ec d\u1ef1a v\u00e0o vi\u1ec7c c\u00f3 s\u1eed d\u1ee5ng Tokens hay kh\u00f4ng.<\/li>\n
  3. Bao g\u1ed3m c\u1ea5u tr\u00fac qu\u1ea3n tr\u1ecb DAO v\u00e0 d\u1ef1 \u00e1n t\u00e0i s\u1ea3n th\u1ef1c tr\u00ean chu\u1ed7i (RWA) trong sandbox quy \u0111\u1ecbnh<\/strong> t\u00e0i ch\u00ednh m\u1edf.<\/li>\n<\/ol>\n

    Ph\u1ea3n \u1ee9ng c\u1ee7a Th\u1ecb tr\u01b0\u1eddng<\/h2>\n

    S\u1ef1 chuy\u1ec3n h\u01b0\u1edbng n\u00e0y kh\u00f4ng ch\u1ec9 ph\u1ea3n \u00e1nh s\u1ef1 hi\u1ec3u bi\u1ebft s\u00e2u s\u1eafc h\u01a1n v\u1ec1 s\u1ef1 kh\u00e1c bi\u1ec7t c\u00f4ng ngh\u1ec7 m\u00e0 c\u00f2n \u0111\u1ea1i di\u1ec7n cho n\u1ed7 l\u1ef1c c\u1ee7a c\u00e1c nh\u00e0 qu\u1ea3n l\u00fd trong vi\u1ec7c gi\u1edbi thi\u1ec7u c\u00e1c m\u00f4 h\u00ecnh qu\u1ea3n tr\u1ecb m\u1edbi.<\/p>\n

    \n

    Trong vi\u1ec7c th\u1ef1c thi ch\u00ednh s\u00e1ch trong t\u01b0\u01a1ng lai, vi\u1ec7c \u0111\u1ea1t t\u1edbi s\u1ef1 c\u00e2n b\u1eb1ng \u0111\u1ed9ng gi\u1eefa vi\u1ec7c b\u1ea3o v\u1ec7 l\u1ee3i \u00edch c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0, \u0111\u1ea3m b\u1ea3o s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a h\u1ec7 th\u1ed1ng s\u1ebd tr\u1edf th\u00e0nh nh\u1eefng th\u00e1ch th\u1ee9c c\u1ed1t l\u00f5i cho t\u00ednh b\u1ec1n v\u1eefng.<\/p>\n<\/blockquote>\n

    \u0110\u00e1nh gi\u00e1 v\u00e0 K\u1ef3 v\u1ecdng trong T\u01b0\u01a1ng lai<\/h2>\n

    Trong b\u1ed1i c\u1ea3nh c\u00e1c khu\u00f4n kh\u1ed5 quy \u0111\u1ecbnh m\u1edbi ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c l\u00e0m r\u00f5, c\u00e1c nh\u00e0 tham gia th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u00e1nh gi\u00e1 l\u1ea1i gi\u00e1 tr\u1ecb c\u01a1 b\u1ea3n c\u1ee7a c\u00e1c giao th\u1ee9c DeFi. C\u00e1c l\u0129nh v\u1ef1c v\u00e0 d\u1ef1 \u00e1n tr\u01b0\u1edbc \u0111\u00e2y b\u1ecb \u00e1p l\u1ef1c b\u1edfi s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 tu\u00e2n th\u1ee7 \u0111\u00e3 b\u1eaft \u0111\u1ea7u th\u1ec3 hi\u1ec7n ti\u1ec1m n\u0103ng.<\/p>\n

    K\u1ebft lu\u1eadn<\/h2>\n

    C\u00f3 th\u1ec3 th\u1ea5y r\u1eb1ng, m\u1eb7c d\u00f9 qu\u00e1 tr\u00ecnh th\u1ec3 ch\u1ebf h\u00f3a DeFi \u0111\u00e3 m\u1edf ra m\u1ed9t ch\u01b0\u01a1ng m\u1edbi, nh\u01b0ng v\u1eabn c\u00f2n t\u1ed3n t\u1ea1i nhi\u1ec1u th\u00e1ch th\u1ee9c. S\u1ef1 \u1ed5n \u0111\u1ecbnh trong vi\u1ec7c th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch, s\u1ef1 ph\u1ed1i h\u1ee3p qu\u1ed1c t\u1ebf v\u1ec1 quy \u0111\u1ecbnh v\u00e0 ki\u1ec3m so\u00e1t chi ph\u00ed tu\u00e2n th\u1ee7 \u0111\u1ec1u l\u00e0 nh\u1eefng v\u1ea5n \u0111\u1ec1 quan tr\u1ecdng cho s\u1ef1 ph\u00e1t tri\u1ec3n b\u1ec1n v\u1eefng c\u1ee7a DeFi trong t\u01b0\u01a1ng lai. V\u1edbi vi\u1ec7c khai th\u00e1c t\u1ed1i \u0111a c\u00f4ng ngh\u1ec7 v\u00e0 m\u1ed9t khu\u00f4n kh\u1ed5 ph\u00e1p l\u00fd ph\u00f9 h\u1ee3p, DeFi c\u00f3 kh\u1ea3 n\u0103ng tr\u1edf th\u00e0nh m\u1ed9t n\u1ec1n t\u1ea3ng quan tr\u1ecdng trong n\u1ec1n kinh t\u1ebf k\u1ef9 thu\u1eadt s\u1ed1.<\/p>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

    T\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi) v\u00e0 S\u1ef1 ph\u00e1t tri\u1ec3n T\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi) \u0111\u00e3 ph\u00e1t tri\u1ec3n nhanh ch\u00f3ng k\u1ec3 t\u1eeb n\u0103m 2018 v\u00e0 hi\u1ec7n \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng tr\u1ee5 c\u1ed9t c\u1ed1t l\u00f5i c\u1ee7a h\u1ec7 th\u1ed1ng t\u00e0i s\u1ea3n ti\u1ec1n m\u00e3 h\u00f3a to\u00e0n c\u1ea7u. Th\u00f4n…<\/p>\n","protected":false},"author":3,"featured_media":9719,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[4226,6987,5089,4794,4523,4217,5047,5659,4348,5090,5120],"class_list":["post-9720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legal","tag-coinbase","tag-dao","tag-defi","tag-gary-gensler","tag-kraken","tag-legal","tag-paul-atkins","tag-rwa","tag-sec","tag-u-s-treasury-department","tag-uniswap"],"yoast_head":"\nB\u00e1o c\u00e1o Nghi\u00ean c\u1ee9u Chuy\u00ean S\u00e2u v\u1ec1 DeFi: Ch\u00ednh S\u00e1ch M\u1edbi c\u1ee7a SEC v\u00e0 Tri\u1ec3n V\u1ecdng T\u00e1i L\u1eadp M\u00f9a H\u00e8 DeFi - CryptoZen<\/title>\n<meta name=\"description\" content=\"Nghi\u00ean c\u1ee9u b\u1ed1i c\u1ea3nh \u0111ang ph\u00e1t tri\u1ec3n c\u1ee7a t\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi) khi c\u00e1c ch\u00ednh s\u00e1ch m\u1edbi c\u1ee7a SEC m\u1edf \u0111\u01b0\u1eddng cho \u0111\u1ed9t ph\u00e1, tu\u00e2n th\u1ee7 v\u00e0 kh\u1ea3 n\u0103ng \u0111\u1ecbnh gi\u00e1 l\u1ea1i t\u00e0i s\u1ea3n.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptozen.asia\/vn\/bao-cao-nghien-cuu-chuyen-sau-ve-defi-chinh-sach-moi-cua-sec-va-trien-vong-tai-lap-mua-he-defi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"B\u00e1o c\u00e1o Nghi\u00ean c\u1ee9u Chuy\u00ean S\u00e2u v\u1ec1 DeFi: Ch\u00ednh S\u00e1ch M\u1edbi c\u1ee7a SEC v\u00e0 Tri\u1ec3n V\u1ecdng T\u00e1i L\u1eadp M\u00f9a H\u00e8 DeFi - CryptoZen\" \/>\n<meta property=\"og:description\" content=\"Nghi\u00ean c\u1ee9u b\u1ed1i c\u1ea3nh \u0111ang ph\u00e1t tri\u1ec3n c\u1ee7a t\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi) khi c\u00e1c ch\u00ednh 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