{"id":1563,"date":"2026-06-11T00:36:43","date_gmt":"2026-06-10T19:06:43","guid":{"rendered":"https:\/\/stnews.live\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc-2\/"},"modified":"2026-06-11T00:36:43","modified_gmt":"2026-06-10T19:06:43","slug":"clear-explanation-crypto-jurisdiction-between-sec-cftc","status":"publish","type":"post","link":"https:\/\/stnews.live\/ar\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc\/","title":{"rendered":"\u062a\u0641\u0633\u064a\u0631 \u0648\u0627\u0636\u062d \u0644\u0644\u0627\u062e\u062a\u0635\u0627\u0635 \u0627\u0644\u0642\u0636\u0627\u0626\u064a \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0628\u064a\u0646 SEC \u0648 CFTC"},"content":{"rendered":"\n<p class=\"has-small-font-size\" style=\"font-size:0.85em;color:#666\"><em>\u0647\u0630\u0647 \u0627\u0644\u0645\u0642\u0627\u0644\u0629 \u0644\u0623\u063a\u0631\u0627\u0636 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href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9198-26\" rel=\"nofollow noopener\">Cftc<\/a> \u0648\u0644\u062c\u0646\u0629 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0648\u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a (SEC) \u0623\u0646 \u0644\u062f\u064a\u0647\u0645\u0627 \u0627\u0644\u0633\u0644\u0637\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0644\u062a\u0646\u0638\u064a\u0645 \u0623\u062c\u0632\u0627\u0621 \u0645\u0646 \u0633\u0648\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0644\u0643\u0646\u0647\u0645\u0627 \u062a\u0631\u0633\u0645\u0627\u0646 \u062e\u0637\u0648\u0637\u0647\u0645\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0628\u0634\u0643\u0644 \u0645\u062e\u062a\u0644\u0641\u060c \u0643\u0645\u0627 \u062a\u0624\u0643\u062f <a href=\"https:\/\/caldwelllaw.com\/news\/crypto-classification-securities-commodities-currencies\/\" rel=\"nofollow noopener\">Caldwelllaw<\/a>. \u062a\u0639\u0627\u0644\u062c CFTC \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u062b\u0644 Bitcoin \u0648Ethereum \u0643\u0633\u0644\u0639 \u0648\u062a\u062f\u064a\u0631 \u0645\u0634\u062a\u0642\u0627\u062a\u0647\u0627. \u062a\u0637\u0628\u0642 SEC \u0627\u062e\u062a\u0628\u0627\u0631 Howey \u0644\u062a\u062d\u062f\u064a\u062f \u0645\u062a\u0649 \u062a\u0624\u0647\u0644 \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0643\u0623\u0648\u0631\u0627\u0642 \u0645\u0627\u0644\u064a\u0629\u060c \u0648\u0641\u0642\u064b\u0627 \u0644\u0640 <a href=\"https:\/\/www.merklescience.com\/blog\/cftc-vs-sec-navigating-regulatory-overlap-in-the-crypto-market\" rel=\"nofollow noopener\">Merklescience<\/a>.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u062a\u062d\u062f\u064a\u062f \u062d\u062f\u0648\u062f \u0627\u0644\u0648\u0644\u0627\u064a\u0629 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\u0627\u0644\u062a\u0635\u0646\u064a\u0641\u0627\u062a \u0623\u064a \u062c\u0647\u0629 \u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0641\u062f\u0631\u0627\u0644\u064a\u0629 \u0644\u062f\u064a\u0647\u0627 \u0627\u0644\u0633\u0644\u0637\u0629. \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u0634\u0627\u0631\u064a\u0639\u060c \u0648\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0648\u0627\u0644\u0645\u0646\u0635\u0627\u062a\u060c \u0641\u0625\u0646 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0641\u0626\u0629 \u0627\u0644\u0635\u062d\u064a\u062d\u0629 \u064a\u0638\u0644 \u0623\u0645\u0631\u064b\u0627 \u062d\u064a\u0648\u064a\u064b\u0627. \u0625\u0630\u0627 \u062a\u0645 \u062a\u0635\u0646\u064a\u0641 \u0639\u0645\u0644\u0629 \u0645\u0634\u0641\u0631\u0629 \u0643\u0639\u0645\u0644\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0625\u0634\u0631\u0627\u0641 \u0639\u0627\u062f\u0629 \u0645\u0627 \u064a\u062a\u062d\u0648\u0644 \u0628\u0639\u064a\u062f\u064b\u0627 \u0639\u0646 \u0643\u0644 \u0645\u0646 SEC \u0648CFTC \u0646\u062d\u0648 \u0648\u0643\u0627\u0644\u0627\u062a \u0645\u062b\u0644 FinCEN\u060c \u0627\u0644\u0645\u0633\u0624\u0648\u0644\u0629 \u0639\u0646 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0644\u0645\u0643\u0627\u0641\u062d\u0629 \u063a\u0633\u0644 \u0627\u0644\u0623\u0645\u0648\u0627\u0644.<\/p>\n\n<blockquote class=\"twitter-tweet\"><p dir=\"ltr\" lang=\"vi\">SEC V\u00c0 CFTC \u201cB\u1eaeT TAY\u201d QU\u1ea2N L\u00dd CRYPTO: CU\u1ed8C CHI\u1ebeN QUY\u1ec0N L\u1ef0C K\u1ebeT TH\u00daC, K\u1ef6 NGUY\u00caN LU\u1eacT CH\u01a0I M\u1edaI B\u1eaeT \u0110\u1ea6U? \ud83d\udea8<br \/><br \/>Sau nhi\u1ec1u n\u0103m \u201cgi\u1eb1ng co\u201d quy\u1ec1n qu\u1ea3n l\u00fd th\u1ecb tr\u01b0\u1eddng crypto, hai c\u01a1 quan qu\u1ea3n l\u00fd t\u00e0i ch\u00ednh l\u1edbn nh\u1ea5t n\u01b0\u1edbc M\u1ef9 &#8211; \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch M\u1ef9 (SEC)\u2026 <a href=\"https:\/\/t.co\/jl6aH1Au4V\" rel=\"nofollow noopener\">https:\/\/t.co\/jl6aH1Au4V<\/a> <a href=\"https:\/\/t.co\/7dlC7d5Sr6\" rel=\"nofollow noopener\">pic.twitter.com\/7dlC7d5Sr6<\/a><\/p>\u2014 Upside GM \ud83d\udc4b (@gm_upside) <a href=\"https:\/\/x.com\/gm_upside\/status\/2033351696009846836?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">March 16, 2026<\/a><\/blockquote>\n\n\n\n<p>\u0648\u0628\u0645\u0627 \u0623\u0646 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0647\u0630\u0647 \u0627\u0644\u062d\u062f\u0648\u062f \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629\u060c \u0641\u0625\u0646 \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0631\u0645\u0648\u0632 \u0623\u0648 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u062a\u0648\u0627\u062c\u0647 \u062a\u062f\u062e\u0644 SEC \u0623\u0648 CFTC \u064a\u0639\u062a\u0645\u062f \u062d\u0642\u064b\u0627 \u0639\u0644\u0649 \u062a\u0635\u0645\u064a\u0645\u0647\u0627 \u0627\u0644\u0623\u0633\u0627\u0633\u064a. \u062a\u0634\u064a\u0631 Merklescience \u0625\u0644\u0649 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0647\u064a\u0643\u0644\u064a\u0629 \u0644\u0644\u0625\u0634\u0631\u0627\u0641 \u0627\u0644\u0645\u062a\u0639\u062f\u062f \u0627\u0644\u0648\u0643\u0627\u0644\u0627\u062a \u0645\u0645\u064a\u0632\u0629 \u0644\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0648\u062a\u0628\u0642\u064a \u0627\u0644\u0645\u0637\u0648\u0631\u064a\u0646 \u0648\u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0641\u064a \u062d\u0627\u0644\u0629 \u0645\u0646 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u0645\u0631. \u0645\u0639 \u0647\u0630\u0647 \u0627\u0644\u063a\u0645\u0648\u0636\u060c \u0642\u062f\u0645 \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0639\u062f\u0629 \u0645\u0634\u0627\u0631\u064a\u0639 \u0642\u0648\u0627\u0646\u064a\u0646 \u0645\u0624\u062e\u0631\u064b\u0627\u060c \u062a\u0647\u062f\u0641 \u0625\u0644\u0649 \u062a\u0648\u0636\u064a\u062d \u0627\u0644\u0648\u0644\u0627\u064a\u0629 \u0627\u0644\u0641\u062f\u0631\u0627\u0644\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0648\u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0643 \u0644\u0644\u0645\u0633\u0627\u0647\u0645\u064a\u0646 \u0639\u0628\u0631 \u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u0633\u0644\u0637\u0629 SEC \u0648\u0627\u062e\u062a\u0628\u0627\u0631 Howey<\/h2>\n\n\n<p>\u062c\u0648\u0647\u0631 \u0648\u0644\u0627\u064a\u0629 SEC \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0647\u0648 \u0627\u062e\u062a\u0628\u0627\u0631 Howey &#8211; \u0625\u0637\u0627\u0631 \u0639\u0645\u0644 \u0645\u0646 \u0623\u0631\u0628\u0639\u0629 \u0623\u062c\u0632\u0627\u0621 \u0645\u0646 \u0642\u0636\u064a\u0629 \u0627\u0644\u0645\u062d\u0643\u0645\u0629 \u0627\u0644\u0639\u0644\u064a\u0627 \u0639\u0627\u0645 1946 SEC \u0636\u062f Howey Co. \u0643\u0645\u0627 \u062a\u0634\u0631\u062d Merklescience\u060c \u064a\u0633\u0623\u0644 \u0627\u0644\u0627\u062e\u062a\u0628\u0627\u0631 \u0639\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0647\u0646\u0627\u0643 (1) \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u0644\u0645\u0627\u0644\u060c (2) \u0641\u064a \u0645\u0634\u0631\u0648\u0639 \u0645\u0634\u062a\u0631\u0643\u060c (3) \u062a\u0648\u0642\u0639 \u0645\u0639\u0642\u0648\u0644 \u0644\u0644\u0631\u0628\u062d\u060c \u0648(4) \u0627\u0644\u0631\u0628\u062d \u0627\u0644\u0646\u0627\u062a\u062c \u0639\u0646 \u062c\u0647\u0648\u062f \u0627\u0644\u0622\u062e\u0631\u064a\u0646.<\/p>\n\n\n<p>\u0644\u0642\u062f \u0632\u0627\u062f \u062a\u0646\u0641\u064a\u0630 SEC \u0645\u0646 \u0627\u0644\u062a\u062f\u0642\u064a\u0642 \u0641\u064a \u0639\u0631\u0648\u0636 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u063a\u064a\u0631 \u0627\u0644\u0645\u0633\u062c\u0644\u0629\u060c \u062e\u0627\u0635\u0629 \u0639\u0628\u0631 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0648\u0642\u062f \u0634\u0647\u062f\u062a \u0627\u0644\u0633\u0646\u0648\u0627\u062a \u0627\u0644\u0623\u062e\u064a\u0631\u0629 \u0627\u0633\u062a\u0647\u062f\u0627\u0641\u064b\u0627 \u0639\u062f\u0648\u0627\u0646\u064a\u064b\u0627 \u0644\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0628\u0627\u0639\u0629 \u0641\u064a ICOs \u0627\u0644\u0639\u0627\u0645\u0629\u060c \u0623\u0648 \u0627\u0644\u0631\u0645\u0648\u0632 \u0630\u0627\u062a \u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0631\u0628\u062d\u064a\u0629 \u0627\u0644\u0645\u0639\u0644\u0646\u0629 \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u062a\u0637\u0648\u064a\u0631 \u0645\u0646\u0635\u0627\u062a \u062c\u062f\u064a\u062f\u0629\u060c \u0643\u0645\u0627 \u062a\u0628\u0631\u0632 Merklescience.<\/p>\n\n\n<p>\u062a\u0639\u062f \u0627\u0644\u0642\u0636\u0627\u064a\u0627 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0633\u062a\u0643\u0634\u0641 \u062a\u0637\u0628\u064a\u0642 \u0627\u062e\u062a\u0628\u0627\u0631 Howey \u0639\u0644\u0649 \u0646\u0645\u0627\u0630\u062c \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0645\u0631\u0643\u0632\u064a\u0629 \u0644\u062a\u0646\u0638\u064a\u0645 <a href=\"https:\/\/stnews.live\/ar\/2026\/06\/mica-crypto-regulation-europe-explained-what-changes-2026\/\" rel=\"noopener\">\u0627\u0644\u062a\u0646\u0638\u064a\u0645<\/a>. \u0639\u0644\u0649 \u0627\u0644\u0623\u0631\u0636\u060c 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class=\"wp-block-heading\">\u062a\u0648\u0636\u064a\u062d \u062f\u0648\u0631 CFTC \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a<\/h2>\n\n\n<p>\u062a\u0648\u0636\u062d Merklescience \u0623\u0646 \u0644\u062c\u0646\u0629 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0644\u0644\u0633\u0644\u0639 (CFTC) \u062a\u0646\u0638\u0645 \u0627\u0644\u0633\u0644\u0639 \u0648\u0645\u0634\u062a\u0642\u0627\u062a\u0647\u0627\u060c \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629\u060c \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0627\u062a\u060c \u0648\u0627\u0644\u062e\u064a\u0627\u0631\u0627\u062a. \u062a\u0633\u062a\u0646\u062f \u062a\u0644\u0643 \u0627\u0644\u0633\u0644\u0637\u0629 \u0627\u0644\u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0625\u0644\u0649 \u0627\u0644\u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0641\u064a\u062f\u0631\u0627\u0644\u064a\u060c 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\u0646\u0634\u0627\u0637\u064b\u0627 \u0645\u0624\u0633\u0633\u064a\u064b\u0627 \u0647\u0627\u0626\u0644\u064b\u0627\u060c \u0648\u0641\u0642\u064b\u0627 \u0644\u0640 Merklescience. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \u0641\u064a \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0645\u062d\u062f\u0648\u062f. \u0644\u0642\u062f \u0636\u063a\u0637\u062a CFTC \u0639\u0644\u0649 \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0644\u062a\u0639\u0632\u064a\u0632 \u0633\u0644\u0637\u062a\u0647\u0627 \u0645\u0639 \u062a\u0632\u0627\u064a\u062f \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0645\u0646 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0646\u0638\u0645\u0629 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\u0645\u0646 \u0625\u0637\u0644\u0627\u0642 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0622\u062c\u0644\u0629 \u0648\u0645\u0634\u062a\u0642\u0627\u062a \u0623\u062e\u0631\u0649.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u062a\u0645\u064a\u064a\u0632 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0639\u0646 \u0627\u0644\u0633\u0644\u0639<\/h2>\n\n\n<p>\u062a\u0624\u0643\u062f Scholarship.richmond.edu \u0623\u0646 \u0633\u0644\u0637\u0627\u062a SEC \u062a\u0623\u062a\u064a \u0645\u0646 \u0642\u0648\u0627\u0646\u064a\u0646 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0633\u062a\u0646\u062f \u0633\u0644\u0637\u0627\u062a CFTC \u0625\u0644\u0649 \u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0633\u0644\u0639. \u0647\u0630\u0627 \u0627\u0644\u0627\u0646\u0642\u0633\u0627\u0645 \u064a\u0634\u0643\u0644 \u0627\u0644\u0635\u0646\u0627\u0639\u0629. \u0627\u0644\u0633\u0644\u0639\u0629\u060c \u0645\u062b\u0644 Bitcoin \u0623\u0648 Ethereum\u060c \u0647\u064a \u0623\u0635\u0644 \u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629.<\/p>\n\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr><th>\u0627\u0644\u0641\u0626\u0629<\/th><th>\u0623\u0645\u062b\u0644\u0629<\/th><th>\u0627\u0644\u062c\u0647\u0629 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>\u0633\u0644\u0639\u0629<\/td><td>Bitcoin\u060c Ethereum<\/td><td>CFTC<\/td><\/tr>\n<tr><td>\u0623\u0648\u0631\u0627\u0642 \u0645\u0627\u0644\u064a\u0629<\/td><td>\u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0631\u0645\u0648\u0632 DeFi<\/td><td>SEC<\/td><\/tr>\n<tr><td>\u0639\u0645\u0644\u0629<\/td><td>\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629\u060c \u0631\u0645\u0648\u0632 \u0627\u0644\u062f\u0641\u0639<\/td><td>FinCEN\u060c \u0623\u062e\u0631\u0649<\/td><\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u0645\u062e\u0627\u0637\u0631 \u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 \u0627\u0644\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0629<\/h2>\n\n\n<p>\u062a\u0631\u0627\u062c\u0639 SEC \u0623\u064a \u0639\u0645\u0644\u0629 \u0645\u0633\u062a\u0642\u0631\u0629 \u062a\u064f\u0628\u0627\u0639 \u0645\u0639 \u0648\u0639\u0648\u062f \u0628\u0627\u0644\u0631\u0628\u062d \u0623\u0648 \u062a\u064f\u062f\u0627\u0631 \u0645\u0646 \u0642\u0628\u0644 \u0637\u0631\u0641 \u0645\u0631\u0643\u0632\u064a. \u0641\u064a \u062a\u0644\u0643 \u0627\u0644\u062d\u0627\u0644\u0627\u062a\u060c \u064a\u0646\u0637\u0628\u0642 \u0642\u0627\u0646\u0648\u0646 \u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629. \u0625\u0630\u0627 \u062a\u0645 \u062a\u062f\u0627\u0648\u0644 \u0645\u0634\u062a\u0642 \u0642\u0627\u0626\u0645 \u0639\u0644\u0649 \u0639\u0645\u0644\u0629 \u0645\u0633\u062a\u0642\u0631\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0645\u0646\u0638\u0645\u0629\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0646\u0637\u0628\u0642 \u0623\u064a\u0636\u064b\u0627 \u0648\u0644\u0627\u064a\u0629 CFTC\u060c \u0643\u0645\u0627 \u062a\u0638\u0647\u0631 Merklescience.<\/p>\n\n\n<h3 class=\"wp-block-heading\">\u0645\u062a\u0649 \u064a\u062a\u0645 \u062a\u0646\u0638\u064a\u0645 \u0645\u0634\u062a\u0642\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/h3>\n\n\n<p>\u062a\u0630\u0643\u0631 Merklescience \u0623\u0646 \u0633\u0644\u0637\u0629 CFTC \u062a\u062f\u062e\u0644 \u062d\u064a\u0632 \u0627\u0644\u062a\u0646\u0641\u064a\u0630 \u0628\u0645\u062c\u0631\u062f \u0623\u0646 \u064a\u0634\u064a\u0631 \u0645\u0634\u062a\u0642 &#8211; \u0645\u062b\u0644 \u0639\u0642\u062f \u0622\u062c\u0644 \u0623\u0648 \u0645\u0628\u0627\u062f\u0644\u0629 &#8211; \u0625\u0644\u0649 \u0633\u0644\u0639\u0629 \u0631\u0642\u0645\u064a\u0629 \u0645\u062b\u0644 Bitcoin \u0623\u0648 Ethereum. \u064a\u063a\u0637\u064a \u0647\u0630\u0627 \u0627\u0644\u0625\u0637\u0627\u0631 \u0645\u0639\u0638\u0645 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0645\u0646\u0638\u0645\u0629. \u0625\u0646\u0647 \u064a\u062c\u0644\u0628 \u0645\u0639\u0627\u064a\u064a\u0631 \u0635\u0627\u0631\u0645\u0629 \u0644\u0645\u0643\u0627\u0641\u062d\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0644\u060c \u0648\u0627\u0644\u0645\u0631\u0627\u0642\u0628\u0629\u060c \u0648\u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0644\u0645\u0634\u062a\u0642\u0627\u062a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0642\u0627\u0646\u0648\u0646 \u062a\u0628\u0627\u062f\u0644 \u0627\u0644\u0633\u0644\u0639 \u0647\u0648 \u0627\u0644\u0639\u0645\u0648\u062f \u0627\u0644\u0641\u0642\u0631\u064a \u0627\u0644\u0630\u064a \u064a\u0645\u0646\u062d CFTC \u0627\u0644\u0633\u0644\u0637\u0629 \u0647\u0646\u0627.<\/p>\n\n\n<p>\u062a\u0634\u064a\u0631 Caldwelllaw \u0625\u0644\u0649 \u0623\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u0635\u0648\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062c\u0630\u0628 \u0627\u0646\u062a\u0628\u0627\u0647 \u0643\u0644 \u0645\u0646 SEC \u0648CFTC\u060c \u0627\u0639\u062a\u0645\u0627\u062f\u064b\u0627 \u0639\u0644\u0649 \u0627\u0644\u062a\u0635\u0645\u064a\u0645\u060c \u0623\u0648 \u0627\u0644\u062a\u0631\u0648\u064a\u062c\u060c \u0623\u0648 \u0625\u0630\u0627 \u062a\u0645 \u0627\u0633\u062a\u062e\u062f\u0627\u0645\u0647\u0627 \u0641\u064a \u0645\u0634\u062a\u0642\u0627\u062a \u0623\u0648 \u0639\u0642\u0648\u062f \u0627\u0633\u062a\u062b\u0645\u0627\u0631.<\/p>\n\n\n<p>\u0625\u0630\u0627 \u062a\u0633\u0627\u0631\u0639\u062a \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0644\u0627\u0639\u0628 \u0623\u0648 \u0627\u0644\u0625\u0633\u0627\u0621\u0629 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0641\u0645\u0646 \u0627\u0644\u0645\u062d\u062a\u0645\u0644 \u0623\u0646 \u064a\u062a\u0632\u0627\u064a\u062f \u0627\u0644\u0636\u063a\u0637 \u0639\u0644\u0649 \u0627\u0644\u0643\u0648\u0646\u063a\u0631\u0633 \u0644\u062a\u0648\u0636\u064a\u062d \u0633\u0644\u0637\u0627\u062a CFTC \u0639\u0644\u0649 \u062c\u0645\u064a\u0639 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u0641\u0648\u0631\u064a\u0629.<\/p>\n\n\n<h3 class=\"wp-block-heading\">\u0627\u0644\u0642\u0636\u0627\u064a\u0627 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u0634\u0643\u0644 \u0627\u0644\u0648\u0644\u0627\u064a\u0629 \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629 \u0644\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/h3>\n\n\n<p>\u062a\u0638\u0647\u0631 \u0648\u062c\u0647\u0627\u062a \u0646\u0638\u0631 \u0645\u0646 scholarship.richmond.edu \u0648Merklescience \u0623\u0646 \u0627\u0644\u0648\u0644\u0627\u064a\u0629 \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629 \u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0634\u0631\u0648\u0639 \u0648\u062a\u0633\u0648\u064a\u0642 \u0627\u0644\u0623\u0635\u0648\u0644. \u0644\u0642\u062f \u0648\u0636\u0639\u062a \u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0631\u0627\u0626\u062f\u0629 &#8211; \u0645\u062b\u0644 \u0627\u0644\u062f\u0639\u0648\u0649 \u0627\u0644\u0628\u0627\u0631\u0632\u0629 \u0627\u0644\u062a\u064a \u0631\u0641\u0639\u062a\u0647\u0627 SEC \u0636\u062f Ripple Labs \u0628\u0634\u0623\u0646 XRP &#8211; \u0633\u0648\u0627\u0628\u0642 \u0645\u0647\u0645\u0629.<\/p>\n\n\n<p>\u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u060c \u064a\u0639\u0646\u064a \u0646\u0642\u0635 \u0627\u0644\u062a\u0634\u0631\u064a\u0639\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0623\u0646 \u0627\u0644\u062f\u0639\u0627\u0648\u0649 \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629 \u062a\u062f\u0641\u0639 \u0627\u0644\u062a\u0646\u0641\u064a\u0630. \u0642\u062f \u062a\u0642\u0648\u0645 \u0627\u0644\u0645\u0634\u0627\u0631\u064a\u0639 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\u0627\u0644\u0645\u0633\u0624\u0648\u0644\u0629 &#8211; \u0645\u0645\u0627 \u064a\u0639\u064a\u062f \u062a\u0634\u0643\u064a\u0644 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0648\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0639\u0644\u0649 \u062d\u062f \u0633\u0648\u0627\u0621. \u062d\u062a\u0649 \u0630\u0644\u0643 \u0627\u0644\u062d\u064a\u0646\u060c \u062a\u0648\u0642\u0639 \u0633\u0627\u062d\u0629 \u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0629 \u0644\u0644\u063a\u0627\u064a\u0629 \u0648\u062a\u0646\u0627\u0641\u0633 \u0645\u0633\u062a\u0645\u0631 \u0628\u064a\u0646 SEC \u0648CFTC \u0644\u0644\u0633\u064a\u0637\u0631\u0629 \u0639\u0644\u0649 \u0645\u0633\u062a\u0642\u0628\u0644 \u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629.<\/p>\n\n\n<div class=\"wp-block-group has-very-light-gray-background-color has-background\" style=\"border-radius:6px;padding-top:12px;padding-right:16px;padding-bottom:12px;padding-left:16px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained wp-container-core-group-is-layout-e5e508ba\">\n\n<p><\/p>\n\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u0634\u0631\u062d \u0648\u0644\u0627\u064a\u0629 SEC \u0645\u0642\u0627\u0628\u0644 CFTC \u0639\u0644\u0649 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629: \u0641\u0647\u0645 \u0643\u064a\u0641\u064a\u0629 \u062a\u0646\u0638\u064a\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0643\u0633\u0644\u0639 \u0623\u0648 \u0623\u0648\u0631\u0627\u0642 \u0645\u0627\u0644\u064a\u0629\u060c \u0645\u0639 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