{"id":1562,"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\/ru\/2026\/06\/clear-explanation-crypto-jurisdiction-between-sec-cftc\/","title":{"rendered":"\u0427\u0435\u0442\u043a\u043e\u0435 \u043e\u0431\u044a\u044f\u0441\u043d\u0435\u043d\u0438\u0435 \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u0438 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u044b \u043c\u0435\u0436\u0434\u0443 SEC \u0438 CFTC"},"content":{"rendered":"\n<p class=\"has-small-font-size\" style=\"font-size:0.85em;color:#666\"><em>\u042d\u0442\u0430 \u0441\u0442\u0430\u0442\u044c\u044f \u043f\u0440\u0435\u0434\u043d\u0430\u0437\u043d\u0430\u0447\u0435\u043d\u0430 \u0442\u043e\u043b\u044c\u043a\u043e \u0434\u043b\u044f \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u043e\u043d\u043d\u044b\u0445 \u0446\u0435\u043b\u0435\u0439 \u0438 \u043d\u0435 \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u043c \u0438\u043b\u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u044b\u043c \u0441\u043e\u0432\u0435\u0442\u043e\u043c. \u0420\u044b\u043d\u043a\u0438 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442 \u043a\u0440\u0430\u0439\u043d\u0435 \u0432\u043e\u043b\u0430\u0442\u0438\u043b\u044c\u043d\u044b. \u0412\u0441\u0435\u0433\u0434\u0430 \u043f\u0440\u043e\u0432\u043e\u0434\u0438\u0442\u0435 \u0441\u043e\u0431\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0435 \u0438\u0441\u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u0435 \u043f\u0435\u0440\u0435\u0434 \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u0435\u043c \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u044b\u0445 \u0440\u0435\u0448\u0435\u043d\u0438\u0439.<\/em><\/p>\n\n\n<p>\u041a\u043e\u043c\u0438\u0441\u0441\u0438\u044f \u043f\u043e \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u0435 \u0442\u043e\u0432\u0430\u0440\u043d\u044b\u043c\u0438 \u0444\u044c\u044e\u0447\u0435\u0440\u0441\u0430\u043c\u0438 <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9198-26\" rel=\"nofollow noopener\">Cftc<\/a> \u0438 \u041a\u043e\u043c\u0438\u0441\u0441\u0438\u044f \u043f\u043e \u0446\u0435\u043d\u043d\u044b\u043c \u0431\u0443\u043c\u0430\u0433\u0430\u043c \u0438 \u0431\u0438\u0440\u0436\u0430\u043c (SEC) \u043e\u0431\u0435 \u0443\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u044e\u0442, \u0447\u0442\u043e \u0438\u043c\u0435\u044e\u0442 \u0437\u0430\u043a\u043e\u043d\u043d\u044b\u0435 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u0442\u044c \u0447\u0430\u0441\u0442\u0438 \u0440\u044b\u043d\u043a\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442, \u043d\u043e \u043f\u0440\u043e\u0432\u043e\u0434\u044f\u0442 \u0441\u0432\u043e\u0438 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u0433\u0440\u0430\u043d\u0438\u0446\u044b \u043f\u043e-\u0440\u0430\u0437\u043d\u043e\u043c\u0443, \u043a\u0430\u043a \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442 <a href=\"https:\/\/caldwelllaw.com\/news\/crypto-classification-securities-commodities-currencies\/\" rel=\"nofollow noopener\">Caldwelllaw<\/a>. CFTC \u0440\u0430\u0441\u0441\u043c\u0430\u0442\u0440\u0438\u0432\u0430\u0435\u0442 \u0430\u043a\u0442\u0438\u0432\u044b, \u0442\u0430\u043a\u0438\u0435 \u043a\u0430\u043a Bitcoin \u0438 Ethereum, \u043a\u0430\u043a \u0442\u043e\u0432\u0430\u0440\u044b \u0438 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u0435\u0442 \u0438\u0445 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0435. SEC \u043f\u0440\u0438\u043c\u0435\u043d\u044f\u0435\u0442 \u0442\u0435\u0441\u0442 \u0425\u043e\u0443\u0438, \u0447\u0442\u043e\u0431\u044b \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0438\u0442\u044c, \u043a\u043e\u0433\u0434\u0430 \u0446\u0438\u0444\u0440\u043e\u0432\u044b\u0435 \u0442\u043e\u043a\u0435\u043d\u044b \u043a\u0432\u0430\u043b\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044e\u0442\u0441\u044f \u043a\u0430\u043a \u0446\u0435\u043d\u043d\u044b\u0435 \u0431\u0443\u043c\u0430\u0433\u0438, \u0441\u043e\u0433\u043b\u0430\u0441\u043d\u043e <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\">\u041e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u0438\u0435 \u0433\u0440\u0430\u043d\u0438\u0446 \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u0438 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442<\/h2>\n\n\n<p>Caldwelllaw, \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0430\u044f \u0444\u0438\u0440\u043c\u0430, \u043e\u0442\u043c\u0435\u0447\u0430\u0435\u0442, \u0447\u0442\u043e \u043a\u0440\u0438\u043f\u0442\u043e\u0430\u043a\u0442\u0438\u0432\u044b \u043e\u0431\u044b\u0447\u043d\u043e \u0434\u0435\u043b\u044f\u0442\u0441\u044f \u043d\u0430 \u0442\u0440\u0438 \u043e\u0441\u043d\u043e\u0432\u043d\u044b\u0435 \u0433\u0440\u0443\u043f\u043f\u044b: \u0432\u0430\u043b\u044e\u0442\u044b, \u0442\u043e\u0432\u0430\u0440\u044b \u0438\u043b\u0438 \u0446\u0435\u043d\u043d\u044b\u0435 \u0431\u0443\u043c\u0430\u0433\u0438. \u041a\u0430\u0436\u0434\u0430\u044f \u0438\u0437 \u043d\u0438\u0445 \u0432\u044b\u0437\u044b\u0432\u0430\u0435\u0442 \u0443\u043d\u0438\u043a\u0430\u043b\u044c\u043d\u044b\u0435 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u043f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u044f. \u042d\u0442\u0430 \u043a\u043b\u0430\u0441\u0441\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u044f\u0435\u0442, \u043a\u0430\u043a\u043e\u0439 \u0444\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440 \u0438\u043c\u0435\u0435\u0442 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f. \u0414\u043b\u044f \u043f\u0440\u043e\u0435\u043a\u0442\u043e\u0432, \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u0438 \u043f\u043b\u0430\u0442\u0444\u043e\u0440\u043c \u043f\u0440\u0430\u0432\u0438\u043b\u044c\u043d\u0430\u044f \u043a\u0430\u0442\u0435\u0433\u043e\u0440\u0438\u044f \u043e\u0441\u0442\u0430\u0435\u0442\u0441\u044f \u0436\u0438\u0437\u043d\u0435\u043d\u043d\u043e \u0432\u0430\u0436\u043d\u043e\u0439. \u0415\u0441\u043b\u0438 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u0430 \u043e\u0431\u043e\u0437\u043d\u0430\u0447\u0435\u043d\u0430 \u043a\u0430\u043a \u0432\u0430\u043b\u044e\u0442\u0430, \u043d\u0430\u0434\u0437\u043e\u0440 \u043e\u0431\u044b\u0447\u043d\u043e \u0441\u043c\u0435\u0449\u0430\u0435\u0442\u0441\u044f \u043e\u0442 SEC \u0438 CFTC \u043a \u0442\u0430\u043a\u0438\u043c \u0430\u0433\u0435\u043d\u0442\u0441\u0442\u0432\u0430\u043c, \u043a\u0430\u043a FinCEN, \u043a\u043e\u0442\u043e\u0440\u044b\u0435 \u043e\u0442\u0432\u0435\u0447\u0430\u044e\u0442 \u0437\u0430 \u0441\u043e\u0431\u043b\u044e\u0434\u0435\u043d\u0438\u0435 \u043d\u043e\u0440\u043c \u043f\u043e \u0431\u043e\u0440\u044c\u0431\u0435 \u0441 \u043e\u0442\u043c\u044b\u0432\u0430\u043d\u0438\u0435\u043c \u0434\u0435\u043d\u0435\u0433.<\/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 \/>\u041f\u043e\u0441\u043b\u0435 \u043c\u043d\u043e\u0433\u0438\u0445 \u043b\u0435\u0442 \u201c\u043f\u0435\u0440\u0435\u0442\u044f\u0433\u0438\u0432\u0430\u043d\u0438\u044f\u201d \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u0439 \u043f\u043e \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044e \u0440\u044b\u043d\u043a\u0430 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442, \u0434\u0432\u0430 \u043a\u0440\u0443\u043f\u043d\u0435\u0439\u0448\u0438\u0445 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0445 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u0430 \u0421\u0428\u0410 &#8211; \u041a\u043e\u043c\u0438\u0441\u0441\u0438\u044f \u043f\u043e \u0446\u0435\u043d\u043d\u044b\u043c \u0431\u0443\u043c\u0430\u0433\u0430\u043c \u0438 \u0431\u0438\u0440\u0436\u0430\u043c \u0421\u0428\u0410 (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\">16 \u043c\u0430\u0440\u0442\u0430 2026<\/a><\/blockquote>\n\n\n\n<p>\u0418 \u043f\u043e\u0441\u043a\u043e\u043b\u044c\u043a\u0443 \u0438\u0441\u043f\u043e\u043b\u043d\u0435\u043d\u0438\u0435 \u0437\u0430\u0432\u0438\u0441\u0438\u0442 \u043e\u0442 \u044d\u0442\u0438\u0445 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0445 \u0433\u0440\u0430\u043d\u0438\u0446, \u0442\u043e, \u0441\u0442\u0430\u043b\u043a\u0438\u0432\u0430\u0435\u0442\u0441\u044f \u043b\u0438 \u0442\u043e\u043a\u0435\u043d \u0438\u043b\u0438 \u043f\u0440\u043e\u0435\u043a\u0442 \u0441 \u0432\u043c\u0435\u0448\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u043e\u043c SEC \u0438\u043b\u0438 CFTC, \u0434\u0435\u0439\u0441\u0442\u0432\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u0437\u0430\u0432\u0438\u0441\u0438\u0442 \u043e\u0442 \u0435\u0433\u043e \u043e\u0441\u043d\u043e\u0432\u043d\u043e\u0433\u043e \u0434\u0438\u0437\u0430\u0439\u043d\u0430. Merklescience \u0443\u043a\u0430\u0437\u044b\u0432\u0430\u0435\u0442, \u0447\u0442\u043e \u044d\u0442\u0430 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430 \u043d\u0430\u0434\u0437\u043e\u0440\u0430 \u0441 \u0443\u0447\u0430\u0441\u0442\u0438\u0435\u043c \u043d\u0435\u0441\u043a\u043e\u043b\u044c\u043a\u0438\u0445 \u0430\u0433\u0435\u043d\u0442\u0441\u0442\u0432 \u0443\u043d\u0438\u043a\u0430\u043b\u044c\u043d\u0430 \u0434\u043b\u044f \u0421\u043e\u0435\u0434\u0438\u043d\u0435\u043d\u043d\u044b\u0445 \u0428\u0442\u0430\u0442\u043e\u0432 \u0438 \u043e\u0441\u0442\u0430\u0432\u043b\u044f\u0435\u0442 \u0440\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u0447\u0438\u043a\u043e\u0432 \u0438 \u0443\u0447\u0430\u0441\u0442\u043d\u0438\u043a\u043e\u0432 \u0432 \u043f\u043e\u0441\u0442\u043e\u044f\u043d\u043d\u043e\u0439 \u043d\u0435\u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u0438. \u0412 \u0443\u0441\u043b\u043e\u0432\u0438\u044f\u0445 \u044d\u0442\u043e\u0439 \u043d\u0435\u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u0438 \u041a\u043e\u043d\u0433\u0440\u0435\u0441\u0441 \u043d\u0435\u0434\u0430\u0432\u043d\u043e \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u0438\u043b \u043d\u0435\u0441\u043a\u043e\u043b\u044c\u043a\u043e \u0437\u0430\u043a\u043e\u043d\u043e\u043f\u0440\u043e\u0435\u043a\u0442\u043e\u0432, \u043d\u0430\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u043d\u044b\u0445 \u043d\u0430 \u0443\u0442\u043e\u0447\u043d\u0435\u043d\u0438\u0435 \u0444\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u0439 \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u0438 \u043d\u0430\u0434 \u0446\u0438\u0444\u0440\u043e\u0432\u044b\u043c\u0438 \u0430\u043a\u0442\u0438\u0432\u0430\u043c\u0438 \u0438 \u0441\u043d\u0438\u0436\u0435\u043d\u0438\u0435 \u043f\u0443\u0442\u0430\u043d\u0438\u0446\u044b \u0434\u043b\u044f \u0437\u0430\u0438\u043d\u0442\u0435\u0440\u0435\u0441\u043e\u0432\u0430\u043d\u043d\u044b\u0445 \u0441\u0442\u043e\u0440\u043e\u043d \u0432 \u043a\u0440\u0438\u043f\u0442\u043e\u0438\u043d\u0434\u0443\u0441\u0442\u0440\u0438\u0438.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u041f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f SEC \u0438 \u0442\u0435\u0441\u0442 \u0425\u043e\u0443\u0438<\/h2>\n\n\n<p>\u0421\u0443\u0442\u044c \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u0438 SEC \u0432 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u0435 \u0437\u0430\u043a\u043b\u044e\u0447\u0430\u0435\u0442\u0441\u044f \u0432 \u0442\u0435\u0441\u0442\u0435 \u0425\u043e\u0443\u0438 \u2014 \u0447\u0435\u0442\u044b\u0440\u0435\u0445\u0447\u0430\u0441\u0442\u043d\u043e\u0439 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0435 \u0438\u0437 \u0434\u0435\u043b\u0430 \u0412\u0435\u0440\u0445\u043e\u0432\u043d\u043e\u0433\u043e \u0441\u0443\u0434\u0430 1946 \u0433\u043e\u0434\u0430 SEC \u043f\u0440\u043e\u0442\u0438\u0432 Howey Co. \u041a\u0430\u043a \u043e\u0431\u044a\u044f\u0441\u043d\u044f\u0435\u0442 Merklescience, \u0442\u0435\u0441\u0442 \u0437\u0430\u0434\u0430\u0435\u0442 \u0432\u043e\u043f\u0440\u043e\u0441\u044b, \u0435\u0441\u0442\u044c \u043b\u0438 (1) \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0438 \u0434\u0435\u043d\u0435\u0433, (2) \u0432 \u043e\u0431\u0449\u0435\u043c \u043f\u0440\u0435\u0434\u043f\u0440\u0438\u044f\u0442\u0438\u0438, (3) \u0440\u0430\u0437\u0443\u043c\u043d\u044b\u0435 \u043e\u0436\u0438\u0434\u0430\u043d\u0438\u044f \u043f\u0440\u0438\u0431\u044b\u043b\u0438 \u0438 (4) \u043f\u0440\u0438\u0431\u044b\u043b\u044c, \u0432\u043e\u0437\u043d\u0438\u043a\u0430\u044e\u0449\u0430\u044f \u0438\u0437 \u0443\u0441\u0438\u043b\u0438\u0439 \u0434\u0440\u0443\u0433\u0438\u0445.<\/p>\n\n\n<p>\u0418\u0441\u043f\u043e\u043b\u043d\u0435\u043d\u0438\u0435 SEC \u0443\u0432\u0435\u043b\u0438\u0447\u0438\u043b\u043e \u0432\u043d\u0438\u043c\u0430\u043d\u0438\u0435 \u043a \u043d\u0435\u0437\u0430\u0440\u0435\u0433\u0438\u0441\u0442\u0440\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u044b\u043c \u043f\u0440\u0435\u0434\u043b\u043e\u0436\u0435\u043d\u0438\u044f\u043c \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433, \u043e\u0441\u043e\u0431\u0435\u043d\u043d\u043e \u0432 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442\u0435. \u0412 \u043f\u043e\u0441\u043b\u0435\u0434\u043d\u0438\u0435 \u0433\u043e\u0434\u044b \u043d\u0430\u0431\u043b\u044e\u0434\u0430\u0435\u0442\u0441\u044f \u0430\u0433\u0440\u0435\u0441\u0441\u0438\u0432\u043d\u0430\u044f \u0430\u0442\u0430\u043a\u0430 \u043d\u0430 \u0442\u043e\u043a\u0435\u043d\u044b, \u043f\u0440\u043e\u0434\u0430\u0432\u0430\u0435\u043c\u044b\u0435 \u043d\u0430 \u043f\u0443\u0431\u043b\u0438\u0447\u043d\u044b\u0445 ICO, \u0438\u043b\u0438 \u0442\u043e\u043a\u0435\u043d\u044b \u0441 \u0437\u0430\u044f\u0432\u043b\u0435\u043d\u043d\u044b\u043c\u0438 \u0446\u0435\u043b\u044f\u043c\u0438 \u043f\u043e\u043b\u0443\u0447\u0435\u043d\u0438\u044f \u043f\u0440\u0438\u0431\u044b\u043b\u0438, \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u044b\u043c\u0438 \u0441 \u0440\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u043a\u043e\u0439 \u043d\u043e\u0432\u044b\u0445 \u043f\u043b\u0430\u0442\u0444\u043e\u0440\u043c, \u043f\u043e\u0434\u0447\u0435\u0440\u043a\u0438\u0432\u0430\u0435\u0442 Merklescience.<\/p>\n\n\n<p>\u0421\u0443\u0434\u0435\u0431\u043d\u044b\u0435 \u0434\u0435\u043b\u0430, \u0438\u0441\u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0438\u0435 \u043f\u0440\u0438\u043c\u0435\u043d\u0435\u043d\u0438\u0435 \u0442\u0435\u0441\u0442\u0430 \u0425\u043e\u0443\u0438 \u043a \u043d\u043e\u0432\u044b\u043c \u043c\u043e\u0434\u0435\u043b\u044f\u043c \u0442\u043e\u043a\u0435\u043d\u043e\u0432, \u044f\u0432\u043b\u044f\u044e\u0442\u0441\u044f \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u044c\u043d\u044b\u043c\u0438 \u0434\u043b\u044f \u0440\u0430\u0437\u0432\u0438\u0432\u0430\u044e\u0449\u0435\u0433\u043e\u0441\u044f <a href=\"https:\/\/stnews.live\/ru\/2026\/06\/mica-crypto-regulation-europe-explained-what-changes-2026\/\" rel=\"noopener\">\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f<\/a>. \u041d\u0430 \u043f\u0440\u0430\u043a\u0442\u0438\u043a\u0435 \u044d\u0442\u0438 \u0441\u043f\u043e\u0440\u044b \u0444\u043e\u0440\u043c\u0438\u0440\u0443\u044e\u0442 \u043e\u0445\u0432\u0430\u0442 SEC \u0438 \u043c\u043e\u0433\u0443\u0442 \u043f\u0435\u0440\u0435\u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0438\u0442\u044c \u0437\u0430\u0449\u0438\u0442\u0443 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u0441 \u043a\u0430\u0436\u0434\u044b\u043c \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u043c \u0440\u0435\u0448\u0435\u043d\u0438\u0435\u043c. \u0420\u0435\u0437\u0443\u043b\u044c\u0442\u0430\u0442\u044b \u0437\u0434\u0435\u0441\u044c \u043c\u043e\u0433\u0443\u0442 \u0438\u0437\u043c\u0435\u043d\u0438\u0442\u044c \u0442\u043e, \u043a\u0430\u043a SEC \u043a\u043e\u043d\u0442\u0440\u043e\u043b\u0438\u0440\u0443\u0435\u0442 \u043c\u0438\u0440 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442. \u0421\u0442\u0430\u0432\u043a\u0438 \u0432\u044b\u0441\u043e\u043a\u0438 \u0434\u043b\u044f \u0432\u0441\u0435\u0445.<\/p>\n\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr><th>\u0424\u0430\u043a\u0442\u043e\u0440 \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u0438<\/th><th>\u0421\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0443\u044e\u0449\u0438\u0439 \u0442\u0435\u0441\u0442\/\u0437\u0430\u043a\u043e\u043d<\/th><th>\u0420\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>\u0418\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u044b\u0439 \u043a\u043e\u043d\u0442\u0440\u0430\u043a\u0442<\/td><td>\u0422\u0435\u0441\u0442 \u0425\u043e\u0443\u0438<\/td><td>SEC<\/td><\/tr>\n<tr><td>\u0422\u043e\u0432\u0430\u0440\/\u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u0430\u044f<\/td><td>\u0417\u0430\u043a\u043e\u043d \u043e \u0442\u043e\u0432\u0430\u0440\u043d\u044b\u0445 \u0431\u0438\u0440\u0436\u0430\u0445<\/td><td>CFTC<\/td><\/tr>\n<tr><td>\u0412\u0430\u043b\u044e\u0442\u0430\/\u043f\u043b\u0430\u0442\u0435\u0436\u0438<\/td><td>\u0420\u0443\u043a\u043e\u0432\u043e\u0434\u0441\u0442\u0432\u043e FinCEN<\/td><td>FinCEN\/\u0414\u0440\u0443\u0433\u0438\u0435<\/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\">\u041e\u0431\u044a\u044f\u0441\u043d\u0435\u043d\u0438\u0435 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u043e\u0439 \u0440\u043e\u043b\u0438 CFTC<\/h2>\n\n\n<p>Merklescience \u043e\u0431\u044a\u044f\u0441\u043d\u044f\u0435\u0442, \u0447\u0442\u043e \u041a\u043e\u043c\u0438\u0441\u0441\u0438\u044f \u043f\u043e \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u0435 \u0442\u043e\u0432\u0430\u0440\u043d\u044b\u043c\u0438 \u0444\u044c\u044e\u0447\u0435\u0440\u0441\u0430\u043c\u0438 (CFTC) \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u0435\u0442 \u0442\u043e\u0432\u0430\u0440\u044b \u0438 \u0438\u0445 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0435, \u0432\u043a\u043b\u044e\u0447\u0430\u044f \u0444\u044c\u044e\u0447\u0435\u0440\u0441\u044b, \u0441\u0432\u043e\u043f\u044b \u0438 \u043e\u043f\u0446\u0438\u043e\u043d\u044b. \u042d\u0442\u0438 \u0437\u0430\u043a\u043e\u043d\u043d\u044b\u0435 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u044b \u043d\u0430 \u0444\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u043c \u0437\u0430\u043a\u043e\u043d\u043e\u0434\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0435, \u043a\u0430\u043a \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442 <a href=\"https:\/\/scholarship.richmond.edu\/lawreview\/vol57\/iss2\/11\/\" rel=\"nofollow noopener\">Scholarship<\/a>.richmond.edu. CFTC \u043c\u043e\u0436\u0435\u0442 \u0432\u043c\u0435\u0448\u0438\u0432\u0430\u0442\u044c\u0441\u044f \u043d\u0430 \u0441\u043f\u043e\u0442\u043e\u0432\u044b\u0445 \u0440\u044b\u043d\u043a\u0430\u0445 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442 \u0442\u043e\u043b\u044c\u043a\u043e \u043f\u0440\u0438 \u043d\u0430\u043b\u0438\u0447\u0438\u0438 \u0434\u043e\u043a\u0430\u0437\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432 \u043c\u043e\u0448\u0435\u043d\u043d\u0438\u0447\u0435\u0441\u0442\u0432\u0430 \u0438\u043b\u0438 \u043c\u0430\u043d\u0438\u043f\u0443\u043b\u044f\u0446\u0438\u0439. \u041e\u0441\u043d\u043e\u0432\u043d\u043e\u0435 \u0432\u043d\u0438\u043c\u0430\u043d\u0438\u0435 \u0443\u0434\u0435\u043b\u044f\u0435\u0442\u0441\u044f \u0446\u0438\u0444\u0440\u043e\u0432\u044b\u043c \u0430\u043a\u0442\u0438\u0432\u0430\u043c, \u043b\u0435\u0436\u0430\u0449\u0438\u043c \u0432 \u043e\u0441\u043d\u043e\u0432\u0435 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u0435\u043c\u044b\u0445 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0445 \u2014 \u0442\u0430\u043a\u0438\u0445 \u043a\u0430\u043a <a href=\"https:\/\/stnews.live\/2026\/06\/jpmorgan-says-cash-crucial-bitcoin-giant-strategy-assure-investors\/\" rel=\"noopener\">Bitcoin<\/a> \u0438 Ether. \u041d\u0435 \u0432\u0441\u0435 \u0430\u043a\u0442\u0438\u0432\u044b \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0443\u044e\u0442 \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u044f\u043c.<\/p>\n\n\n<p>\u0421 \u0443\u0447\u0435\u0442\u043e\u043c \u044d\u0442\u043e\u0439 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u043e\u0439 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u044b CFTC \u0442\u0440\u0435\u0431\u0443\u0435\u0442 \u0441\u0442\u0440\u043e\u0433\u043e\u0433\u043e \u0432\u0435\u0434\u0435\u043d\u0438\u044f \u0443\u0447\u0435\u0442\u0430, \u043c\u043e\u043d\u0438\u0442\u043e\u0440\u0438\u043d\u0433\u0430 \u0432 \u0440\u0435\u0430\u043b\u044c\u043d\u043e\u043c \u0432\u0440\u0435\u043c\u0435\u043d\u0438 \u0438 \u0441\u0442\u0430\u043d\u0434\u0430\u0440\u0442\u043e\u0432 \u043f\u0440\u043e\u0442\u0438\u0432\u043e\u0434\u0435\u0439\u0441\u0442\u0432\u0438\u044f \u043c\u043e\u0448\u0435\u043d\u043d\u0438\u0447\u0435\u0441\u0442\u0432\u0443 \u0434\u043b\u044f \u0437\u0430\u0440\u0435\u0433\u0438\u0441\u0442\u0440\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u044b\u0445 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0445 \u0431\u0438\u0440\u0436, \u0441\u043e\u043e\u0431\u0449\u0430\u0435\u0442 Caldwelllaw. \u042d\u0442\u0438 \u043f\u0440\u0430\u0432\u0438\u043b\u0430 \u0432\u043b\u0438\u044f\u044e\u0442 \u043d\u0430 \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u044e \u0441 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u043e\u0432\u0430\u043d\u0438\u0435\u043c \u043a\u0440\u0435\u0434\u0438\u0442\u043d\u043e\u0433\u043e \u043f\u043b\u0435\u0447\u0430, \u043c\u0430\u0440\u0436\u0438\u043d\u0430\u043b\u044c\u043d\u044b\u0435 \u043f\u0440\u043e\u0434\u0443\u043a\u0442\u044b \u0438 \u043f\u043b\u0430\u0442\u0444\u043e\u0440\u043c\u044b \u043e\u0431\u043c\u0435\u043d\u0430, \u0447\u0442\u043e\u0431\u044b \u043f\u043e\u043c\u043e\u0447\u044c \u043f\u0440\u0435\u0434\u043e\u0442\u0432\u0440\u0430\u0442\u0438\u0442\u044c \u0437\u043b\u043e\u0443\u043f\u043e\u0442\u0440\u0435\u0431\u043b\u0435\u043d\u0438\u044f \u043d\u0430 \u0440\u044b\u043d\u043a\u0435. \u041d\u0430\u0434\u0437\u043e\u0440 CFTC \u0438\u043c\u0435\u0435\u0442 \u0440\u0435\u0448\u0430\u044e\u0449\u0435\u0435 \u0437\u043d\u0430\u0447\u0435\u043d\u0438\u0435 \u0434\u043b\u044f \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0445 Bitcoin \u0438 Ethereum \u2014 \u043e\u0431\u043b\u0430\u0441\u0442\u0438, \u043a\u043e\u0442\u043e\u0440\u0430\u044f \u0441\u0435\u0439\u0447\u0430\u0441 \u043f\u0440\u0438\u0432\u043b\u0435\u043a\u0430\u0435\u0442 \u043e\u0433\u0440\u043e\u043c\u043d\u0443\u044e \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u0443\u044e \u0430\u043a\u0442\u0438\u0432\u043d\u043e\u0441\u0442\u044c, \u0441\u043e\u0433\u043b\u0430\u0441\u043d\u043e Merklescience. \u0422\u0435\u043c \u043d\u0435 \u043c\u0435\u043d\u0435\u0435, \u043f\u0440\u044f\u043c\u043e\u0435 \u0438\u0441\u043f\u043e\u043b\u043d\u0435\u043d\u0438\u0435 \u043d\u0430 \u0441\u043f\u043e\u0442\u043e\u0432\u044b\u0445 \u0440\u044b\u043d\u043a\u0430\u0445 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442 \u043e\u0433\u0440\u0430\u043d\u0438\u0447\u0435\u043d\u043e. CFTC \u043f\u0440\u0438\u0437\u0432\u0430\u043b\u0430 \u041a\u043e\u043d\u0433\u0440\u0435\u0441\u0441 \u0443\u043a\u0440\u0435\u043f\u0438\u0442\u044c \u0441\u0432\u043e\u0438 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f \u043f\u043e \u043c\u0435\u0440\u0435 \u0440\u043e\u0441\u0442\u0430 \u0440\u0438\u0441\u043a\u043e\u0432 \u043d\u0430 \u043d\u0435\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u0435\u043c\u044b\u0445 \u043f\u043b\u0430\u0442\u0444\u043e\u0440\u043c\u0430\u0445 \u0438 \u043c\u0430\u043d\u0438\u043f\u0443\u043b\u044f\u0446\u0438\u0439.<\/p>\n\n\n<p>\u041a\u0440\u0443\u043f\u043d\u044b\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b, \u0437\u0430\u0438\u043d\u0442\u0435\u0440\u0435\u0441\u043e\u0432\u0430\u043d\u043d\u044b\u0435 \u0432 Bitcoin \u0438\u043b\u0438 Ethereum, \u043e\u0431\u044b\u0447\u043d\u043e \u043f\u043e\u043b\u0430\u0433\u0430\u044e\u0442\u0441\u044f \u043d\u0430 \u0444\u044c\u044e\u0447\u0435\u0440\u0441\u044b \u0438 \u043e\u043f\u0446\u0438\u043e\u043d\u044b \u043f\u043e\u0434 \u043d\u0430\u0434\u0437\u043e\u0440\u043e\u043c CFTC. \u042d\u0442\u043e \u0441\u043d\u0438\u0436\u0430\u0435\u0442 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u0440\u0438\u0441\u043a\u0438 \u0438 \u043f\u043e\u0437\u0432\u043e\u043b\u044f\u0435\u0442 \u043f\u0440\u043e\u0434\u0443\u043a\u0442\u0430\u043c \u0434\u043b\u044f BTC \u0438 ETH \u0440\u0430\u0437\u0432\u0438\u0432\u0430\u0442\u044c\u0441\u044f \u0431\u044b\u0441\u0442\u0440\u0435\u0435, \u0447\u0435\u043c \u0434\u043b\u044f \u0431\u043e\u043b\u044c\u0448\u0438\u043d\u0441\u0442\u0432\u0430 \u0434\u0440\u0443\u0433\u0438\u0445 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442, \u043f\u043e\u043a\u0430\u0437\u044b\u0432\u0430\u044e\u0442 \u0440\u044b\u043d\u043e\u0447\u043d\u044b\u0435 \u0434\u0430\u043d\u043d\u044b\u0435.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u041d\u0430\u0434\u0437\u043e\u0440 \u0437\u0430 Bitcoin \u0438 Ethereum<\/h2>\n\n\n<p>Caldwelllaw \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442, \u0447\u0442\u043e Bitcoin \u0438 Ethereum \u043a\u043b\u0430\u0441\u0441\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044e\u0442\u0441\u044f \u043a\u0430\u043a \u0442\u043e\u0432\u0430\u0440\u044b \u0438 \u043f\u043e\u0434\u043f\u0430\u0434\u0430\u044e\u0442 \u043f\u043e\u0434 \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u044e CFTC \u0434\u043b\u044f \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u0438 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u043c\u0438.<\/p>\n\n\n<p>\u041d\u0430\u043b\u0438\u0447\u0438\u0435 \u0447\u0435\u0442\u043a\u043e\u0439 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u043e\u0439 \u00ab\u0434\u043e\u043c\u0430\u00bb \u0434\u043b\u044f BTC \u0438 ETH \u043f\u043e\u0437\u0432\u043e\u043b\u0438\u043b\u043e \u0437\u0430\u043f\u0443\u0441\u0442\u0438\u0442\u044c \u0444\u044c\u044e\u0447\u0435\u0440\u0441\u043d\u044b\u0435 ETF \u0438 \u0434\u0440\u0443\u0433\u0438\u0435 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0435.<\/p>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\" \/>\n\n\n<h2 class=\"wp-block-heading\">\u0420\u0430\u0437\u043b\u0438\u0447\u0438\u0435 \u043c\u0435\u0436\u0434\u0443 \u0446\u0435\u043d\u043d\u044b\u043c\u0438 \u0431\u0443\u043c\u0430\u0433\u0430\u043c\u0438 \u0438 \u0442\u043e\u0432\u0430\u0440\u0430\u043c\u0438<\/h2>\n\n\n<p>Scholarship.richmond.edu \u0443\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442, \u0447\u0442\u043e \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f SEC \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u044b \u043d\u0430 \u0437\u0430\u043a\u043e\u043d\u0430\u0445 \u043e \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433\u0430\u0445, \u0432 \u0442\u043e \u0432\u0440\u0435\u043c\u044f \u043a\u0430\u043a \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f CFTC \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u044b \u043d\u0430 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0438 \u0442\u043e\u0432\u0430\u0440\u043e\u0432. \u042d\u0442\u043e \u0440\u0430\u0437\u0434\u0435\u043b\u0435\u043d\u0438\u0435 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0438\u0440\u0443\u0435\u0442 \u0438\u043d\u0434\u0443\u0441\u0442\u0440\u0438\u044e. \u0422\u043e\u0432\u0430\u0440, \u0442\u0430\u043a\u043e\u0439 \u043a\u0430\u043a Bitcoin \u0438\u043b\u0438 Ethereum, \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u0432\u0437\u0430\u0438\u043c\u043e\u0437\u0430\u043c\u0435\u043d\u044f\u0435\u043c\u044b\u043c \u0430\u043a\u0442\u0438\u0432\u043e\u043c, \u043a\u043e\u0442\u043e\u0440\u044b\u0439 \u043c\u043e\u0436\u043d\u043e \u0442\u043e\u0440\u0433\u043e\u0432\u0430\u0442\u044c \u043d\u0430 \u043e\u0442\u043a\u0440\u044b\u0442\u044b\u0445 \u0440\u044b\u043d\u043a\u0430\u0445.<\/p>\n\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr><th>\u041a\u0430\u0442\u0435\u0433\u043e\u0440\u0438\u044f<\/th><th>\u041f\u0440\u0438\u043c\u0435\u0440\u044b<\/th><th>\u0420\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440<\/th><\/tr>\n<\/thead>\n<tbody>\n<tr><td>\u0422\u043e\u0432\u0430\u0440<\/td><td>Bitcoin, Ethereum<\/td><td>CFTC<\/td><\/tr>\n<tr><td>\u0426\u0435\u043d\u043d\u0430\u044f \u0431\u0443\u043c\u0430\u0433\u0430<\/td><td>\u043c\u043d\u043e\u0433\u0438\u0435 \u0442\u043e\u043a\u0435\u043d\u044b DeFi<\/td><td>SEC<\/td><\/tr>\n<tr><td>\u0412\u0430\u043b\u044e\u0442\u0430<\/td><td>\u0421\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u044b, \u043f\u043b\u0430\u0442\u0435\u0436\u043d\u044b\u0435 \u0442\u043e\u043a\u0435\u043d\u044b<\/td><td>FinCEN, \u0434\u0440\u0443\u0433\u0438\u0435<\/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\">\u0420\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u044b\u0435 \u0440\u0438\u0441\u043a\u0438 \u0430\u043b\u0433\u043e\u0440\u0438\u0442\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0445 \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u043e\u0432<\/h2>\n\n\n<p>SEC \u0440\u0430\u0441\u0441\u043c\u0430\u0442\u0440\u0438\u0432\u0430\u0435\u0442 \u043b\u044e\u0431\u044b\u0435 \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u044b, \u043f\u0440\u043e\u0434\u0430\u0432\u0430\u0435\u043c\u044b\u0435 \u0441 \u043e\u0431\u0435\u0449\u0430\u043d\u0438\u044f\u043c\u0438 \u043f\u0440\u0438\u0431\u044b\u043b\u0438 \u0438\u043b\u0438 \u0443\u043f\u0440\u0430\u0432\u043b\u044f\u0435\u043c\u044b\u0435 \u0446\u0435\u043d\u0442\u0440\u0430\u043b\u044c\u043d\u043e\u0439 \u0441\u0442\u043e\u0440\u043e\u043d\u043e\u0439. \u0412 \u044d\u0442\u0438\u0445 \u0441\u043b\u0443\u0447\u0430\u044f\u0445 \u043f\u0440\u0438\u043c\u0435\u043d\u044f\u044e\u0442\u0441\u044f \u0437\u0430\u043a\u043e\u043d\u044b \u043e \u0446\u0435\u043d\u043d\u044b\u0445 \u0431\u0443\u043c\u0430\u0433\u0430\u0445. \u0415\u0441\u043b\u0438 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u0430\u044f \u043d\u0430 \u043e\u0441\u043d\u043e\u0432\u0435 \u0441\u0442\u0435\u0439\u0431\u043b\u043a\u043e\u0438\u043d\u0430 \u0442\u043e\u0440\u0433\u0443\u0435\u0442\u0441\u044f \u043d\u0430 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u0435\u043c\u043e\u0439 \u0431\u0438\u0440\u0436\u0435, \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u044f CFTC \u0442\u0430\u043a\u0436\u0435 \u043c\u043e\u0436\u0435\u0442 \u043f\u0440\u0438\u043c\u0435\u043d\u044f\u0442\u044c\u0441\u044f, \u043a\u0430\u043a \u043f\u043e\u043a\u0430\u0437\u044b\u0432\u0430\u0435\u0442 Merklescience.<\/p>\n\n\n<h3 class=\"wp-block-heading\">\u041a\u043e\u0433\u0434\u0430 \u043a\u0440\u0438\u043f\u0442\u043e-\u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0435 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u044e\u0442\u0441\u044f<\/h3>\n\n\n<p>Merklescience \u0443\u0442\u0432\u0435\u0440\u0436\u0434\u0430\u0435\u0442, \u0447\u0442\u043e \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f CFTC \u0432\u0441\u0442\u0443\u043f\u0430\u044e\u0442 \u0432 \u0441\u0438\u043b\u0443, \u043a\u0430\u043a \u0442\u043e\u043b\u044c\u043a\u043e \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u0430\u044f \u2014 \u043d\u0430\u043f\u0440\u0438\u043c\u0435\u0440, \u0444\u044c\u044e\u0447\u0435\u0440\u0441\u043d\u044b\u0439 \u0438\u043b\u0438 \u0441\u0432\u043e\u043f-\u043a\u043e\u043d\u0442\u0440\u0430\u043a\u0442 \u2014 \u0441\u0441\u044b\u043b\u0430\u0435\u0442\u0441\u044f \u043d\u0430 \u0446\u0438\u0444\u0440\u043e\u0432\u043e\u0439 \u0442\u043e\u0432\u0430\u0440, \u0442\u0430\u043a\u043e\u0439 \u043a\u0430\u043a Bitcoin \u0438\u043b\u0438 Ethereum. \u042d\u0442\u0430 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u0430 \u043e\u0445\u0432\u0430\u0442\u044b\u0432\u0430\u0435\u0442 \u0431\u043e\u043b\u044c\u0448\u0443\u044e \u0447\u0430\u0441\u0442\u044c \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0446\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0442\u043e\u0440\u0433\u043e\u0432\u043e\u0433\u043e \u043e\u0431\u044a\u0435\u043c\u0430 \u043d\u0430 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u0435\u043c\u044b\u0445 \u0431\u0438\u0440\u0436\u0430\u0445 \u0421\u0428\u0410. \u041e\u043d\u0430 \u0432\u0432\u043e\u0434\u0438\u0442 \u0441\u0442\u0440\u043e\u0433\u0438\u0435 \u0441\u0442\u0430\u043d\u0434\u0430\u0440\u0442\u044b \u043f\u0440\u043e\u0442\u0438\u0432\u043e\u0434\u0435\u0439\u0441\u0442\u0432\u0438\u044f \u043c\u043e\u0448\u0435\u043d\u043d\u0438\u0447\u0435\u0441\u0442\u0432\u0443, \u043c\u043e\u043d\u0438\u0442\u043e\u0440\u0438\u043d\u0433\u0430 \u0438 \u043f\u0440\u043e\u0437\u0440\u0430\u0447\u043d\u043e\u0441\u0442\u0438 \u0434\u043b\u044f \u043a\u0440\u0438\u043f\u0442\u043e-\u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0445. \u0417\u0430\u043a\u043e\u043d \u043e \u0442\u043e\u0432\u0430\u0440\u043d\u044b\u0445 \u0431\u0438\u0440\u0436\u0430\u0445 \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u043e\u0441\u043d\u043e\u0432\u043e\u0439, \u043a\u043e\u0442\u043e\u0440\u0430\u044f \u0434\u0430\u0435\u0442 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f CFTC \u0432 \u044d\u0442\u043e\u043c \u0441\u043b\u0443\u0447\u0430\u0435.<\/p>\n\n\n<p>Caldwelllaw \u043e\u0442\u043c\u0435\u0447\u0430\u0435\u0442, \u0447\u0442\u043e \u044d\u0442\u0438 \u0430\u043a\u0442\u0438\u0432\u044b \u043c\u043e\u0433\u0443\u0442 \u043f\u0440\u0438\u0432\u043b\u0435\u0447\u044c \u0432\u043d\u0438\u043c\u0430\u043d\u0438\u0435 \u043a\u0430\u043a SEC, \u0442\u0430\u043a \u0438 CFTC, \u0432 \u0437\u0430\u0432\u0438\u0441\u0438\u043c\u043e\u0441\u0442\u0438 \u043e\u0442 \u0434\u0438\u0437\u0430\u0439\u043d\u0430, \u043f\u0440\u043e\u0434\u0432\u0438\u0436\u0435\u043d\u0438\u044f \u0438\u043b\u0438 \u0435\u0441\u043b\u0438 \u043e\u043d\u0438 \u0438\u0441\u043f\u043e\u043b\u044c\u0437\u0443\u044e\u0442\u0441\u044f \u0432 \u043f\u0440\u043e\u0438\u0437\u0432\u043e\u0434\u043d\u044b\u0445 \u0438\u043b\u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u044b\u0445 \u043a\u043e\u043d\u0442\u0440\u0430\u043a\u0442\u0430\u0445.<\/p>\n\n\n<p>\u0415\u0441\u043b\u0438 \u043c\u0430\u043d\u0438\u043f\u0443\u043b\u044f\u0446\u0438\u0438 \u043d\u0430 \u0440\u044b\u043d\u043a\u0435 \u0438\u043b\u0438 \u0437\u043b\u043e\u0443\u043f\u043e\u0442\u0440\u0435\u0431\u043b\u0435\u043d\u0438\u044f \u0443\u0441\u043a\u043e\u0440\u044f\u0442\u0441\u044f, \u0434\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u043d\u0430 \u041a\u043e\u043d\u0433\u0440\u0435\u0441\u0441 \u0437\u0430 \u0431\u043e\u043b\u0435\u0435 \u0447\u0435\u0442\u043a\u0438\u0435 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f CFTC \u043d\u0430\u0434 \u0432\u0441\u0435\u043c\u0438 \u0441\u043f\u043e\u0442\u043e\u0432\u044b\u043c\u0438 \u0440\u044b\u043d\u043a\u0430\u043c\u0438 \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442, \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e, \u0432\u043e\u0437\u0440\u0430\u0441\u0442\u0435\u0442.<\/p>\n\n\n<h3 class=\"wp-block-heading\">\u041e\u0441\u043d\u043e\u0432\u043d\u044b\u0435 \u0434\u0435\u043b\u0430, \u0444\u043e\u0440\u043c\u0438\u0440\u0443\u044e\u0449\u0438\u0435 \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u044e \u043a\u0440\u0438\u043f\u0442\u043e\u0432\u0430\u043b\u044e\u0442<\/h3>\n\n\n<p>\u041f\u0435\u0440\u0441\u043f\u0435\u043a\u0442\u0438\u0432\u044b \u0438\u0437 scholarship.richmond.edu \u0438 Merklescience \u0434\u0435\u043c\u043e\u043d\u0441\u0442\u0440\u0438\u0440\u0443\u044e\u0442, \u0447\u0442\u043e \u044e\u0440\u0438\u0441\u0434\u0438\u043a\u0446\u0438\u044f \u0437\u0430\u0432\u0438\u0441\u0438\u0442 \u043e\u0442 \u0441\u0442\u0440\u0443\u043a\u0442\u0443\u0440\u044b \u043f\u0440\u043e\u0435\u043a\u0442\u0430 \u0438 \u043c\u0430\u0440\u043a\u0435\u0442\u0438\u043d\u0433\u0430 \u0430\u043a\u0442\u0438\u0432\u0430. \u0412\u0435\u0434\u0443\u0449\u0438\u0435 \u0434\u0435\u0439\u0441\u0442\u0432\u0438\u044f \u2014 \u0442\u0430\u043a\u0438\u0435 \u043a\u0430\u043a \u0433\u0440\u043e\u043c\u043a\u043e\u0435 \u0441\u0443\u0434\u0435\u0431\u043d\u043e\u0435 \u0434\u0435\u043b\u043e SEC \u043f\u0440\u043e\u0442\u0438\u0432 Ripple Labs \u043f\u043e \u0434\u0435\u043b\u0443 XRP \u2014 \u0443\u0441\u0442\u0430\u043d\u043e\u0432\u0438\u043b\u0438 \u0432\u0430\u0436\u043d\u044b\u0435 \u043f\u0440\u0435\u0446\u0435\u0434\u0435\u043d\u0442\u044b.<\/p>\n\n\n<p>\u041d\u0430 \u0434\u0430\u043d\u043d\u044b\u0439 \u043c\u043e\u043c\u0435\u043d\u0442 \u043e\u0442\u0441\u0443\u0442\u0441\u0442\u0432\u0438\u0435 \u043d\u043e\u0432\u043e\u0433\u043e \u0437\u0430\u043a\u043e\u043d\u043e\u0434\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 \u043e\u0437\u043d\u0430\u0447\u0430\u0435\u0442, \u0447\u0442\u043e \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0435 \u0438\u0441\u043a\u0438 \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u044f\u044e\u0442 \u0438\u0441\u043f\u043e\u043b\u043d\u0435\u043d\u0438\u0435. \u041f\u0440\u043e\u0435\u043a\u0442\u044b \u043c\u043e\u0433\u0443\u0442 \u043f\u0435\u0440\u0435\u043c\u0435\u0449\u0430\u0442\u044c\u0441\u044f \u0438\u043b\u0438 \u0438\u0437\u043c\u0435\u043d\u044f\u0442\u044c \u0431\u0438\u0437\u043d\u0435\u0441-\u043c\u043e\u0434\u0435\u043b\u0438 \u043f\u043e \u043c\u0435\u0440\u0435 \u0438\u0437\u043c\u0435\u043d\u0435\u043d\u0438\u044f \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0445 \u0440\u0435\u0448\u0435\u043d\u0438\u0439, \u0430 \u043d\u0435 \u0441\u043b\u0435\u0434\u043e\u0432\u0430\u0442\u044c \u043e\u0434\u043d\u043e\u043c\u0443 \u043f\u0440\u043e\u0442\u043e\u043a\u043e\u043b\u0443. \u041d\u043e\u0432\u044b\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u0438\u043b\u0438 \u0437\u0430\u043a\u043e\u043d\u043e\u043f\u0440\u043e\u0435\u043a\u0442\u044b, \u043e\u0436\u0438\u0434\u0430\u0435\u043c\u044b\u0435 \u0432 \u043a\u043e\u043d\u0446\u0435 2026 \u0433\u043e\u0434\u0430, \u043c\u043e\u0433\u0443\u0442 \u043d\u0430\u043a\u043e\u043d\u0435\u0446 \u043f\u0440\u043e\u044f\u0441\u043d\u0438\u0442\u044c, \u043a\u0430\u043a\u043e\u0435 \u0430\u0433\u0435\u043d\u0442\u0441\u0442\u0432\u043e \u043e\u0442\u0432\u0435\u0447\u0430\u0435\u0442 \u2014 \u0438\u0437\u043c\u0435\u043d\u044f\u044f \u0440\u0438\u0441\u043a\u0438 \u0434\u043b\u044f \u0441\u0442\u0430\u0440\u0442\u0430\u043f\u043e\u0432 \u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432. \u0414\u043e \u0442\u0435\u0445 \u043f\u043e\u0440 \u043e\u0436\u0438\u0434\u0430\u0439\u0442\u0435 \u0432\u044b\u0441\u043e\u043a\u043e \u0434\u0438\u043d\u0430\u043c\u0438\u0447\u043d\u0443\u044e \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u0443\u044e \u0430\u0440\u0435\u043d\u0443 \u0438 \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0430\u044e\u0449\u0443\u044e\u0441\u044f \u0431\u043e\u0440\u044c\u0431\u0443 \u043c\u0435\u0436\u0434\u0443 SEC \u0438 CFTC \u0437\u0430 \u043a\u043e\u043d\u0442\u0440\u043e\u043b\u044c \u043d\u0430\u0434 \u0431\u0443\u0434\u0443\u0449\u0438\u043c \u043a\u0440\u0438\u043f\u0442\u043e\u0438\u043d\u0434\u0443\u0441\u0442\u0440\u0438\u0438.<\/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 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