{"id":18866,"date":"2022-09-27T20:56:59","date_gmt":"2022-09-27T13:56:59","guid":{"rendered":"https:\/\/www.fiahub.com\/blog\/?p=18866"},"modified":"2022-09-27T20:56:59","modified_gmt":"2022-09-27T13:56:59","slug":"thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto","status":"publish","type":"post","link":"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/","title":{"rendered":"Th\u1eed nghi\u1ec7m Howey l\u00e0 g\u00ec v\u00e0 \u1ea3nh h\u01b0\u1edfng c\u1ee7a n\u00f3 t\u1edbi c\u00e1c d\u1ef1 \u00e1n crypto\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung b\u00e0i vi\u1ebft<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Thu_nghiem_Howey_la_gi\" >Th\u1eed nghi\u1ec7m Howey l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Hieu_ve_thu_nghiem_Howey\" >Hi\u1ec3u v\u1ec1 th\u1eed nghi\u1ec7m Howey<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Moi_lien_he_giua_thu_nghiem_Howey_va_tien_dien_tu\" >M\u1ed1i li\u00ean h\u1ec7 gi\u1eefa th\u1eed nghi\u1ec7m Howey v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Can_nhac_dac_biet\" >C\u00e2n nh\u1eafc \u0111\u1eb7c bi\u1ec7t<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Cau_hoi_thuong_gap_ve_thu_nghiem_Howey\" >C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 th\u1eed nghi\u1ec7m Howey<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Lam_the_nao_de_ban_xac_dinh_neu_mot_cai_gi_do_la_mot_bao_mat\" >L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 b\u1ea1n x\u00e1c \u0111\u1ecbnh n\u1ebfu m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 l\u00e0 m\u1ed9t b\u1ea3o m\u1eadt?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Tai_sao_Bitcoin_khong_phai_la_bao_mat_theo_thu_nghiem_Howey\" >T\u1ea1i sao Bitcoin kh\u00f4ng ph\u1ea3i l\u00e0 b\u1ea3o m\u1eadt theo th\u1eed nghi\u1ec7m Howey?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#SEC_xac_dinh_an_ninh_nhu_the_nao\" >SEC x\u00e1c \u0111\u1ecbnh an ninh nh\u01b0 th\u1ebf n\u00e0o?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.fiahub.com\/blog\/thu-nghiem-howey-la-gi-va-anh-huong-cua-no-toi-cac-du-an-crypto\/#Tong_ket\" >T\u1ed5ng k\u1ebft<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Thu_nghiem_Howey_la_gi\"><\/span><span style=\"font-weight: 400\">Th\u1eed nghi\u1ec7m Howey l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Th\u1eed nghi\u1ec7m Howey \u0111\u1ec1 c\u1eadp \u0111\u1ebfn v\u1ee5 ki\u1ec7n c\u1ee7a T\u00f2a \u00e1n t\u1ed1i cao Hoa K\u1ef3 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem m\u1ed9t giao d\u1ecbch c\u00f3 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 &#8220;h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0&#8221; hay kh\u00f4ng, v\u00e0 do \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t bi\u1ec7n ph\u00e1p b\u1ea3o m\u1eadt v\u00e0 tu\u00e2n theo c\u00e1c y\u00eau c\u1ea7u v\u1ec1 ti\u1ebft l\u1ed9 v\u00e0 \u0111\u0103ng k\u00fd theo \u0110\u1ea1o lu\u1eadt ch\u1ee9ng kho\u00e1n n\u0103m 1933 v\u00e0 \u0110\u1ea1o lu\u1eadt giao d\u1ecbch ch\u1ee9ng kho\u00e1n n\u0103m 1934 Theo Ph\u00e9p th\u1eed Howey, h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 t\u1ed3n t\u1ea1i n\u1ebfu c\u00f3 &#8220;kho\u1ea3n \u0111\u1ea7u t\u01b0 b\u1eb1ng ti\u1ec1n v\u00e0o m\u1ed9t doanh nghi\u1ec7p th\u00f4ng th\u01b0\u1eddng v\u1edbi k\u1ef3 v\u1ecdng h\u1ee3p l\u00fd v\u1ec1 l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c t\u1eeb n\u1ed7 l\u1ef1c c\u1ee7a ng\u01b0\u1eddi kh\u00e1c.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">Th\u1eed nghi\u1ec7m \u00e1p d\u1ee5ng cho b\u1ea5t k\u1ef3 h\u1ee3p \u0111\u1ed3ng, k\u1ebf ho\u1ea1ch ho\u1eb7c giao d\u1ecbch n\u00e0o. B\u00e0i ki\u1ec3m tra Howey r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh v\u1ecb tr\u00ed c\u00e1c d\u1ef1 \u00e1n ti\u1ec1n t\u1ec7 k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 blockchain v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0 nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 d\u1ef1 \u00e1n. M\u1ed9t s\u1ed1 lo\u1ea1i ti\u1ec1n \u0111i\u1ec7n t\u1eed nh\u1ea5t \u0111\u1ecbnh v\u00e0 c\u00e1c \u0111\u1ee3t cung c\u1ea5p ti\u1ec1n xu ban \u0111\u1ea7u (ICO) c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c t\u00ecm th\u1ea5y \u0111\u1ec3 \u0111\u00e1p \u1ee9ng \u0111\u1ecbnh ngh\u0129a c\u1ee7a m\u1ed9t &#8220;h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0&#8221; trong th\u1eed nghi\u1ec7m.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hieu_ve_thu_nghiem_Howey\"><\/span><span style=\"font-weight: 400\">Hi\u1ec3u v\u1ec1 th\u1eed nghi\u1ec7m Howey<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Cu\u1ed9c th\u1eed nghi\u1ec7m Howey \u0111\u1ec1 c\u1eadp \u0111\u1ebfn C\u00f4ng ty SEC ki\u1ec7n W.J. Howey, \u0111\u00e3 \u0111\u1ebfn \u0111\u01b0\u1ee3c T\u00f2a \u00e1n T\u1ed1i cao v\u00e0o n\u0103m 1946. C\u00f4ng ty Howey \u0111\u00e3 b\u00e1n nh\u1eefng kho\u1ea3nh v\u01b0\u1eddn cam qu\u00fdt cho ng\u01b0\u1eddi mua \u1edf Florida, sau \u0111\u00f3 h\u1ecd s\u1ebd cho Howey thu\u00ea l\u1ea1i \u0111\u1ea5t. Nh\u00e2n vi\u00ean c\u00f4ng ty s\u1ebd c\u00f3 xu h\u01b0\u1edbng \u0111\u1ebfn c\u00e1c l\u00f9m c\u00e2y v\u00e0 b\u00e1n tr\u00e1i c\u00e2y thay m\u1eb7t cho ch\u1ee7 s\u1edf h\u1eefu. C\u1ea3 hai b\u00ean \u0111\u1ec1u chia s\u1ebb doanh thu. H\u1ea7u h\u1ebft ng\u01b0\u1eddi mua kh\u00f4ng c\u00f3 kinh nghi\u1ec7m trong l\u0129nh v\u1ef1c n\u00f4ng nghi\u1ec7p v\u00e0 kh\u00f4ng b\u1eaft bu\u1ed9c ph\u1ea3i t\u1ef1 t\u00ecm ki\u1ebfm \u0111\u1ea5t \u0111ai.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Howey \u0111\u00e3 kh\u00f4ng \u0111\u0103ng k\u00fd \u0111\u01b0\u1ee3c c\u00e1c giao d\u1ecbch v\u00e0 \u1ee6y ban Ch\u1ee9ng kho\u00e1n v\u00e0 Giao d\u1ecbch Hoa K\u1ef3 (SEC) \u0111\u00e3 can thi\u1ec7p. Ph\u00e1n quy\u1ebft cu\u1ed1i c\u00f9ng c\u1ee7a t\u00f2a \u00e1n x\u00e1c \u0111\u1ecbnh c\u00e1c th\u1ecfa thu\u1eadn cho thu\u00ea l\u1ea1i \u0111\u1ee7 ti\u00eau chu\u1ea9n nh\u01b0 h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Khi l\u00e0m nh\u01b0 v\u1eady, T\u00f2a \u00e1n T\u1ed1i cao \u0111\u00e3 thi\u1ebft l\u1eadp b\u1ed1n ti\u00eau ch\u00ed \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u m\u1ed9t h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 c\u00f3 t\u1ed3n t\u1ea1i hay kh\u00f4ng. H\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 l\u00e0:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">M\u1ed9t kho\u1ea3n \u0111\u1ea7u t\u01b0 b\u1eb1ng ti\u1ec1n<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Trong m\u1ed9t doanh nghi\u1ec7p chung<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">V\u1edbi k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">B\u1eaft ngu\u1ed3n t\u1eeb n\u1ed7 l\u1ef1c c\u1ee7a ng\u01b0\u1eddi kh\u00e1c<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Trong tr\u01b0\u1eddng h\u1ee3p c\u1ee7a Howey, nh\u1eefng ng\u01b0\u1eddi mua v\u01b0\u1eddn cam qu\u00fdt \u1edf Florida coi c\u00e1c giao d\u1ecbch l\u00e0 c\u00f3 gi\u00e1 tr\u1ecb ch\u1ee7 y\u1ebfu v\u00ec lao \u0111\u1ed9ng v\u00e0 chuy\u00ean m\u00f4n \u0111\u01b0\u1ee3c cung c\u1ea5p b\u1edfi nh\u1eefng ng\u01b0\u1eddi kh\u00e1c. Ng\u01b0\u1eddi mua ch\u1ec9 c\u1ea7n \u0111\u1ea7u t\u01b0 v\u1ed1n \u0111\u1ec3 ti\u1ebfp c\u1eadn d\u00f2ng thu nh\u1eadp. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 ph\u00e2n lo\u1ea1i giao d\u1ecbch n\u00e0y l\u00e0 m\u1ed9t h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 theo c\u00e1i m\u00e0 ng\u00e0y nay \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 Ki\u1ec3m tra Howey, v\u00e0 do \u0111\u00f3 n\u00f3 c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u0103ng k\u00fd v\u1edbi SEC.<\/span><\/p>\n<figure id=\"attachment_18870\" aria-describedby=\"caption-attachment-18870\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-18870\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a1-13.png\" alt=\"SEC, BTC, crypto\" width=\"900\" height=\"507\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a1-13.png 700w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a1-13-300x169.png 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a1-13-150x84.png 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a1-13-450x253.png 450w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-18870\" class=\"wp-caption-text\">Th\u1eed nghi\u1ec7m Howey \u0111\u1ec1 c\u1eadp \u0111\u1ebfn v\u1ee5 ki\u1ec7n c\u1ee7a T\u00f2a \u00e1n t\u1ed1i cao Hoa K\u1ef3 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem m\u1ed9t giao d\u1ecbch c\u00f3 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 &#8220;h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0&#8221; hay kh\u00f4ng<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Moi_lien_he_giua_thu_nghiem_Howey_va_tien_dien_tu\"><\/span><span style=\"font-weight: 400\">M\u1ed1i li\u00ean h\u1ec7 gi\u1eefa th\u1eed nghi\u1ec7m Howey v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">C\u00e1c lo\u1ea1i ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1 nh\u01b0 <a href=\"https:\/\/www.fiahub.com\">Bitcoin<\/a> n\u1ed5i ti\u1ebfng l\u00e0 kh\u00f3 ph\u00e2n lo\u1ea1i. Ch\u00fang \u0111\u01b0\u1ee3c ph\u00e2n c\u1ea5p v\u00e0 do \u0111\u00f3, n\u00e9 tr\u00e1nh quy \u0111\u1ecbnh theo nhi\u1ec1u c\u00e1ch. Tuy nhi\u00ean, SEC \u0111\u00e3 quan t\u00e2m \u0111\u1ebfn t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 v\u00e0 \u0111\u00e3 t\u00ecm c\u00e1ch l\u00e0m r\u00f5 khi vi\u1ec7c b\u00e1n c\u1ee7a h\u1ecd \u0111\u00e1p \u1ee9ng \u0111\u1ecbnh ngh\u0129a c\u1ee7a m\u1ed9t h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Theo SEC, th\u1eed nghi\u1ec7m &#8220;\u0111\u1ea7u t\u01b0 ti\u1ec1n&#8221; d\u1ec5 d\u00e0ng h\u00e0i l\u00f2ng v\u1edbi vi\u1ec7c b\u00e1n t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 v\u00ec ti\u1ec1n fiat ho\u1eb7c c\u00e1c t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 kh\u00e1c \u0111ang \u0111\u01b0\u1ee3c trao \u0111\u1ed5i. T\u01b0\u01a1ng t\u1ef1 nh\u01b0 v\u1eady, b\u00e0i ki\u1ec3m tra &#8220;doanh nghi\u1ec7p chung&#8221; c\u0169ng d\u1ec5 d\u00e0ng \u0111\u00e1p \u1ee9ng.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Trong h\u1ea7u h\u1ebft c\u00e1c tr\u01b0\u1eddng h\u1ee3p, li\u1ec7u t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0m h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0 hay kh\u00f4ng ph\u1ea7n l\u1edbn ph\u1ee5 thu\u1ed9c v\u00e0o vi\u1ec7c li\u1ec7u c\u00f3 &#8220;k\u1ef3 v\u1ecdng l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c t\u1eeb n\u1ed7 l\u1ef1c c\u1ee7a ng\u01b0\u1eddi kh\u00e1c hay kh\u00f4ng.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">V\u00ed d\u1ee5: ng\u01b0\u1eddi mua t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 th\u1ec3 d\u1ef1a v\u00e0o n\u1ed7 l\u1ef1c c\u1ee7a nh\u1eefng ng\u01b0\u1eddi kh\u00e1c n\u1ebfu h\u1ecd ph\u1ee5 thu\u1ed9c v\u00e0o nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 d\u1ef1 \u00e1n \u0111\u1ec3 ph\u00e1t tri\u1ec3n v\u00e0 duy tr\u00ec m\u1ea1ng k\u1ef9 thu\u1eadt s\u1ed1 (\u0111\u1eb7c bi\u1ec7t l\u00e0 trong giai \u0111o\u1ea1n \u0111\u1ea7u), thay v\u00ec nh\u1eefng nhi\u1ec7m v\u1ee5 n\u00e0y \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n b\u1edfi m\u1ed9t c\u1ed9ng \u0111\u1ed3ng ph\u00e2n t\u00e1n ng\u01b0\u1eddi d\u00f9ng kh\u00f4ng li\u00ean k\u1ebft. Th\u1eed nghi\u1ec7m c\u0169ng \u0111\u01b0\u1ee3c \u0111\u00e1p \u1ee9ng n\u1ebfu nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 d\u1ef1 \u00e1n th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc \u0111\u1ec3 h\u1ed7 tr\u1ee3 gi\u00e1 c\u1ee7a t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1, ch\u1eb3ng h\u1ea1n nh\u01b0 b\u1eb1ng c\u00e1ch t\u1ea1o ra s\u1ef1 khan hi\u1ebfm th\u00f4ng qua vi\u1ec7c \u0111\u1ed1t m\u00e3 th\u00f4ng b\u00e1o. M\u1ed9t c\u00e1ch kh\u00e1c \u0111\u1ec3 \u0111\u00e1p \u1ee9ng th\u1eed nghi\u1ec7m &#8220;n\u1ed7 l\u1ef1c c\u1ee7a ng\u01b0\u1eddi kh\u00e1c&#8221; l\u00e0 n\u1ebfu nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 d\u1ef1 \u00e1n ti\u1ebfp t\u1ee5c ho\u1ea1t \u0111\u1ed9ng trong vai tr\u00f2 qu\u1ea3n l\u00fd.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u0110\u00e2y ch\u1ec9 l\u00e0 m\u1ed9t s\u1ed1 \u00edt c\u00e1c v\u00ed d\u1ee5 \u0111\u01b0\u1ee3c n\u00eau ra b\u1edfi SEC. N\u1ebfu s\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a m\u1ed9t d\u1ef1 \u00e1n ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 tham gia li\u00ean t\u1ee5c c\u1ee7a nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 n\u00f3, th\u00ec ng\u01b0\u1eddi mua t\u00e0i s\u1ea3n k\u1ef9 thu\u1eadt s\u1ed1 c\u00f3 li\u00ean quan c\u00f3 th\u1ec3 d\u1ef1a v\u00e0o &#8220;n\u1ed7 l\u1ef1c c\u1ee7a nh\u1eefng ng\u01b0\u1eddi kh\u00e1c&#8221;.<\/span><\/p>\n<pre><b><i>6,9 t\u1ef7 \u0111\u00f4 la\r\n<\/i><\/b><b><i>S\u1ed1 ti\u1ec1n huy \u0111\u1ed9ng \u0111\u01b0\u1ee3c th\u00f4ng qua ICO trong qu\u00fd 1 n\u0103m 2018. Trong qu\u00fd 1 n\u0103m 2019,s\u1ed1 ti\u1ec1n n\u00e0y l\u00e0 118 tri\u1ec7u \u0111\u00f4 la, \u00edt h\u01a1n 58 l\u1ea7n so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m 2018.<\/i><\/b><\/pre>\n<h2><span class=\"ez-toc-section\" id=\"Can_nhac_dac_biet\"><\/span><span style=\"font-weight: 400\">C\u00e2n nh\u1eafc \u0111\u1eb7c bi\u1ec7t<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">M\u1ed9t lo\u1ea1t c\u00e1c t\u00e1c \u0111\u1ed9ng \u0111\u01b0\u1ee3c n\u00eau ra n\u1ebfu SEC x\u00e1c \u0111\u1ecbnh m\u00e3 th\u00f4ng b\u00e1o ti\u1ec1n \u0111i\u1ec7n t\u1eed l\u00e0 m\u1ed9t b\u1ea3o m\u1eadt. V\u1ec1 m\u1eb7t hi\u1ec7u qu\u1ea3, \u0111i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 SEC c\u00f3 th\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u m\u00e3 th\u00f4ng b\u00e1o c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c b\u00e1n cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Hoa K\u1ef3 hay kh\u00f4ng v\u00e0 bu\u1ed9c d\u1ef1 \u00e1n ph\u1ea3i \u0111\u0103ng k\u00fd v\u1edbi SEC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">M\u1ed9t \u1ee9ng d\u1ee5ng quan tr\u1ecdng c\u1ee7a th\u1eed nghi\u1ec7m Howey \u0111\u01b0\u1ee3c \u0111\u01b0a ra v\u00e0o n\u0103m 2017 khi SEC ra ph\u00e1n quy\u1ebft r\u1eb1ng vi\u1ec7c b\u00e1n m\u00e3 th\u00f4ng b\u00e1o DAO \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y Ether \u0111\u00e3 vi ph\u1ea1m lu\u1eadt ch\u1ee9ng kho\u00e1n li\u00ean bang. Thay v\u00ec th\u1ef1c hi\u1ec7n h\u00e0nh \u0111\u1ed9ng th\u1ef1c thi, SEC \u0111\u00e3 c\u1ea3nh b\u00e1o r\u1eb1ng c\u00e1c lu\u1eadt ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho vi\u1ec7c b\u00e1n m\u00e3 th\u00f4ng b\u00e1o \u2014 c\u00f3 hi\u1ec7u qu\u1ea3 l\u00e0 ph\u00e1t s\u00fang c\u1ea3nh b\u00e1o v\u00e0o ng\u00e0nh c\u00f4ng nghi\u1ec7p ti\u1ec1n \u0111i\u1ec7n t\u1eed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Do th\u1eed nghi\u1ec7m Howey, h\u1ea7u h\u1ebft c\u00e1c ICO di\u1ec5n ra ng\u00e0y h\u00f4m nay c\u00f3 kh\u1ea3 n\u0103ng kh\u00f4ng gi\u1edbi h\u1ea1n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 Hoa K\u1ef3. V\u00e0o n\u0103m 2018, Ch\u1ee7 t\u1ecbch SEC khi \u0111\u00f3 l\u00e0 Jay Clayton cho bi\u1ebft m\u1ecdi ICO m\u00e0 \u00f4ng \u0111\u00e3 th\u1ea5y \u0111\u1ec1u c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c ph\u00e2n lo\u1ea1i l\u00e0 b\u1ea3o m\u1eadt.<\/span><\/p>\n<figure id=\"attachment_18871\" aria-describedby=\"caption-attachment-18871\" style=\"width: 900px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-18871\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a2.jpg\" alt=\"Howey, BTC, SEC\" width=\"900\" height=\"504\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a2.jpg 700w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a2-300x168.jpg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a2-150x84.jpg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2022\/09\/a2-450x252.jpg 450w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption id=\"caption-attachment-18871\" class=\"wp-caption-text\">Cu\u1ed9c th\u1eed nghi\u1ec7m Howey \u0111\u1ec1 c\u1eadp \u0111\u1ebfn C\u00f4ng ty SEC ki\u1ec7n W.J. Howey, \u0111\u00e3 \u0111\u1ebfn \u0111\u01b0\u1ee3c T\u00f2a \u00e1n T\u1ed1i cao v\u00e0o n\u0103m 1946.<\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Cau_hoi_thuong_gap_ve_thu_nghiem_Howey\"><\/span><span style=\"font-weight: 400\">C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 th\u1eed nghi\u1ec7m Howey<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Lam_the_nao_de_ban_xac_dinh_neu_mot_cai_gi_do_la_mot_bao_mat\"><\/span><span style=\"font-weight: 400\">L\u00e0m th\u1ebf n\u00e0o \u0111\u1ec3 b\u1ea1n x\u00e1c \u0111\u1ecbnh n\u1ebfu m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 l\u00e0 m\u1ed9t b\u1ea3o m\u1eadt?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400\">T\u00f2a \u00e1n t\u1ed1i cao Hoa K\u1ef3 s\u1eed d\u1ee5ng Ki\u1ec3m tra Howey \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem m\u1ed9t s\u1ed1 giao d\u1ecbch nh\u1ea5t \u0111\u1ecbnh c\u00f3 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 &#8220;h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0&#8221; hay kh\u00f4ng. N\u1ebfu c\u00e1c giao d\u1ecbch \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 &#8220;h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0&#8221;, theo \u0110\u1ea1o lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 1933 v\u00e0 \u0110\u1ea1o lu\u1eadt Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n n\u0103m 1934, c\u00e1c giao d\u1ecbch \u0111\u00f3 \u0111\u01b0\u1ee3c coi l\u00e0 ch\u1ee9ng kho\u00e1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Th\u1eed nghi\u1ec7m Howey c\u1ed1 g\u1eafng x\u00e1c \u0111\u1ecbnh xem c\u00f3 &#8220;kho\u1ea3n \u0111\u1ea7u t\u01b0 ti\u1ec1n v\u00e0o m\u1ed9t doanh nghi\u1ec7p th\u00f4ng th\u01b0\u1eddng v\u1edbi k\u1ef3 v\u1ecdng h\u1ee3p l\u00fd v\u1ec1 l\u1ee3i nhu\u1eadn thu \u0111\u01b0\u1ee3c t\u1eeb n\u1ed7 l\u1ef1c c\u1ee7a nh\u1eefng ng\u01b0\u1eddi kh\u00e1c hay kh\u00f4ng.&#8221; N\u1ebfu v\u1eady, giao d\u1ecbch n\u00e0y ph\u1ea3i tu\u00e2n theo c\u00e1c y\u00eau c\u1ea7u v\u1ec1 c\u00f4ng b\u1ed1 v\u00e0 \u0111\u0103ng k\u00fd theo \u0110\u1ea1o lu\u1eadt Ch\u1ee9ng kho\u00e1n n\u0103m 1933 v\u00e0 \u0110\u1ea1o lu\u1eadt Giao d\u1ecbch Ch\u1ee9ng kho\u00e1n n\u0103m 1934.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Tai_sao_Bitcoin_khong_phai_la_bao_mat_theo_thu_nghiem_Howey\"><\/span><span style=\"font-weight: 400\">T\u1ea1i sao Bitcoin kh\u00f4ng ph\u1ea3i l\u00e0 b\u1ea3o m\u1eadt theo th\u1eed nghi\u1ec7m Howey?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400\">V\u00e0o th\u00e1ng 6 n\u0103m 2018, c\u1ef1u Ch\u1ee7 t\u1ecbch c\u1ee7a SEC, Jay Clayton, \u0111\u00e3 l\u00e0m r\u00f5 r\u1eb1ng bitcoin kh\u00f4ng ph\u1ea3i l\u00e0 b\u1ea3o m\u1eadt: &#8220;<\/span><i><span style=\"font-weight: 400\">Ti\u1ec1n \u0111i\u1ec7n t\u1eed: \u0110\u00e2y l\u00e0 nh\u1eefng thay th\u1ebf cho c\u00e1c lo\u1ea1i ti\u1ec1n t\u1ec7 c\u00f3 ch\u1ee7 quy\u1ec1n, thay th\u1ebf \u0111\u1ed3ng \u0111\u00f4 la, \u0111\u1ed3ng euro, \u0111\u1ed3ng y\u00ean b\u1eb1ng Bitcoin. Lo\u1ea1i ti\u1ec1n t\u1ec7 \u0111\u00f3 kh\u00f4ng ph\u1ea3i Clayton n\u00f3i.\u201d<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin, v\u1ed1n ch\u01b0a bao gi\u1edd t\u00ecm ki\u1ebfm qu\u1ef9 \u0111\u1ea1i ch\u00fang \u0111\u1ec3 ph\u00e1t tri\u1ec3n c\u00f4ng ngh\u1ec7 c\u1ee7a m\u00ecnh, kh\u00f4ng v\u01b0\u1ee3t qua B\u00e0i ki\u1ec3m tra Howey \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng b\u1edfi SEC \u0111\u1ec3 ph\u00e2n lo\u1ea1i ch\u1ee9ng kho\u00e1n. Tuy nhi\u00ean, theo \u0111\u1ecbnh ngh\u0129a c\u1ee7a Clayton, c\u00e1c token \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong ICO l\u00e0 ch\u1ee9ng kho\u00e1n.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"SEC_xac_dinh_an_ninh_nhu_the_nao\"><\/span><span style=\"font-weight: 400\">SEC x\u00e1c \u0111\u1ecbnh an ninh nh\u01b0 th\u1ebf n\u00e0o?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400\">Ch\u1ee9ng kho\u00e1n l\u00e0 c\u00e1c c\u00f4ng c\u1ee5 t\u00e0i ch\u00ednh c\u00f3 th\u1ec3 thay th\u1ebf v\u00e0 c\u00f3 th\u1ec3 giao d\u1ecbch \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n tr\u00ean th\u1ecb tr\u01b0\u1eddng c\u00f4ng c\u1ed9ng v\u00e0 t\u01b0 nh\u00e2n. Vi\u1ec7c b\u00e1n ch\u1ee9ng kho\u00e1n c\u00f4ng khai do SEC quy \u0111\u1ecbnh.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u0110\u1ecbnh ngh\u0129a v\u1ec1 m\u1ed9t ch\u1ee9ng kho\u00e1n \u0111\u01b0\u1ee3c T\u00f2a \u00e1n T\u1ed1i cao \u0111\u01b0a ra trong m\u1ed9t v\u1ee5 \u00e1n n\u0103m 1946 c\u00f3 t\u00ean l\u00e0 SEC ki\u1ec7n W.J. Howey Co. Theo ph\u00e1n quy\u1ebft c\u1ee7a m\u00ecnh, t\u00f2a \u00e1n \u0111\u01b0a ra \u0111\u1ecbnh ngh\u0129a v\u1ec1 m\u1ed9t ch\u1ee9ng kho\u00e1n d\u1ef1a tr\u00ean b\u1ed1n ti\u00eau ch\u00ed:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">S\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">S\u1ef1 h\u00ecnh th\u00e0nh c\u1ee7a m\u1ed9t doanh nghi\u1ec7p chung<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">L\u1eddi h\u1ee9a v\u1ec1 l\u1ee3i nhu\u1eadn c\u1ee7a t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Vi\u1ec7c s\u1eed d\u1ee5ng b\u00ean th\u1ee9 ba \u0111\u1ec3 qu\u1ea3ng c\u00e1o s\u1ea3n ph\u1ea9m<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Tong_ket\"><\/span><span style=\"font-weight: 400\">T\u1ed5ng k\u1ebft<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">V\u1eady l\u00e0 ch\u00fang ta \u0111\u00e3 c\u00f9ng nhau t\u00ecm hi\u1ec3u v\u1ec1 th\u1eed nghi\u1ec7m Howey v\u00e0 nh\u1eefng v\u1ea5n \u0111\u1ec1 xoay quanh s\u1ef1 \u1ea3nh h\u01b0\u1edfng c\u1ee7a n\u00f3 t\u1edbi c\u00e1c d\u1ef1 \u00e1n crypto. Quan \u0111i\u1ec3m c\u1ee7a b\u1ea1n v\u1ec1 ch\u1ee7 \u0111\u1ec1 n\u00e0y nh\u01b0 th\u1ebf n\u00e0o? H\u00e3y b\u00e0y t\u1ecf suy ngh\u0129 c\u1ee7a b\u1ea1n v\u1edbi ch\u00fang t\u00f4i.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u0110\u1eebng qu\u00ean, m\u1ecdi th\u1eafc m\u1eafc v\u1ec1 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed, vui l\u00f2ng \u0111\u1ed9i ng\u0169 Support c\u1ee7a <a href=\"https:\/\/www.fiahub.com\">Fiahub<\/a> 24\/7.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Th\u1eed nghi\u1ec7m Howey l\u00e0 g\u00ec? Th\u1eed nghi\u1ec7m Howey \u0111\u1ec1 c\u1eadp \u0111\u1ebfn v\u1ee5 ki\u1ec7n c\u1ee7a T\u00f2a \u00e1n t\u1ed1i cao Hoa K\u1ef3 \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem m\u1ed9t giao d\u1ecbch c\u00f3 \u0111\u1ee7 \u0111i\u1ec1u ki\u1ec7n l\u00e0 &#8220;h\u1ee3p \u0111\u1ed3ng \u0111\u1ea7u t\u01b0&#8221; hay kh\u00f4ng, v\u00e0 do \u0111\u00f3 s\u1ebd \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t bi\u1ec7n ph\u00e1p b\u1ea3o m\u1eadt v\u00e0 tu\u00e2n theo c\u00e1c y\u00eau<\/p>\n","protected":false},"author":24,"featured_media":18867,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21849],"tags":[2740,3102,3150,22569,3140],"class_list":{"0":"post-18866","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-phan-tich-nhan-dinh","8":"tag-blockchain","9":"tag-btc","10":"tag-crypto","11":"tag-howey","12":"tag-tien-dien-tu"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v27.6) - 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