ืžื•ืคืขืœ ืข"ื™
Regulation

ื˜ื™ื ื“ืจื™ื™ืคืจ ืžืฉื‘ื— ืืช ืคืจื•ื™ืงื˜ ื”ืงืจื™ืคื˜ื• ืฉืœ ื”-SECโ€”ื—ื–ื•ื ื• ื”ืžื‘ื•ืกืก ื›ื•ืœื• ืขืœ ื‘ื™ื˜ืงื•ื™ืŸ ืžืชืงืจื‘ ืœืžืฆื™ืื•ืช

ื˜ื™ื ื“ืจื™ื™ืคืจ ืชืžืš ื‘ืคืจื•ื™ืงื˜ ืงืจื™ืคื˜ื• ืฉืœ ื”-SEC, ื•ืงืจื ืœื• ืคืจื™ืฆืช ื“ืจืš ืœืขื‘ืจ ื›ืœื›ืœืช ื‘ื™ื˜ืงื•ื™ืŸ ืžื•ื ืขืช ื—ืฉื‘ื•ื ืื•ืช ืžื‘ื•ืกืกืช ื‘ืœื•ืงืฆโ€™ื™ื™ืŸ, ื—ื•ื–ื™ื ื—ื›ืžื™ื ื•ืคื™ื ื ืกื™ื™ื ืžืกื•ืžืœื™ื.

ื ื›ืชื‘ ืข"ื™
ืฉืชืฃ
ื˜ื™ื ื“ืจื™ื™ืคืจ ืžืฉื‘ื— ืืช ืคืจื•ื™ืงื˜ ื”ืงืจื™ืคื˜ื• ืฉืœ ื”-SECโ€”ื—ื–ื•ื ื• ื”ืžื‘ื•ืกืก ื›ื•ืœื• ืขืœ ื‘ื™ื˜ืงื•ื™ืŸ ืžืชืงืจื‘ ืœืžืฆื™ืื•ืช

ืคืจื•ื™ืงื˜ ืงืจื™ืคื˜ื• ืฉืœ ื”-SEC ื™ื›ื•ืœ ืœื”ื’ืฉื™ื ืืช ื—ืœื•ื ื˜ื™ื ื“ืจื™ื™ืคืจ ืœืžืขืจื›ื•ืช ืฉื•ืง ื”ืžื‘ื•ืกืกื•ืช ื›ื•ืœืŸ ืขืœ ื‘ื™ื˜ืงื•ื™ืŸ

ื”ืžืฉืงื™ืข ื”ื•ืŸ ืกื™ื›ื•ืŸ ื˜ื™ื ื“ืจื™ื™ืคืจ ืฉื™ื‘ื— ืืช โ€œืคืจื•ื™ืงื˜ ืงืจื™ืคื˜ื•โ€ ื‘ืคืœื˜ืคื•ืจืžืช ื”ืžื“ื™ื” ื”ื—ื‘ืจืชื™ืช X ื‘-31 ื‘ื™ื•ืœื™, ื–ืžืŸ ืงืฆืจ ืœืื—ืจ ืฉื™ื•โ€ืจ ื ืฆื™ื‘ื•ืช ื ื™ื™ืจื•ืช ื”ืขืจืš ื•ื”ื‘ื•ืจืกื” ื‘ืืจื”โ€ื‘ (SEC) ืคื•ืœ ืืก. ืื˜ืงื™ื ืก ื”ืฆื™ื’ ืืช ื”ื™ื•ื–ืžื” ื‘ืžื”ืœืš ื ืื•ื ื‘ื•ื•ืฉื™ื ื’ื˜ื•ืŸ, D.C. ื“ืจื™ื™ืคืจ, ืชื•ืžืš ื•ืชื™ืง ืฉืœ ืคื™ื ื ืกื™ื ืžื‘ื•ื–ืจื™ื, ื”ื‘ื™ืข ืชืžื™ื›ื” ื‘ื›ื™ื•ื•ืŸ ืฉืœ ื”-SEC, ื‘ืื•ืžืจื•:

ืคืจื•ื™ืงื˜ ืงืจื™ืคื˜ื• ื ืจืื” ืžื“ื”ื™ื! ื”ืชืงื•ื•ืช ืฉืœื™ ืœื’ื™ื™ืก ืงืจืŸ ื›ื•ืœื” ื‘ื‘ื™ื˜ืงื•ื™ืŸ, ืœื”ืฉืงื™ืข ืืช ื”ื›ืœ ื‘ื‘ื™ื˜ืงื•ื™ืŸ, ื•ืœื’ืจื•ื ืœืกื˜ืืจื˜ืืคื™ื ืœืฉืœื ืืช ื›ืœ ืขื•ื‘ื“ื™ื”ื ื•ืกืคืงื™ื”ื ื‘ื‘ื™ื˜ืงื•ื™ืŸ, ืขื ื›ืœ ื”ื—ืฉื‘ื•ื ืื•ืช ื ืขืฉื™ืช ืขืœ ื”ื‘ืœื•ืงืฆโ€™ื™ื™ืŸ ืขื ื—ื•ื–ื™ื ื—ื›ืžื™ื, ืžืชืงืจื‘ื•ืช.

โ€œืชืืจื• ืœืขืฆืžื›ื, ืืงื•ืกื™ืกื˜ื ืฉืœื ืขื ื›ืœ ื”ื—ืฉื‘ื•ื ืื•ืช, ื”ื‘ื™ืงื•ืจืช, ื”ืžื™ืกื™ื, ื ื™ื”ื•ืœ ื”ืกืคืจื™ื ื•ื”ืขื‘ืจืช ื‘ืขืœื•ืช ื ืขืฉื™ืโ€”ื‘ืชื•ื›ื ื”!โ€ ื”ื•ืกื™ืฃ ื“ืจื™ื™ืคืจ, ืžืฉืงืฃ ืืช ืขื ื™ื™ืŸ ื”ืžืฉืงื™ืขื™ื ื”ื’ื“ืœ ื‘ืžืขืจื›ืช ืคื™ื ื ืกื™ืช ืžืžื•ืงื“ืช ื‘ื™ื˜ืงื•ื™ืŸ ืฉื ื‘ื ื™ืช ืขืœ ื”ื‘ืœื•ืงืฆโ€™ื™ื™ืŸ. ื“ื‘ืจื™ื• ืžืฉืงืคื™ื ืžืขื‘ืจ ืจื—ื‘ ื™ื•ืชืจ ื‘ืงืจื‘ ืžืฉืชืชืคื™ื ืžื•ืกื“ื™ื™ื ื”ืจื•ืื™ื ื‘ื’ื™ืฉื” ื”ืจื’ื•ืœื˜ื•ืจื™ืช ื”ืžืชืคืชื—ืช ืฉืœ ื”-SEC ืคืชื— ืœืคื™ืชื•ื— ื›ืœื›ืœื” ืงืจื™ืคื˜ื• ืขืฆืžืื™ืช. ืขืœ ื™ื“ื™ ืชืžื™ื›ื” ื‘ื—ืฉื‘ื•ื ืื•ืช ืขืœ ื”ืฉืจืฉืจืช, ื‘ื™ืงื•ืจืช ืžื•ืคืขืœืช ื—ื•ื–ื™ื ื—ื›ืžื™ื ื•ื”ืขื‘ืจืช ื‘ืขืœื•ืช ืžืกื•ืžืœืช, ื“ืจื™ื™ืคืจ ื”ื“ื’ื™ืฉ ื—ื–ื•ืŸ ืฉืœ ืชืฉืชื™ืช ืคื™ื ื ืกื™ืช ื—ืœืงื” ื•ืžื•ื ืขืช ืชื•ื›ื ื”. ืชื•ื›ื ื™ืช ื”-SEC ืœืคืฉื˜ ืกื™ื•ื•ื’ื™ ื ื™ื™ืจื•ืช ืขืจืš ื•ืœื”ืคืขื™ืœ ืฉื™ืจื•ืชื™ ื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื ืžืฉื•ืœื‘ื™ื ืชื•ืืžืช ืžืืžืฆื™ื ืœื‘ื˜ืœ ืžืชื•ื•ื›ื™ื ื•ืœื”ืงื™ื ืฉื•ื•ืงื™ ื”ื•ืŸ ืžื‘ื•ืกืกื™ ืงืจื™ืคื˜ื•.

ื™ื•โ€ืจ ื”-SEC ืื˜ืงื™ื ืก ื”ื›ืจื™ื– ื›ื™ ืคืจื•ื™ืงื˜ ืงืจื™ืคื˜ื• ื”ื•ื ื™ื•ื–ืžื” ื‘ืจืžื” ื”ืืจืฆื™ืช ืœืขื“ื›ื•ืŸ ืชืงื ื•ืช ื ื™ื™ืจื•ืช ืขืจืš ืœื ื›ืกื™ื ื“ื™ื’ื™ื˜ืœื™ื™ื ื•ืœื”ื—ื–ื™ืจ ืืช ืืจืฆื•ืช ื”ื‘ืจื™ืช ื›ืžืจื›ื– ื”ื’ืœื•ื‘ืœื™ ืœื—ื“ืฉื ื•ืช ืงืจื™ืคื˜ื•. ื”ืคืจื•ื™ืงื˜ ืžืชืžืงื“ ื‘ื™ืฆื™ืจืช ื›ืœืœื™ื ื‘ืจื•ืจื™ื ืœืกื™ื•ื•ื’ ื ื›ืกื™ื ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื, ืืคืฉืจื•ืช ืžืกื—ืจ ืขืœ-ื”ืฉืจืฉืจืช ื‘ื ื™ื™ืจื•ืช ืขืจืš ืžืกื•ืžืœื™ื, ื•ืชืžื™ื›ื” ื‘ืžืขืจื›ื•ืช ืคื™ื ื ืกื™ื•ืช ืžื‘ื•ื–ืจื•ืช (DeFi). ื”ื•ื ื’ื ื ื•ืชืŸ ืขื“ื™ืคื•ืช ืœืืคืฉืจื•ื™ื•ืช ืžืฉืžื•ืจืช ืžื•ืจื—ื‘ื•ืช, ืคืœื˜ืคื•ืจืžื•ืช ืขืœ ืื—ื•ื“ื•ืช ื•ืžืกื’ืจื•ืช ืฆื™ื•ืช ืžืคื•ืฉื˜ื•ืช. ืขืœ ื™ื“ื™ ืขื“ื›ื•ืŸ ื”ืชืงื ื•ืช ื”ืžื™ื•ืฉื ื•ืช ื•ื”ืฆืขืช ืคื˜ื•ืจื™ื ื—ื“ืฉื ื™ื™ื, ืคืจื•ื™ืงื˜ ืงืจื™ืคื˜ื• ืฉื•ืืฃ ืœืขื•ื“ื“ ืชืฉืชื™ืช ืฉื•ืง ืžื•ื ืขืช ื‘ืœื•ืงืฆโ€™ื™ื™ืŸ ื•ืœื”ื—ื–ื™ืจ ืœืืจืฆื•ืช ื”ื‘ืจื™ืช ืขืกืงื™ื ืงืจื™ืคื˜ื•ื’ืจืคื™ื™ื ืฉื•ืขื‘ืจื• ื‘ืขื‘ืจ ื‘ื’ืœืœ ื—ื•ืกืจ ื•ื•ื“ืื•ืช ืจื’ื•ืœื˜ื•ืจื™ืช. ืืžืจ ืื˜ืงื™ื ืก:

ื‘ืจื•ืจ ืฉืงื•ื ื’ืจืก ื”ืชื›ื•ื•ืŸ ืœื›ืš ืฉโ€™ื›ื•ื—ื•ืช ืชื—ืจื•ืชื™ื™ื, ื•ืœื ืจื’ื•ืœืฆื™ื” ืžื™ื•ืชืจืช, ื™ื ื—ื• ืืช ืคื™ืชื•ื— ืžืขืจื›ืช ื”ืฉื•ืง ื”ืœืื•ืžื™ืช.โ€™ ืื ื™ ืื—ืคืฉ ื“ืจื›ื™ื ืœื”ื—ื–ื™ืจ ืื•ืชื ื• ืœืงื• ืขื ื”ื›ื•ื•ื ื” ื”ื–ื• ื•ื‘ื›ืš ืœืงื“ื ื—ื“ืฉื ื•ืช ื•ืชื—ืจื•ืช ื‘ืฉื•ืงื™ื ื•.

ืชื’ื™ื•ืช ื‘ื›ืชื‘ื” ื–ื•