Khi n&#259;m 2026 &#273;&#7871;n g&#7847;n, c&oacute; nhi&#7873;u lo ng&#7841;i v&#7873; vi&#7879;c d&#7921; lu&#7853;t c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng crypto c&oacute; &#273;&#432;&#7907;c th&ocirc;ng qua s&#7899;m trong n&#259;m hay s&#7869; b&#7883; k&eacute;o theo c&aacute;c cu&#7897;c tranh c&atilde;i ch&iacute;nh tr&#7883; l&agrave;m tr&igrave; ho&atilde;n vi&#7879;c th&ocirc;ng qua h&#417;n.
C&aacute;c v&#7845;n &#273;&#7873; ch&iacute;nh ch&#432;a &#273;&#432;&#7907;c gi&#7843;i quy&#7871;t ti&#7871;p t&#7909;c l&agrave;m ch&#7853;m &#273;&agrave; ti&#7871;n, bao g&#7891;m c&aacute;ch d&#7921; lu&#7853;t x&#7917; l&yacute; l&#7907;i su&#7845;t c&#7911;a stablecoin, ng&ocirc;n ng&#7919; xung &#273;&#7897;t l&#7907;i &iacute;ch, v&agrave; vi&#7879;c x&#7917; l&yacute; t&agrave;i ch&iacute;nh phi t&#7853;p trung theo lu&#7853;t li&ecirc;n bang.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-path-to-senate-vote-uncertain">&#272;&#432;&#7901;ng &#273;&#7871;n cu&#7897;c b&#7887; phi&#7871;u t&#7841;i th&#432;&#7907;ng vi&#7879;n c&ograve;n ch&#432;a ch&#7855;c ch&#7855;n</h2>

&#272;&#7841;o lu&#7853;t CLARITY <a href="https://vn.beincrypto.com/house-passes-clarity-act-us-crypto-regulation/" target="_blank" rel="noreferrer noopener">&#273;&atilde; &#273;&#432;&#7907;c th&ocirc;ng qua t&#7841;i H&#7841; vi&#7879;n v&agrave;o th&aacute;ng 07</a> v&#7899;i s&#7921; &#7911;ng h&#7897; r&#7897;ng r&atilde;i t&#7915; c&#7843; hai &#273;&#7843;ng, &#273;&aacute;nh d&#7845;u b&#432;&#7899;c &#273;i m&#7841;nh m&#7869; nh&#7845;t ch&#432;a t&#7915;ng c&oacute; h&#432;&#7899;ng t&#7899;i m&#7897;t khung t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; li&ecirc;n bang.
D&#7921; lu&#7853;t hi&#7879;n &#273;ang ch&#7901; h&agrave;nh &#273;&#7897;ng t&#7841;i Th&#432;&#7907;ng vi&#7879;n, n&#417;i &#7910;y ban Ng&acirc;n h&agrave;ng v&agrave; N&ocirc;ng nghi&#7879;p &#273;ang ti&#7871;n h&agrave;nh c&aacute;c phi&ecirc;n b&#7843;n song song c&#7911;a khung c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng. Vi&#7879;c ph&acirc;n chia th&#7849;m quy&#7873;n t&#7841;i Th&#432;&#7907;ng vi&#7879;n l&agrave;m t&#259;ng th&ecirc;m ph&#7913;c t&#7841;p, v&#7899;i &#7910;y ban Ng&acirc;n h&agrave;ng gi&aacute;m s&aacute;t ch&#7913;ng kho&aacute;n, trong khi &#7910;y ban N&ocirc;ng nghi&#7879;p x&#7917; l&yacute; h&agrave;ng h&oacute;a.
C&#7843; hai &#7911;y ban <a href="https://vn.beincrypto.com/us-senate-launches-bipartisan-follow-up-to-clarity-act/" target="_blank" rel="noreferrer noopener">&#273;&atilde; c&ocirc;ng b&#7889; c&aacute;c b&#7843;n th&#7843;o th&#7843;o lu&#7853;n</a>, nh&#432;ng m&#7897;t g&oacute;i th&#7889;ng nh&#7845;t ch&#432;a xu&#7845;t hi&#7879;n. C&aacute;c nh&agrave; l&#7853;p ph&aacute;p v&#7851;n c&#7847;n h&ograve;a gi&#7843;i nh&#7919;ng kh&aacute;c bi&#7879;t tr&#432;&#7899;c khi b&#7845;t k&#7923; &#7911;y ban n&agrave;o c&oacute; th&#7875; g&#7917;i d&#7921; lu&#7853;t k&#7871;t h&#7907;p l&ecirc;n s&agrave;n Th&#432;&#7907;ng vi&#7879;n.
M&#7897;t tranh c&atilde;i k&#7929; thu&#7853;t ch&iacute;nh l&agrave; vi&#7879;c ph&aacute;p lu&#7853;t n&ecirc;n x&#7917; l&yacute; <a href="https://beincrypto.com/learn/yield-bearing-stablecoins/" target="_blank" rel="noreferrer noopener">stablecoin c&oacute; l&#7907;i su&#7845;t</a> nh&#432; th&#7871; n&agrave;o.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-banks-push-broader-yield-restrictions">Ng&acirc;n h&agrave;ng th&uacute;c &#273;&#7849;y quy &#273;&#7883;nh r&#7897;ng h&#417;n v&#7873; l&#7907;i su&#7845;t</h2>

&#272;&#7841;o lu&#7853;t GENIUS, &#273;&#432;&#7907;c th&ocirc;ng qua &#273;&#7847;u n&#259;m nay, c&#7845;m c&aacute;c t&#7893; ch&#7913;c ph&aacute;t h&agrave;nh stablecoin &#273;&#432;&#7907;c ph&eacute;p <a href="https://vn.beincrypto.com/genius-act-stablecoin-yield-defi-impact/" target="_blank" rel="noreferrer noopener">tr&#7843; cho ng&#432;&#7901;i n&#7855;m gi&#7919; b&#7845;t k&#7923; h&igrave;nh th&#7913;c l&atilde;i su&#7845;t n&agrave;o</a> ho&#7863;c l&#7907;i nhu&#7853;n.
Tuy nhi&ecirc;n, <a href="https://vn.beincrypto.com/genius-act-staking-loophole-us-banking-risk/" target="_blank" rel="noreferrer noopener">&#273;i&#7873;u c&#7845;m n&agrave;y &#273;&#432;&#7907;c vi&#7871;t r&#7845;t h&#7865;p h&ograve;i</a>. N&oacute; ch&#7881; &aacute;p d&#7909;ng cho c&aacute;c kho&#7843;n thanh to&aacute;n tr&#7921;c ti&#7871;p t&#7915; c&aacute;c nh&agrave; ph&aacute;t h&agrave;nh stablecoin thanh to&aacute;n v&agrave; kh&ocirc;ng bao g&#7891;m r&otilde; r&agrave;ng c&aacute;c ch&#432;&#417;ng tr&igrave;nh th&#432;&#7903;ng, l&#7907;i su&#7845;t b&ecirc;n th&#7913; ba ho&#7863;c c&aacute;c c&#7845;u tr&uacute;c t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889; kh&aacute;c.
C&aacute;c nh&oacute;m ng&acirc;n h&agrave;ng cho r&#7857;ng nh&#7919;ng l&#7895; h&#7893;ng n&agrave;y c&oacute; th&#7875; t&#7841;o &#273;i&#7873;u ki&#7879;n cho s&#7921; l&aacute;ch lu&#7853;t v&agrave; &#273;ang th&uacute;c gi&#7909;c c&aacute;c nh&agrave; l&#7853;p ph&aacute;p m&#7903; r&#7897;ng l&#7879;nh c&#7845;m trong <a href="https://vn.beincrypto.com/is-crypto-bear-market-officially-here/" target="_blank" rel="noreferrer noopener">lu&#7853;t c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng s&#7855;p t&#7899;i</a>. H&#7885; mu&#7889;n m&#7897;t quy t&#7855;c r&#7897;ng h&#417;n bao g&#7891;m t&#7845;t c&#7843; c&aacute;c h&igrave;nh th&#7913;c l&#7907;i nhu&#7853;n li&ecirc;n quan &#273;&#7871;n stablecoin.
M&#7897;t s&#7889; th&#432;&#7907;ng ngh&#7883; s&#297; d&#432;&#7901;ng nh&#432; c&#7903;i m&#7903; v&#7899;i c&aacute;ch ti&#7871;p c&#7853;n &#273;&oacute;, l&agrave;m cho v&#7845;n &#273;&#7873; n&agrave;y c&oacute; t&#7847;m quan tr&#7885;ng l&#7899;n trong c&aacute;c cu&#7897;c &#273;&agrave;m ph&aacute;n. B&#7845;t k&#7923; s&#7921; m&#7903; r&#7897;ng n&agrave;o c&#361;ng s&#7869; &#7843;nh h&#432;&#7903;ng &#273;&#7871;n c&aacute;ch <a href="https://beincrypto.com/learn/best-stablecoins/" target="_blank" rel="noreferrer noopener">stablecoins</a> c&#7841;nh tranh v&#7899;i c&aacute;c kho&#7843;n ti&#7873;n g&#7917;i ng&acirc;n h&agrave;ng truy&#7873;n th&#7889;ng, &#273;i&#7873;u n&agrave;y v&#7851;n l&agrave; m&#7889;i quan ng&#7841;i ch&iacute;nh c&#7911;a ng&agrave;nh ng&acirc;n h&agrave;ng.
Trong khi &#273;&oacute;, c&aacute;c nh&agrave; l&#7853;p ph&aacute;p v&#7851;n c&ograve;n chia r&#7869; v&#7873; c&aacute;ch khung r&#7897;ng h&#417;n n&ecirc;n gi&#7843;i quy&#7871;t c&aacute;c xung &#273;&#7897;t l&#7907;i &iacute;ch ti&#7873;m n&#259;ng.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-concerns-over-political-influence-intensify">M&#7889;i lo ng&#7841;i v&#7873; &#7843;nh h&#432;&#7903;ng ch&iacute;nh tr&#7883; gia t&#259;ng</h2>

Vi&#7879;c c&oacute; s&#7921; tham gia c&#7911;a T&#7893;ng th&#7889;ng M&#7929; Donald Trump v&agrave; c&aacute;c th&agrave;nh vi&ecirc;n gia &#273;&igrave;nh &ocirc;ng v&agrave;o c&aacute;c d&#7921; &aacute;n li&ecirc;n quan &#273;&#7871;n crypto &#273;&atilde; <a href="https://vn.beincrypto.com/donald-trump-bi-dieu-tra/" target="_blank" rel="noreferrer noopener">g&acirc;y ra s&#7921; ch&uacute; &yacute; m&#7899;i</a> v&#7873; c&aacute;c m&#7889;i quan t&acirc;m &#273;&#7841;o &#273;&#7913;c ti&#7873;m n&#259;ng.
M&#7897;t s&#7889; nh&agrave; l&#7853;p ph&aacute;p, nh&#432; Th&#432;&#7907;ng ngh&#7883; s&#297; Elizabeth Warren, cho r&#7857;ng c&#7847;n ph&#7843;i c&oacute; ng&ocirc;n ng&#7919; m&#7899;i v&#7873; xung &#273;&#7897;t l&#7907;i &iacute;ch &#273;&#7875; &#273;&#7843;m b&#7843;o r&#7857;ng c&aacute;c nh&acirc;n v&#7853;t ch&iacute;nh tr&#7883; v&agrave; ng&#432;&#7901;i th&acirc;n c&#7911;a h&#7885; b&#7883; c&#7845;m tham gia v&agrave;o c&aacute;c ho&#7841;t &#273;&#7897;ng c&oacute; th&#7875; g&acirc;y nghi v&#7845;n v&#7873; &#7843;nh h&#432;&#7903;ng c&#7911;a h&#7885; &#273;&#7889;i v&#7899;i ch&iacute;nh s&aacute;ch t&agrave;i s&#7843;n k&#7929; thu&#7853;t s&#7889;.
C&aacute;c bi&#7879;n ph&aacute;p nh&#432; v&#7853;y s&#7869; gi&uacute;p b&#7843;o v&#7879; lu&#7853;t ph&aacute;p kh&#7887;i nh&#7919;ng nh&#7853;n th&#7913;c v&#7873; s&#7921; can thi&#7879;p ch&iacute;nh tr&#7883;.
Tuy nhi&ecirc;n, ng&ocirc;n ng&#7919; &#273;&#7873; xu&#7845;t kh&ocirc;ng xu&#7845;t hi&#7879;n trong &#272;&#7841;o lu&#7853;t CLARITY do H&#7841; vi&#7879;n th&ocirc;ng qua, c&#361;ng kh&ocirc;ng &#273;&#432;&#7907;c bao g&#7891;m trong c&aacute;c b&#7843;n th&#7843;o tr&#432;&#7899;c &#273;&oacute; c&#7911;a Th&#432;&#7907;ng vi&#7879;n. S&#7921; v&#7855;ng m&#7863;t c&#7911;a n&oacute; &#273;&atilde; tr&#7903; th&agrave;nh m&#7897;t &#273;i&#7875;m g&acirc;y tranh c&atilde;i, v&agrave; s&#7921; b&#7845;t &#273;&#7891;ng n&agrave;y &#273;ang g&oacute;p ph&#7847;n v&agrave;o s&#7921; do d&#7921; &#273;ang k&eacute;o d&agrave;i.
Trong khi &#273;&oacute;, v&#7851;n c&oacute; nhi&#7873;u c&acirc;u h&#7887;i li&ecirc;n quan &#273;&#7871;n c&aacute;ch d&#7921; lu&#7853;t x&#7917; l&yacute; <a href="https://beincrypto.com/learn/decentralized-finance-and-use-cases/" target="_blank" rel="noreferrer noopener">t&agrave;i ch&iacute;nh phi t&#7853;p trung (DeFi)</a> nh&#432; th&#7871; n&agrave;o.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-defi-oversight-remains-unresolved">Gi&aacute;m s&aacute;t DeFi v&#7851;n ch&#432;a &#273;&#432;&#7907;c gi&#7843;i quy&#7871;t</h2>

D&#7921; lu&#7853;t c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng &#273;&#432;&#7907;c thi&#7871;t k&#7871; cho c&aacute;c trung gian t&#7853;p trung, bao g&#7891;m s&agrave;n giao d&#7883;ch, m&ocirc;i gi&#7899;i v&agrave; c&aacute;c n&#7873;n t&#7843;ng l&#432;u k&yacute;. Tuy nhi&ecirc;n, s&#7921; gia t&#259;ng nhanh ch&oacute;ng c&#7911;a DeFi &#273;&#7863;t ra nh&#7919;ng c&acirc;u h&#7887;i m&agrave; Th&#432;&#7907;ng vi&#7879;n ch&#432;a ho&agrave;n to&agrave;n gi&#7843;i quy&#7871;t.
C&aacute;c b&#7843;n th&#7843;o hi&#7879;n t&#7841;i ch&#7911; y&#7871;u t&#7853;p trung v&agrave;o ho&#7841;t &#273;&#7897;ng l&#432;u k&yacute;. Tuy nhi&ecirc;n, m&#7897;t s&#7889; t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng &#273;ang &#7911;ng h&#7897; c&aacute;c &#273;&#7883;nh ngh&#297;a r&#7897;ng h&#417;n &#273;&#7875; &#273;&#7883;nh danh c&aacute;c nh&agrave; ph&aacute;t tri&#7875;n, &#273;&#417;n v&#7883; x&aacute;c th&#7921;c v&agrave; c&aacute;c t&aacute;c nh&acirc;n kh&ocirc;ng l&#432;u k&yacute; kh&aacute;c nh&#432; nh&#7919;ng trung gian &#273;&#432;&#7907;c quy &#273;&#7883;nh.
C&aacute;ch ti&#7871;p c&#7853;n nh&#432; v&#7853;y s&#7869; m&#7903; r&#7897;ng &#273;&aacute;ng k&#7875; s&#7921; gi&aacute;m s&aacute;t c&#7911;a li&ecirc;n bang v&agrave; t&aacute;i &#273;&#7883;nh h&igrave;nh m&ocirc;i tr&#432;&#7901;ng ph&aacute;p l&yacute; cho ph&aacute;t tri&#7875;n m&atilde; ngu&#7891;n m&#7903;.
Cho &#273;&#7871;n khi c&aacute;c nh&agrave; l&#7853;p ph&aacute;p &#273;&#7883;nh r&otilde; ranh gi&#7899;i &#273;&oacute;, d&#7921; lu&#7853;t kh&oacute; c&oacute; th&#7875; ti&#7871;n xa. C&acirc;u h&#7887;i v&#7873; DeFi v&#7851;n l&agrave; m&#7897;t trong nh&#7919;ng y&#7871;u t&#7889; then ch&#7889;t &#273;&#7883;nh h&igrave;nh th&#7901;i &#273;i&#7875;m d&#7921; lu&#7853;t c&#7845;u tr&uacute;c th&#7883; tr&#432;&#7901;ng c&oacute; th&#7875; ti&#7871;n xa h&#417;n v&agrave;o n&#259;m 2026.

Dự luật về cấu trúc thị trường ‘CLARITY Act’ cần gì để thông qua vào năm 2026?