&#7910;y ban Ch&#7913;ng kho&aacute;n v&agrave; Giao d&#7883;ch M&#7929; (SEC) v&#7915;a ch&iacute;nh th&#7913;c kh&eacute;p l&#7841;i cu&#7897;c &#273;i&#7873;u tra v&#7873; Aave Protocol m&agrave; kh&ocirc;ng &#273;&#432;a ra b&#7845;t k&#7923; h&igrave;nh ph&#7841;t n&agrave;o, theo th&ocirc;ng b&aacute;o ng&agrave;y 16/12/2023.
Quy&#7871;t &#273;&#7883;nh n&agrave;y &#273;&atilde; k&#7871;t th&uacute;c cu&#7897;c &#273;i&#7873;u tra k&eacute;o d&agrave;i nhi&#7873;u n&#259;m v&#7873; m&#7897;t trong nh&#7919;ng n&#7873;n t&#7843;ng cho vay t&agrave;i ch&iacute;nh phi t&#7853;p trung (DeFi) l&#7899;n nh&#7845;t hi&#7879;n nay, &#273;&#7891;ng th&#7901;i lo&#7841;i b&#7887; r&agrave;o c&#7843;n ph&aacute;p l&yacute; l&#7899;n cho l&#297;nh v&#7921;c n&agrave;y.
<h3 class="wp-block-heading" id="h-investigation-closed-without-enforcement">Cu&#7897;c &#273;i&#7873;u tra k&#7871;t th&uacute;c m&agrave; kh&ocirc;ng c&oacute; bi&#7879;n ph&aacute;p c&#432;&#7905;ng ch&#7871;</h3>

Trong th&ocirc;ng b&aacute;o, SEC cho bi&#7871;t &#273;&atilde; ho&agrave;n t&#7845;t &#273;i&#7873;u tra v&#7873; Aave Protocol v&agrave; hi&#7879;n t&#7841;i kh&ocirc;ng c&oacute; &yacute; &#273;&#7883;nh &#273;&#432;a ra b&#7845;t k&#7923; h&agrave;nh &#273;&#7897;ng x&#7917; ph&#7841;t n&agrave;o.
Tuy nhi&ecirc;n, c&#417; quan n&agrave;y c&#361;ng nh&#7845;n m&#7841;nh vi&#7879;c kh&eacute;p l&#7841;i &#273;i&#7873;u tra kh&ocirc;ng &#273;&#7891;ng ngh&#297;a v&#7899;i vi&#7879;c Aave &#273;&#432;&#7907;c minh oan ho&agrave;n to&agrave;n, v&agrave; v&#7851;n c&oacute; th&#7875; c&oacute; h&agrave;nh &#273;&#7897;ng ph&aacute;p l&yacute; trong t&#432;&#417;ng lai n&#7871;u t&igrave;nh h&igrave;nh thay &#273;&#7893;i. Th&ocirc;ng b&aacute;o n&agrave;y tu&acirc;n th&#7911; <a href="https://vn.beincrypto.com/sec-innovation-exemption-atkins-2025-promise/">quy tr&igrave;nh ti&ecirc;u chu&#7849;n c&#7911;a SEC</a> theo Securities Act Release No. 5310.
Cu&#7897;c &#273;i&#7873;u tra b&#7855;t &#273;&#7847;u v&agrave;o kho&#7843;ng 2021&ndash;2022, khi SEC t&#259;ng c&#432;&#7901;ng gi&aacute;m s&aacute;t c&aacute;c ho&#7841;t &#273;&#7897;ng cho vay ti&#7873;n &#273;i&#7879;n t&#7917;, staking v&agrave; c&aacute;c governance token.
Aave l&agrave; m&#7897;t <a href="https://vn.beincrypto.com/bob-crypto-rally-triggers-major-caution-alarm/">giao th&#7913;c DeFi</a> phi t&#7853;p trung kh&ocirc;ng l&#432;u k&yacute;, cho ph&eacute;p ng&#432;&#7901;i d&ugrave;ng cho vay v&agrave; vay t&agrave;i s&#7843;n s&#7889; th&ocirc;ng qua c&aacute;c smart contract t&#7921; &#273;&#7897;ng. Giao th&#7913;c n&agrave;y ho&#7841;t &#273;&#7897;ng m&agrave; kh&ocirc;ng qua trung gian v&agrave; &#273;&#432;&#7907;c qu&#7843;n tr&#7883; b&#7903;i nh&#7919;ng ng&#432;&#7901;i n&#7855;m gi&#7919; token AAVE.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/R7_iHFF_--Bd_ZQX20m5JMQZewY=/smart/f0e81671293340ce83c4af0243d4927f" alt="" class="wp-image-782894">AAVE t&#259;ng nh&#7865; sau th&ocirc;ng b&aacute;o c&#7911;a SEC. Ngu&#7891;n: CoinGecko

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-aave-revenue-and-governance-under-the-spotlight">Doanh thu v&agrave; qu&#7843;n tr&#7883; c&#7911;a Aave &#273;&#432;&#7907;c ch&uacute; &yacute; &#273;&#7863;c bi&#7879;t</h2>

Quy&#7871;t &#273;&#7883;nh c&#7911;a SEC &#273;&#432;&#7907;c &#273;&#432;a ra &#273;&uacute;ng l&uacute;c Aave &#273;ang g&#7863;p nhi&#7873;u <a href="https://vn.beincrypto.com/aave-internal-split-over-10-million-protocol-revenue/">tranh c&atilde;i n&#7897;i b&#7897; li&ecirc;n quan &#273;&#7871;n doanh thu v&agrave; qu&#7843;n tr&#7883;</a>.
&#272;&#7847;u tu&#7847;n n&agrave;y, th&agrave;nh vi&ecirc;n DAO &#273;&atilde; b&agrave;y t&#7887; lo ng&#7841;i r&#7857;ng thay &#273;&#7893;i c&#7845;u tr&uacute;c front-end c&oacute; th&#7875; khi&#7871;n ngu&#7891;n thu ph&iacute; giao d&#7883;ch chuy&#7875;n h&#432;&#7899;ng kh&#7887;i qu&#7929; DAO c&#7911;a Aave. S&#7921; vi&#7879;c b&#7855;t ngu&#7891;n t&#7915; vi&#7879;c chuy&#7875;n &#273;&#7893;i t&#7915; ParaSwap sang CoW Swap tr&ecirc;n giao di&#7879;n ch&iacute;nh th&#7913;c c&#7911;a Aave.
C&aacute;c &#273;&#7841;i di&#7879;n qu&#7843;n tr&#7883; nh&#7853;n &#273;&#7883;nh s&#7921; thay &#273;&#7893;i n&agrave;y c&oacute; th&#7875; l&agrave;m gi&#7843;m <a href="https://vn.beincrypto.com/aave-v4-release-fuels-market-momentum/">doanh thu c&#7911;a DAO</a> t&#7899;i 10 tri&#7879;u USD m&#7895;i n&#259;m, t&ugrave;y v&agrave;o kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch.&nbsp;
Aave Labs ph&#7843;n h&#7891;i r&#7857;ng front-end ch&#7881; l&agrave; m&#7897;t s&#7843;n ph&#7849;m ri&ecirc;ng bi&#7879;t v&agrave; ch&iacute;nh s&aacute;ch chia s&#7867; doanh thu tr&#432;&#7899;c &#273;&acirc;y l&agrave; t&#7921; nguy&#7879;n.
Hi&#7879;n t&#7841;i, Aave &#273;&atilde; v&#432;&#7907;t qua giai &#273;o&#7841;n b&#7883; &#273;i&#7873;u tra ph&aacute;p l&yacute; m&agrave; kh&ocirc;ng ph&#7843;i ch&#7883;u h&igrave;nh ph&#7841;t, &#273;i&#7873;u n&agrave;y c&#361;ng kh&aacute; ph&#7893; bi&#7871;n khi SEC gi&#7843;m nhi&#7879;t c&aacute;c v&#7909; ki&#7879;n t&#7909;ng ti&#7873;n m&atilde; h&oacute;a d&#432;&#7899;i th&#7901;i <a href="https://beincrypto.com/sec-innovation-exemption-atkins-2025-promise/" target="_blank" rel="noreferrer noopener">Paul Atkins</a>.
M&#7863;c d&ugrave; v&#7853;y, giao th&#7913;c n&agrave;y v&#7851;n c&ograve;n &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&aacute;ch th&#7913;c v&#7873; qu&#7843;n tr&#7883;, s&#7921; phi t&#7853;p trung v&agrave; v&#7845;n &#273;&#7873; ph&acirc;n chia gi&aacute; tr&#7883; trong b&#7889;i c&#7843;nh DeFi ng&agrave;y m&#7897;t ph&aacute;t tri&#7875;n.

SEC dừng cuộc điều tra kéo dài về giao thức Aave

&#7910;y ban Ch&#7913;ng kho&aacute;n v&agrave; Giao d&#7883;ch M&#7929; (SEC) v&#7915;a ch&iacute;nh th&#7913;c kh&eacute;p l&#7841;i cu&#7897;c &#273;i&#7873;u tra v&#7873; Aave Protocol m&agrave; kh&ocirc;ng &#273;&#432;a ra b&#7845;t k&#7923; h&igrave;nh ph&#7841;t n&agrave;o, theo th&ocirc;ng b&aacute;o ng&agrave;y 16/12/2023.
Quy&#7871;t &#273;&#7883;nh n&agrave;y &#273;&atilde; k&#7871;t th&uacute;c cu&#7897;c &#273;i&#7873;u tra k&eacute;o d&agrave;i nhi&#7873;u n&#259;m v&#7873; m&#7897;t trong nh&#7919;ng n&#7873;n t&#7843;ng cho vay t&agrave;i ch&iacute;nh phi t&#7853;p trung (DeFi) l&#7899;n nh&#7845;t hi&#7879;n nay, &#273;&#7891;ng th&#7901;i lo&#7841;i b&#7887; r&agrave;o c&#7843;n ph&aacute;p l&yacute; l&#7899;n cho l&#297;nh v&#7921;c n&agrave;y.
<h3 class="wp-block-heading" id="h-investigation-closed-without-enforcement">Cu&#7897;c &#273;i&#7873;u tra k&#7871;t th&uacute;c m&agrave; kh&ocirc;ng c&oacute; bi&#7879;n ph&aacute;p c&#432;&#7905;ng ch&#7871;</h3>

Trong th&ocirc;ng b&aacute;o, SEC cho bi&#7871;t &#273;&atilde; ho&agrave;n t&#7845;t &#273;i&#7873;u tra v&#7873; Aave Protocol v&agrave; hi&#7879;n t&#7841;i kh&ocirc;ng c&oacute; &yacute; &#273;&#7883;nh &#273;&#432;a ra b&#7845;t k&#7923; h&agrave;nh &#273;&#7897;ng x&#7917; ph&#7841;t n&agrave;o.
Tuy nhi&ecirc;n, c&#417; quan n&agrave;y c&#361;ng nh&#7845;n m&#7841;nh vi&#7879;c kh&eacute;p l&#7841;i &#273;i&#7873;u tra kh&ocirc;ng &#273;&#7891;ng ngh&#297;a v&#7899;i vi&#7879;c Aave &#273;&#432;&#7907;c minh oan ho&agrave;n to&agrave;n, v&agrave; v&#7851;n c&oacute; th&#7875; c&oacute; h&agrave;nh &#273;&#7897;ng ph&aacute;p l&yacute; trong t&#432;&#417;ng lai n&#7871;u t&igrave;nh h&igrave;nh thay &#273;&#7893;i. Th&ocirc;ng b&aacute;o n&agrave;y tu&acirc;n th&#7911; <a href="https://vn.beincrypto.com/sec-innovation-exemption-atkins-2025-promise/">quy tr&igrave;nh ti&ecirc;u chu&#7849;n c&#7911;a SEC</a> theo Securities Act Release No. 5310.
Cu&#7897;c &#273;i&#7873;u tra b&#7855;t &#273;&#7847;u v&agrave;o kho&#7843;ng 2021&ndash;2022, khi SEC t&#259;ng c&#432;&#7901;ng gi&aacute;m s&aacute;t c&aacute;c ho&#7841;t &#273;&#7897;ng cho vay ti&#7873;n &#273;i&#7879;n t&#7917;, staking v&agrave; c&aacute;c governance token.
Aave l&agrave; m&#7897;t <a href="https://vn.beincrypto.com/bob-crypto-rally-triggers-major-caution-alarm/">giao th&#7913;c DeFi</a> phi t&#7853;p trung kh&ocirc;ng l&#432;u k&yacute;, cho ph&eacute;p ng&#432;&#7901;i d&ugrave;ng cho vay v&agrave; vay t&agrave;i s&#7843;n s&#7889; th&ocirc;ng qua c&aacute;c smart contract t&#7921; &#273;&#7897;ng. Giao th&#7913;c n&agrave;y ho&#7841;t &#273;&#7897;ng m&agrave; kh&ocirc;ng qua trung gian v&agrave; &#273;&#432;&#7907;c qu&#7843;n tr&#7883; b&#7903;i nh&#7919;ng ng&#432;&#7901;i n&#7855;m gi&#7919; token AAVE.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/R7_iHFF_--Bd_ZQX20m5JMQZewY=/smart/f0e81671293340ce83c4af0243d4927f" alt="" class="wp-image-782894">AAVE t&#259;ng nh&#7865; sau th&ocirc;ng b&aacute;o c&#7911;a SEC. Ngu&#7891;n: CoinGecko

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-aave-revenue-and-governance-under-the-spotlight">Doanh thu v&agrave; qu&#7843;n tr&#7883; c&#7911;a Aave &#273;&#432;&#7907;c ch&uacute; &yacute; &#273;&#7863;c bi&#7879;t</h2>

Quy&#7871;t &#273;&#7883;nh c&#7911;a SEC &#273;&#432;&#7907;c &#273;&#432;a ra &#273;&uacute;ng l&uacute;c Aave &#273;ang g&#7863;p nhi&#7873;u <a href="https://vn.beincrypto.com/aave-internal-split-over-10-million-protocol-revenue/">tranh c&atilde;i n&#7897;i b&#7897; li&ecirc;n quan &#273;&#7871;n doanh thu v&agrave; qu&#7843;n tr&#7883;</a>.
&#272;&#7847;u tu&#7847;n n&agrave;y, th&agrave;nh vi&ecirc;n DAO &#273;&atilde; b&agrave;y t&#7887; lo ng&#7841;i r&#7857;ng thay &#273;&#7893;i c&#7845;u tr&uacute;c front-end c&oacute; th&#7875; khi&#7871;n ngu&#7891;n thu ph&iacute; giao d&#7883;ch chuy&#7875;n h&#432;&#7899;ng kh&#7887;i qu&#7929; DAO c&#7911;a Aave. S&#7921; vi&#7879;c b&#7855;t ngu&#7891;n t&#7915; vi&#7879;c chuy&#7875;n &#273;&#7893;i t&#7915; ParaSwap sang CoW Swap tr&ecirc;n giao di&#7879;n ch&iacute;nh th&#7913;c c&#7911;a Aave.
C&aacute;c &#273;&#7841;i di&#7879;n qu&#7843;n tr&#7883; nh&#7853;n &#273;&#7883;nh s&#7921; thay &#273;&#7893;i n&agrave;y c&oacute; th&#7875; l&agrave;m gi&#7843;m <a href="https://vn.beincrypto.com/aave-v4-release-fuels-market-momentum/">doanh thu c&#7911;a DAO</a> t&#7899;i 10 tri&#7879;u USD m&#7895;i n&#259;m, t&ugrave;y v&agrave;o kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch.&nbsp;
Aave Labs ph&#7843;n h&#7891;i r&#7857;ng front-end ch&#7881; l&agrave; m&#7897;t s&#7843;n ph&#7849;m ri&ecirc;ng bi&#7879;t v&agrave; ch&iacute;nh s&aacute;ch chia s&#7867; doanh thu tr&#432;&#7899;c &#273;&acirc;y l&agrave; t&#7921; nguy&#7879;n.
Hi&#7879;n t&#7841;i, Aave &#273;&atilde; v&#432;&#7907;t qua giai &#273;o&#7841;n b&#7883; &#273;i&#7873;u tra ph&aacute;p l&yacute; m&agrave; kh&ocirc;ng ph&#7843;i ch&#7883;u h&igrave;nh ph&#7841;t, &#273;i&#7873;u n&agrave;y c&#361;ng kh&aacute; ph&#7893; bi&#7871;n khi SEC gi&#7843;m nhi&#7879;t c&aacute;c v&#7909; ki&#7879;n t&#7909;ng ti&#7873;n m&atilde; h&oacute;a d&#432;&#7899;i th&#7901;i <a href="https://beincrypto.com/sec-innovation-exemption-atkins-2025-promise/" target="_blank" rel="noreferrer noopener">Paul Atkins</a>.
M&#7863;c d&ugrave; v&#7853;y, giao th&#7913;c n&agrave;y v&#7851;n c&ograve;n &#273;&#7889;i m&#7863;t v&#7899;i nh&#7919;ng th&aacute;ch th&#7913;c v&#7873; qu&#7843;n tr&#7883;, s&#7921; phi t&#7853;p trung v&agrave; v&#7845;n &#273;&#7873; ph&acirc;n chia gi&aacute; tr&#7883; trong b&#7889;i c&#7843;nh DeFi ng&agrave;y m&#7897;t ph&aacute;t tri&#7875;n.