從 SEC 到以太坊上的 ETF 逐項列出，是產品推出方向的第一步

美國監管機構已向紐約證券交易所和納斯達克發出綠燈，以列出 8 隻以太幣現貨 ETF。美國證券交易委員會的轉讓是必要的第一步

The Securities and Exchange Commission (SEC) has given the green light for NYSE and Nasdaq to list eight spot ETFs on Ether. The move marks the first major step towards trading ETFs that directly invest in the second-largest cryptocurrency following January’s approval for Bitcoin.

美國證券交易委員會 (SEC) 已批准紐約證券交易所和納斯達克上市 8 隻以太幣現貨 ETF。此舉標誌著自 1 月批准比特幣以來，直接投資第二大加密貨幣的 ETF 交易邁出了重要一步。

However, the S-1 filings that will allow asset managers (including BlackRock, Fidelity, Invesco and Ark Invest) to issue the new products to the public are still pending. The regulator has given no indication of when this may occur.

然而，允許資產管理公司（包括貝萊德、富達、景順和 Ark Invest）向公眾發行新產品的 S-1 申請仍在等待中。監管機構沒有表明這種情況何時會發生。

The SEC’s green light came after several days of rumors, which had pushed the token’s price upwards. In fact, the authority reportedly contacted the issuers and stock exchanges (Nasdaq and CBOE) regarding the pending requests, asking for additional documentation and suggesting that the approval process was moving in the right direction.

在幾天的謠言推動代幣價格上漲後，美國證券交易委員會批准了該計劃。事實上，據報道，該機構就未決請求聯繫了發行人和證券交易所（納斯達克和芝加哥期權交易所），要求提供更多文件，並表明審批流程正在朝著正確的方向發展。

One specific request that the SEC reportedly made to the applicants was to revise their products to exclude the “staking” component on ether held by the ETF issuers, a type of additional yield for holding the token.

據報道，美國證券交易委員會向申請人提出的一項具體要求是修改他們的產品，以排除 ETF 發行人持有的以太幣的「質押」部分，這是持有代幣的一種額外收益。

Meanwhile, on Wednesday, the U.S. House of Congress voted in favor of a bill that would reduce the SEC’s authority over cryptocurrencies and establish the Commodity Futures Trading Commission (CFTC) as the industry’s primary regulator. While awaiting approval in the Senate, the White House said it opposed the bill in its current form, and called for further collaboration with Congress for a better regulation that protects consumers and investors.

同時，週三，美國國會眾議院投票贊成一項法案，該法案將削弱美國證券交易委員會對加密貨幣的權力，並設立商品期貨交易委員會（CFTC）作為該行業的主要監管機構。在等待參議院批准期間，白宮表示反對目前形式的法案，並呼籲與國會進一步合作，制定更好的監管措施，保護消費者和投資者。

The recent signals have sparked a rally in Ether’s price, pushing it from around $3,000 to over $3,700, a gain of over 20%. At the time of writing, the digital asset trades for just over $3,600.

最近的訊號引發了以太幣價格的上漲，將其從 3,000 美元左右推升至 3,700 美元以上，漲幅超過 20%。截至撰寫本文時，該數位資產的交易價格略高於 3,600 美元。

The SEC’s approval to the listing requests was therefore received in a neutral manner, but according to some analysts, the final approval of Ether ETFs could push prices towards $4,000, already touched in March in the wake of the Bitcoin rally.

因此，美國證券交易委員會以中立的方式批准了上市請求，但根據一些分析師的說法，以太坊ETF 的最終批准可能會將價格推向4,000 美元，該價格在3 月份比特幣上漲後就已觸及該水平。

Since the beginning of the year, Ethereum shows an increase of over 60%, even higher than that of the most important cryptocurrency (+58%). Bitcoin could in turn benefit from the enlargement of the crypto investor base, also from a reputational standpoint.

今年以來，以太幣的漲幅超過 60%，甚至高於最重要的加密貨幣（+58%）。反過來，從聲譽的角度來看，比特幣也可以從加密貨幣投資者基礎的擴張中受益。

According to CoinMarketCap, Ether has a market capitalization of around $450 billion, roughly a third of that of Bitcoin and equal to 18% of the total market value of cryptocurrencies.

根據 CoinMarketCap 的數據，以太幣的市值約為 4,500 億美元，約為比特幣的三分之一，相當於加密貨幣總市值的 18%。

The SEC has long resisted calls for spot cryptocurrency ETFs, but had to fold after a court ruling in favor of Grayscale, which had contested the rejection of its application for a similar Bitcoin product.

SEC 長期以來一直抵制現貨加密貨幣 ETF 的呼籲，但在法院做出有利於 Grayscale 的裁決後，SEC 不得不放棄，該公司曾對其類似比特幣產品的申請被拒絕提出異議。

This helped pave the way for the green light to funds listed on the best-known digital currency, and for further approvals, as is now happening for Ethereum, also thanks to a change of course from Washington on the subject.

這為在最著名的數位貨幣上上市的基金鋪平了道路，並為進一步的批准鋪平了道路，就像現在以太坊所發生的那樣，這也歸功於華盛頓在這個問題上的方針的改變。

In January, SEC Chairman Gary Gensler clarified that his agency “did not approve or endorse Bitcoin” and called the decision “the narrowest path to proceed” following the court defeat. A concept also reiterated in the last hours, in which Gensler has confirmed his reluctance to allow the launch of cryptocurrency investment products on the US market in light of the numerous frauds and scams found in the sector (as in the case of FTX founder Sam Bankman-Fried).

一月份，SEC 主席加里·根斯勒 (Gary Gensler) 澄清說，他的機構“不批准或認可比特幣”，並稱該決定是法院敗訴後“最狹窄的前進道路”。在過去的幾個小時裡，Gensler 也重申了一個概念，Gensler 證實，鑑於該行業發現的大量欺詐和騙局，他不願允許在美國市場上推出加密貨幣投資產品（例如FTX 創始人Sam Bankman 的情況） -油炸）。

First of all, the approval of Ether ETFs will allow “easier access to this digital asset, with greater protection and safeguards” as stated by Invesco and Galaxy, who hope for a quick green light for the launch of the products.

首先，正如 Invesco 和 Galaxy 所說，以太坊 ETF 的批准將允許“更容易訪問這種數位資產，並提供更大的保護和保障”，他們希望產品的推出能夠迅速獲得批准。

Issuing spot ETFs on Ethereum could also facilitate their inclusion within pension funds and other types of collective investment of savings, leading to a greater acceptance by the public for a type of asset that still arouses suspicion.

在以太坊上發行現貨 ETF 還可以促進它們納入退休基金和其他類型的儲蓄集體投資，從而使公眾更好地接受這種仍然引起懷疑的資產。

As for the cryptocurrency market as a whole, investors are likely to increase bets on the next cryptoassets that could get the green light to launch spot ETFs.

就整個加密貨幣市場而言，投資者可能會增加對下一個可能獲得推出現貨 ETF 批准的加密資產的押注。

As noted by Luciano Serra, Country Manager Italy of Boerse Stuttgart Digital“The Spot Bitcoin ETFs had already attracted the attention of the traditional financial world, both for the entry into this market of the main players in world finance (such as BlackRock, Fidelity Investments and Franklin Templeton), and for the massive entry of capital from investors, with the purchase of over 200,000 Bitcoins in just three months and a substantial increase in the value of the cryptocurrency market. Subsequently, Serra recalls, “it was the turn of Hong Kong, where in April the Securities and Futures Commission (SFC) authorized the launch of spot ETFs on both Bitcoin and Ethereum.”

正如斯圖加特數位交易所義大利區域經理 Luciano Serra 所指出的那樣，「現貨比特幣 ETF 已經引起了傳統金融界的關注，因為世界金融主要參與者（例如貝萊德、富達投資）進入了這個市場。和富蘭克林鄧普頓），以及投資者的大量資金進入，短短三個月內購買了超過20萬枚比特幣，加密貨幣市場價值大幅上漲。隨後，Serra 回憶道，“輪到香港了，四月份，香港證券及期貨事務監察委員會 (SFC) 授權推出比特幣和以太坊現貨 ETF。”

Yesterday’s SEC decision on Ether “certainly constitutes another milestone towards the adoption of cryptocurrencies by financial institutions on a global scale” as well as “an additional step towards the convergence between traditional and digital finance”.

昨天，美國證券交易委員會對以太幣的決定“無疑是金融機構在全球範圍內採用加密貨幣的又一個里程碑”，也是“傳統金融與數位金融融合的又一步”。

According to the expert, the authority’s green light for ETFs on Ethereum could push the token “past the $4,000 threshold, increasing the possibility of

據專家稱，當局對以太坊 ETF 的綠燈可能會推動該代幣「突破 4,000 美元的門檻，增加了