SEC，比特幣現場和美國交易：一個新時代？

SEC不斷發展的立場，特朗普的比特幣儲備建議以及以太坊ETF的興起正在重塑美國加密貨幣交易。

SEC, Bitcoin Spot, and US Trading: A New Era?

SEC，比特幣現場和美國交易：一個新時代？

The regulatory landscape surrounding crypto, especially Bitcoin spot trading in the US, is undergoing a seismic shift. The SEC's evolving stance, coupled with potential game-changers like a Trump-backed Bitcoin reserve, is setting the stage for a new era. Let's dive into the details.

圍繞加密貨幣的監管景觀，尤其是在美國的比特幣景點，正在發生地震轉變。 SEC不斷發展的立場，再加上像特朗普支持的比特幣保護區這樣的潛在遊戲改變者，為新時代奠定了基礎。讓我們研究細節。

The SEC's Spring 2025 Agenda: A Turning Point

SEC的2025年春季議程：轉折點

The SEC's Spring 2025 regulatory agenda is a big deal. It's prioritizing clarity, potentially paving the way for mainstream institutional adoption of Bitcoin spot trading. Think safe harbors for crypto issuance, modernized custody rules, and market structure amendments. This aims to bring crypto in line with traditional finance while keeping the bad actors at bay.

SEC的2025年春季監管議程很重要。它優先考慮清晰度，為主流採用比特幣貨幣交易鋪平了道路。考慮安全港口的加密發行，現代化的監護規則和市場結構修正案。這旨在使加密貨幣與傳統財務保持一致，同時使壞演員拒之門外。

For example, the SEC's approval of in-kind creations and redemptions for crypto ETPs back in July 2025 was a smart move, streamlining the process and boosting investor trust. Commissioner Paul Atkins put it well: these rules are all about “facilitating innovation while protecting investors.”

例如，SEC在2025年7月對Crypto ETP的實物創作和贖回的認可是一個明智的舉動，它簡化了流程並促進了投資者的信任。專員保羅·阿特金斯（Paul Atkins）很好地說：這些規則都是關於“在保護投資者的同時促進創新”。

Institutional Entry Points: More Than Just Hype

機構入口點：不僅僅是炒作

Institutional adoption is picking up speed, especially in liquid staking, tokenized assets, and regulatory-compliant infrastructure. The SEC's decision on liquid staking applications has already unlocked billions in value. Tokenization of real estate and equities is also making illiquid markets more accessible. Plus, initiatives like “Project Crypto,” aligned with the GENIUS Act and FIT21 Act, are reducing confusion and making cross-border enforcement smoother.

機構採用的速度正在提高速度，尤其是在液體蒸發，令牌化資產和符合法規的基礎設施方面。 SEC對液體放電申請的決定已經釋放了數十億美元的價值。房地產和股票的令牌化也使流動性不足的市場更容易獲得。另外，與《天才法案》和《 fit21法》一致的“ Project Crypto”之類的舉措正在減少混亂並使跨境執法更加順暢。

And here's a curveball: a potential Strategic Bitcoin Reserve, proposed by President Trump. This could classify Bitcoin as a sovereign asset and resolve the securities vs. commodities debate, giving institutions the clarity they crave. This, combined with potential passage of the CLARITY Act, would further solidify this trend.

這是一個曲線球：特朗普總統提出的潛在戰略比特幣儲備。這可以將比特幣歸類為主權資產，並解決證券與商品辯論，使機構渴望清晰。加上《清晰法》的潛在通過，將進一步鞏固這一趨勢。

Bitcoin ETPs: The Gateway to Mainstream Exposure

比特幣ETP：通往主流曝光的門戶

Bitcoin ETPs have become the go-to for institutional-grade exposure. By December 2024, these ETPs had pulled in a whopping €34 billion, hitting a net asset value of over €100 billion. Approving in-kind redemptions has reduced friction, making ETPs more efficient than traditional ETFs. We might even see this expand to tokens like Solana and Dogecoin down the line.

比特幣ETP已成為機構級別的首選。到2024年12月，這些ETP已獲得高達340億歐元的價格，淨資產價值超過1000億歐元。批准實物贖回可以減少摩擦，使ETP比傳統ETF更有效。我們甚至可能會看到它擴展到諸如Solana和Dogecoin之類的令牌。

Ethereum's Rise: A New Challenger?

以太坊的崛起：一個新的挑戰者？

While Bitcoin has been the king of crypto, Ethereum is making moves. Recent data shows that while Bitcoin spot ETFs experienced net outflows, Ethereum spot ETFs saw significant inflows. This suggests a shift in investment funds from Bitcoin to Ethereum, especially with the rise of Ethereum-based networks in the real-world asset (RWA) market. Coinbase's

雖然比特幣一直是加密貨幣之王，但以太坊正在採取行動。最近的數據表明，儘管比特幣斑點ETF經歷了淨流出，但以太坊斑點ETF看到了大量的流入。這表明投資基金從比特幣轉變為以太坊，尤其是在現實世界中基於以太坊的網絡（RWA）市場的興起。 Coinbase的