美國證券交易委員會 (SEC) 面臨以太坊 ETF 的關鍵裁決，分類問題揮之不去

美國證券交易委員會對第一個以太坊 ETF 申請的決定面臨不確定性，因為最近的文件引發了人們對將以太幣歸類為證券的擔憂。 SEC 的決定將影響多項待決申請的批准，並引發懷疑，導致分析師質疑 SEC 批准的可能性。目前正在調查中的以太幣分類將決定這些 ETF 申請的命運，可能會影響其批准並影響投資者獲得以太幣。

SEC Poised to Rule on First Spot Ether ETF Application, but Filing Raises Classification Concerns

美國證券交易委員會 (SEC) 準備對首個現貨以太 ETF 申請做出裁決，但備案引發分類擔憂

The looming verdict from the U.S. Securities and Exchange Commission (SEC) on the first spot Ether exchange-traded fund (ETF) application by May 23rd has taken an unexpected turn. A recently unearthed filing has cast doubt over the entire class of Ether ETFs, raising questions about the cryptocurrency's classification.

美國證券交易委員會 (SEC) 即將於 5 月 23 日對第一個現貨以太幣交易所交易基金 (ETF) 申請作出裁決，這一結果出現了意想不到的變化。最近出土的一份文件對整個 ETH ETF 類別產生了懷疑，引發了對加密貨幣分類的質疑。

Concerns over Ether's Classification

對以太幣分類的擔憂

The filing, discovered by legal experts, stems from a March submission by BlackRock, which sought to list a spot Ether ETF on the Nasdaq. While the filing caused a delay in the SEC's decision on BlackRock's ETF until June, it also brought forth a critical question: can Ether be categorized as a commodity to qualify for a commodity-based ETF structure?

法律專家發現的文件源自貝萊德 3 月提交的文件，該公司試圖在納斯達克上市以太幣 ETF 現貨。雖然該文件導致 SEC 對貝萊德 ETF 的決定推遲到 6 月，但它也提出了一個關鍵問題：以太坊是否可以被歸類為商品以獲得基於商品的 ETF 結構的資格？

Analysts speculate that this move by the SEC could be a deliberate strategy to reject spot Ether ETF applications. "The filing suggests they might deny these applications on the grounds that they're improperly filed as commodity-based trusts holding a security," explains Scott Johnsson, an Associate at Davis Polk and Wardwell.

分析師推測，SEC 此舉可能是有意拒絕以太坊 ETF 現貨申請的策略。 Davis Polk 和 Wardwell 的合夥人 Scott Johnsson 解釋說：“文件表明，他們可能會拒絕這些申請，理由是這些申請被不恰當地歸檔為持有證券的基於商品的信託。”

This aligns with the prevailing skepticism surrounding spot Ether ETF approvals. Bloomberg ETF analyst Eric Balchunas believes the SEC's chances of approving these ETFs are "slim to none."

這與人們對以太坊現貨 ETF 批准普遍持懷疑態度是一致的。彭博 ETF 分析師 Eric Balchunas 認為，美國證券交易委員會批准這些 ETF 的機會「微乎其微」。

Fate of Other Applications Hangs in the Balance

其他應用程式的命運懸而未決

The fate of numerous spot Ether ETF applications now rests on the SEC's decision regarding VanEck's offering, which is first in line for consideration. If rejected, similar denials could follow for applications from ARK 21Shares, Hashdex, Invesco Galaxy, BlackRock, and Fidelity. Notably, Grayscale withdrew its spot Ether ETF application earlier in May, adding to the uncertainty.

目前，眾多現貨以太 ETF 申請的命運取決於 SEC 對 VanEck 發行的決定，這是首先考慮的。如果被拒絕，ARK 21Shares、Hashdex、Invesco Galaxy、BlackRock 和 Fidelity 的申請也可能會遭到類似的拒絕。值得注意的是，Grayscale 在 5 月初撤回了以太坊 ETF 現貨申請，這增加了不確定性。

The Core Issue: Ether's Classification

核心問題：以太幣的分類

The crux of the matter lies in how the SEC classifies Ether. SEC Chair Gary Gensler has previously suggested that Ether may not be a security. However, reports indicate that an ongoing SEC investigation into the cryptocurrency is underway. This, coupled with the recent filing, has created confusion within the industry.

問題的關鍵在於 SEC 如何對以太幣進行分類。 SEC 主席 Gary Gensler 先前曾表示，以太坊可能不是一種證券。然而，有報道稱，美國證券交易委員會正在對加密貨幣進行調查。再加上最近的申請，在業界造成了混亂。

Eyes on SEC Verdict and Gensler's Speech

關注 SEC 的判決和 Gensler 的演講

All eyes will be on the SEC as it decides VanEck's application on May 23rd. Additionally, Chair Gensler's speech at the Investment Company Institute summit on the same day may provide insights into the SEC's stance towards Ether and spot Ether ETFs.

所有目光都將集中在 SEC 身上，因為 SEC 將於 5 月 23 日對 VanEck 的申請做出決定。此外，Gensler 主席當天在投資公司協會峰會上的演講可能會讓人深入了解 SEC 對以太坊和現貨以太坊 ETF 的立場。

Potential Challenges and Implications

潛在的挑戰和影響

The industry could potentially challenge Ether's security classification in court, potentially delaying any final decision on spot Ether ETFs. Grayscale's withdrawal of its application may signal a shift in strategy rather than a reflection on the overall viability of spot Ether ETFs.

該行業可能會在法庭上質疑以太幣的安全分類，這可能會推遲對現貨以太幣 ETF 的任何最終決定。 Grayscale 撤回申請可能標誌著策略的轉變，而不是對現貨以太 ETF 整體生存能力的反映。

Even if the SEC rejects VanEck's application, it does not necessarily mean that all future applications will be denied.

即使 SEC 拒絕 VanEck 的申請，也不一定意味著未來所有的申請都會被拒絕。

Significance of the Decision

該決定的意義

The SEC's decision on the first spot Ether ETF application could set a precedent for the entire class, potentially impeding efforts to bring these investment vehicles to market. It could also impact how investors access and trade Ether, a prominent cryptocurrency with significant influence on the broader market.

美國證券交易委員會對第一個以太坊 ETF 現貨申請的決定可能會為整個類別樹立先例，可能會阻礙將這些投資工具推向市場的努力。它還可能影響投資者獲取和交易以太幣的方式，以太幣是一種對更廣泛市場具有重大影響的著名加密貨幣。

Related News

相關新聞

• Ethereum Gas Fees Plummet to Lowest Levels in Years: This article explores the sustainability of declining Ethereum gas fees.
• Grayscale Drops Ether Futures ETF Bid as SEC Stalls Approval: This article discusses the implications of Grayscale's withdrawal of its Ether futures ETF application amid SEC delays.

以太坊Gas 費跌至多年來最低水準：本文探討了以太坊Gas 費下降的可持續性。期貨ETF 申請的影響。