DTCC 貶值比特幣 ETF，分配零抵押品價值

從4 月30 日開始，DTCC 將為包含比特幣(BTC) 或加密貨幣作為基礎資產的貿易交易基金(ETF) 分配零抵押品價值。減少了基於槓桿的金融化實踐，從而緩解了金融體系內部的風險。 Long 強調，該決議將阻止華爾街使用比特幣 ETF 玩金融遊戲，而由此產生的任何問題都可能歸咎於比特幣 ETF。

Depository Trust and Clearing Corporation (DTCC) Assigns Zero Collateral Value to Bitcoin-Based Exchange-Traded Funds (ETFs)

存款信託和清算公司 (DTCC) 為基於比特幣的交易所交易基金 (ETF) 分配零抵押品價值

Introduction

介紹

On April 30, 2023, the Depository Trust and Clearing Corporation (DTCC) will implement amendments to collateral values for certain securities, including Exchange-Traded Funds (ETFs) that have exposure to Bitcoin or other cryptocurrencies. This decision marks a significant shift in the treatment of Bitcoin ETFs by a major financial institution, and has drawn both support and skepticism from market participants.

2023 年 4 月 30 日，美國存託信託和清算公司 (DTCC) 將對某些證券的抵押品價值進行修訂，包括涉及比特幣或其他加密貨幣的交易所交易基金 (ETF)。這項決定標誌著一家主要金融機構對待比特幣 ETF 的重大轉變，並引起了市場參與者的支持和懷疑。

Caitlin Long's Perspective

凱特琳朗的觀點

Caitlin Long, the CEO of Custodia Financial Institution, has expressed her support for DTCC's decision. In a social media post, Long stated that the move will help mitigate risk in the financial system and reduce the leverage-based financialization practices that Wall Street might have engaged in with Bitcoin ETFs.

Custodia 金融機構執行長 Caitlin Long 表示支持 DTCC 的決定。 Long 在社群媒體貼文中表示，此舉將有助於降低金融體系的風險，並減少華爾街可能透過比特幣 ETF 進行的基於槓桿的金融化做法。

"I have no problem with this because it reduces the leverage-based financialization games that #WallSt might have played (& upon which TPTB would have blamed #Bitcoin for the inevitable problems even tho they’d have had nothing to do with Bitcoin itself)," Long wrote.

「我對此沒有任何問題，因為它減少了 #WallSt 可能玩過的基於槓桿的金融化遊戲（TPTB 會因此將不可避免的問題歸咎於 #Bitcoin，即使他們與比特幣本身無關） ，」朗寫道。

Implications for Crypto ETFs

對加密貨幣 ETF 的影響

DTCC's decision will affect the collateral values for certain securities within its line-of-credit facility. However, it is important to note that the role of crypto ETFs as investment vehicles and as collateral in brokerage activities remains unaffected.

DTCC 的決定將影響其信貸額度內某些證券的抵押品價值。然而，值得注意的是，加密貨幣 ETF 作為投資工具和經紀活動抵押品的作用仍然不受影響。

Despite DTCC's move, institutional interest in crypto investment products remains strong. Spot Bitcoin ETFs, which launched in the United States in October 2022, have collectively amassed over $12.5 billion in assets under management (AUM) within just three months.

儘管 DTCC 採取了這一舉措，機構對加密貨幣投資產品的興趣仍然強勁。現貨比特幣 ETF 於 2022 年 10 月在美國推出，短短三個月內管理資產 (AUM) 總計超過 125 億美元。

Outflows from Bitcoin ETFs

比特幣 ETF 資金流出

It is worth noting that Bitcoin ETFs have experienced significant outflows recently. According to data from ETF.com, U.S. Bitcoin ETFs saw outflows of $328 million this week, indicating a cooling of investor sentiment towards these funds.

值得注意的是，比特幣ETF近期出現大幅資金流出。 ETF.com 的數據顯示，本周美國比特幣 ETF 資金流出 3.28 億美元，顯示投資者對這些基金的情緒降溫。

Custodia Financial Institution vs. Federal Reserve

託管金融機構與聯準會

Custodia Financial Institution is currently engaged in a legal battle with the Federal Reserve over the latter's denial of a master account to the Wyoming-based bank. Custodia has filed a notice of intent to appeal a recent ruling by a Wyoming district judge that upheld the Federal Reserve's authority to do so.

Custodia 金融機構目前正在與聯準會就後者拒絕向這家位於懷俄明州的銀行提供主帳戶進行法律訴訟。 Custodia 已提交一份意向通知，對懷俄明州地區法官最近做出的一項裁決提出上訴，該裁決維持了美聯儲這樣做的權力。

The outcome of the appeal could have significant implications for Custodia and for banks seeking to provide services to crypto companies. A favorable ruling for Custodia could strengthen its position in the lawsuit and potentially open the door to greater financial institution involvement in the crypto industry.

上訴的結果可能會對 Custodia 以及尋求向加密貨幣公司提供服務的銀行產生重大影響。對 Custodia 有利的裁決可能會加強其在訴訟中的地位，並可能為金融機構更多地參與加密貨幣行業打開大門。

Conclusion

結論

The DTCC's decision to assign zero collateral value to Bitcoin ETFs underscores the evolving regulatory landscape for cryptocurrencies. It remains to be seen how this decision will impact the adoption and usage of crypto-related investment products. However, it is clear that institutional interest in crypto remains strong, despite recent outflows from Bitcoin ETFs. The outcome of Custodia Financial Institution's appeal against the Federal Reserve will also be closely watched, as it could have broader implications for the relationship between banks and crypto companies.

DTCC 決定為比特幣 ETF 指定零抵押品價值，凸顯了加密貨幣不斷變化的監管環境。這項決定將如何影響加密相關投資產品的採用和使用還有待觀察。然而，很明顯，儘管最近有比特幣 ETF 資金流出，但機構對加密貨幣的興趣仍然強勁。 Custodia 金融機構對聯準會上訴的結果也將受到密切關注，因為它可能對銀行和加密貨幣公司之間的關係產生更廣泛的影響。