以太坊 ETF 清除了主要障礙，但 SEC 尚未批准其交易

在美國證券交易委員會批准後，現貨以太坊（ETH）交易所交易基金週四向現實邁出了一大步

The U.S. Securities and Exchange Commission (SEC) on Thursday approved key regulatory filings tied to spot ether (ETH) exchange-traded funds (ETFs), a giant leap toward the second-largest cryptocurrency getting its own ETF.

美國證券交易委員會 (SEC) 週四批准了與現貨以太坊 (ETH) 交易所交易基金 (ETF) 相關的關鍵監管文件，這是第二大加密貨幣擁有自己的 ETF 的巨大飛躍。

They are not yet cleared to trade, though. The SEC gave its blessing to so-called 19b-4 forms tied to the ETFs, but the regulator must approve their S-1 filings before investors can buy them.

不過，它們尚未獲準進行交易。美國證券交易委員會批准了與 ETF 相關的所謂 19b-4 表格，但監管機構必須批准其 S-1 申請，投資者才能購買它們。

The approval follows a stunning turnaround by the markets regulator. After clearing spot bitcoin ETFs earlier this year, the SEC didn't seem to engage much with issuers on ether ETFs. That changed in recent days.

此次批准是在市場監管機構取得驚人轉變後獲得的。在今年稍早清算了比特幣 ETF 現貨之後，美國證券交易委員會似乎並沒有與以太坊 ETF 發行人進行太多接觸。最近幾天情況發生了變化。

"A week ago, I would've said you were a little crazy to think that these ETFs were going to get SEC approval," James Seyffart, ETF analyst at Bloomberg Intelligence, said in an interview ahead of the decision.

彭博資訊(Bloomberg Intelligence) 的ETF 分析師詹姆斯·塞法特(James Seyffart) 在做出決定前接受採訪時表示：「一周前，我會說，你認為這些ETF 將獲得SEC 的批准有點瘋狂。 」

In a statement, a Grayscale spokesperson confirmed the regulator had approved its 19b-4.

Grayscale 發言人在聲明中證實監管機構已批准其 19b-4。

"At Grayscale, we appreciate the opportunity to engage constructively with regulators as they review spot Ethereum ETFs, and we remain optimistic about the potential of bringing Ethereum further into the US regulatory perimeter in the ETF wrapper," they said.

他們表示：“在 Grayscale，我們很高興有機會在監管機構審查現貨以太坊 ETF 時與他們進行建設性接觸，並且我們對將以太坊進一步納入 ETF 包裝的美國監管範圍的潛力保持樂觀。”

Would-be spot ether ETF issuers include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares and Invesco/Galaxy.

潛在的以太幣現貨 ETF 發行人包括 BlackRock、Fidelity、Grayscale、VanEck、Franklin Templeton、Ark/21Shares 和 Invesco/Galaxy。

Although the approval of the 19b-4 filings suggests that regulators are willing to allow issuers to bring a spot ether ETF on the market, it doesn't guarantee that they will ultimately approve the final S-1 forms filed by all issuers.

儘管 19b-4 文件的批准表明監管機構願意允許發行人將現貨以太坊 ETF 推向市場，但這並不能保證他們最終會批准所有發行人提交的最終 S-1 表格。

"There is likely to be a gap before we see S-1 approvals and these ETFs begin trading. My guess is that this will take at least a week, but likely more. If history is any guide it could be much longer and be measured in months. But I personally think the gap will be measured in weeks. Everyone is just guessing right now though.” Seyffart said.

「在我們看到S-1 獲得批准以及這些ETF 開始交易之前，可能會存在一段時間間隔。我的猜測是，這至少需要一周時間，但可能會更長。如果歷史有任何指導意義的話，時間可能會更長並且需要衡量但我個人認為，現在每個人都只是在猜測。塞法特說。

Regulators sent a shock wave through the industry on Monday when reports came out that issuers were asked to update their 19b-4 filings ahead of the SEC's deadline to approve or deny one of the issuers, VanEck’s filing.

週一，有報道稱，發行人被要求在 SEC 批准或拒絕其中一家發行人 VanEck 提交的文件的最後期限之前更新其 19b-4 文件，監管機構在整個行業引起了震動。

An SEC spokesperson said the agency would not comment beyond what's in the order published Thursday.

美國證券交易委員會發言人表示，除了周四發布的命令中的內容外，該機構不會發表評論。

In a statement, 21Shares Head of Legal Andrew Jacobson said the approval was "a significant step in the right direction."

21Shares 法律主管 Andrew Jacobson 在一份聲明中表示，此次批准是「朝著正確方向邁出的重要一步」。

Cboe Global Head of ETP Listings Rob Marrocco said the exchange, which plans to list five different spot ether ETF products, was "excited to expand our offerings" to the ETFs. The 19b-4 approval is a step toward those listings.

芝加哥選擇權交易所 (Cboe) ETP 上市全球主管 Rob Marrocco 表示，該交易所計劃上市五種不同​​的現貨以太坊 ETF 產品，「很高興將我們的產品範圍擴展到 ETF」。 19b-4 的批准是朝著這些上市邁出的一步。

"The introduction of spot bitcoin ETFs in January has already demonstrated significant benefits for the digital assets and ETF space, and we believe that spot Ether ETFs will similarly provide safeguards for U.S. investors, allowing them to gain Ether exposure in a transparent, well-regulated and easily accessible structure," he said.

「一月份推出的現貨比特幣ETF 已經證明了數位資產和ETF 領域的巨大優勢，我們相信現貨以太坊ETF 也將為美國投資者提供類似的保障，使他們能夠以透明、監管良好的方式獲得以太幣敞口。

The exchange will continue working with the SEC to bring the ETFs to market, he said.

他表示，該交易所將繼續與 SEC 合作，將 ETF 推向市場。

VanEck expects to be the first issuer to launch its spot ether ETF, said the company's head of digital assets research, Matthew Sigal.

VanEck 數位資產研究主管 Matthew Sigal 表示，VanEck 預計將成為第一家推出現貨以太 ETF 的發行人。