以太坊 ETF 清除了主要障礙，但 SEC 尚未批准其交易

美國證券交易委員會 (SEC) 昨天證實，它已批准重要的規則變更，以允許交易所交易基金持有以太坊的原生代幣 ETH。

The U.S. Securities and Exchange Commission (SEC) on Friday gave critical approval for exchange-traded funds (ETFs) to begin listing a product that tracks the performance of Ethereum’s native token, ETH. The move comes as a surprise to many in the crypto industry, who had largely given up hope on seeing a spot ether ETF approved this year.

美國證券交易委員會 (SEC) 週五對交易所交易基金 (ETF) 給予了嚴格批准，開始上市追蹤以太坊原生代幣 ETH 表現的產品。此舉令加密行業的許多人感到驚訝，他們基本上已經放棄了今年以太幣現貨 ETF 獲得批准的希望。

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

註：本專欄所表達的觀點僅代表作者的觀點，不一定反映 CoinDesk, Inc. 或其所有者和關聯公司的觀點。

The SEC’s decision to approve these products now seems just as arbitrary as its decision to hold out on approving them for so long. In an interview with CoinDesk’s Jesse Hamilton hours before the approval became public, Gensler said he’d follow “how the courts interpret the law” and that the “DC Circuit took a different view, and we took that into consideration and pivoted.”

美國證券交易委員會批准這些產品的決定現在看來就像其長期拖延批准這些產品的決定一樣武斷。在批准公開之前幾個小時，Gensler 在接受CoinDesk 的傑西·漢密爾頓(Jesse Hamilton) 採訪時表示，他將遵循“法院如何解釋法律”，並且“華盛頓特區巡迴法院採取了不同的觀點，我們考慮了這一點並進行了調整。

As many have already noted, it appears there has been a seachange regarding crypto’s regulatory situation. On Thursday, the House took a historic vote to approve the most substantive piece of crypto-specific legislation to date. This came on the heels of both the upper and lower houses of Congress voting to repeal a controversial SEC crypto custody accounting rule.

正如許多人已經指出的那樣，加密貨幣的監管狀況似乎發生了巨大變化。週四，眾議院進行了歷史性投票，批准了迄今為止最具實質的加密貨幣立法。在此之前，國會上下兩院都投票廢除了有爭議的 SEC 加密貨幣託管會計規則。

With significant participation from Democrats in both bills, it appears that the U.S. government’s long war on crypto is nearing an end. Notably, President Biden announced that he wouldn’t veto the crypto market structure bill, FIT21, which the White House officially opposes – a pretty major concession.

隨著民主黨人對兩項法案的大力參與，美國政府對加密貨幣的長期戰爭似乎即將結束。值得注意的是，拜登總統宣布他不會否決白宮正式反對的加密貨幣市場結構法案 FIT21——這是一個相當重大的讓步。

It’s possible that all these events on the Hill acted like a temperature check, and helped convince Gensler that his approach to crypto was becoming a political hazard. Afterall, former President Donald Trump did just announce his support for crypto in a big way – and denying ETH ETFs on the basis, purportedly, that the SEC wasn’t having “productive” meetings with applicants would be great ammunition.

山上發生的所有這些事件可能都起到了體溫檢查的作用，並幫助 Gensler 相信他對加密貨幣的態度正在成為政治風險。畢竟，前總統唐納德·川普剛剛宣布了他對加密貨幣的大力支持——據稱，美國證券交易委員會沒有與申請人舉行「富有成效的」會議，從而拒絕ETH ETF，這將是很好的彈藥。

To be sure, the SEC didn’t approve ETH ETFs to actually list anytime soon – just the Cboe, NYSE Arca and Nasdaq’s 19b-4 proposals, which would allow them to list the funds once firms like Ark Invest, Bitwise, BlackRock, Fidelity and Grayscale, among others, get their S-1 filings approved. That could take months.

可以肯定的是，SEC 並沒有批准ETH ETF 很快上市——只是Cboe、NYSE Arca 和納斯達克的19b-4 提案，這將允許他們在Ark Invest、Bitwise、BlackRock、Fidelity 等公司上市後將基金上市和 Grayscale 等公司的 S-1 申請獲得批准。這可能需要幾個月的時間。

Well first off, the launch of spot ETH funds means that there may soon be a lot more institutional interest in the second largest cryptocurrency. Not only did the move act as a sort of stamp of approval, it will also create a familiar on-ramp for buying the asset for anyone from mom and pop investors looking to diversify their 401(k)s to hedge funds, much in the same way ETFs did for bitcoin.

首先，現貨 ETH 基金的推出意味著可能很快就會有更多機構對第二大加密貨幣產生興趣。此舉不僅起到了某種批准的作用，而且還為任何希望將 401(k) 多元化的散戶投資者和對沖基金（很大程度上是在美國）購買該資產創造了一個熟悉的入口。像ETF 對比特幣所做的那樣。