SEC 以太坊分類迫在眉睫，為加密產業蒙上陰影

MicroStrategy 的創辦人 Michael Saylor 預測 SEC 將將以太坊等主要加密貨幣歸類為證券，從而阻礙現貨 ETF 的批准。他認為以太幣、幣安幣、Solana、Ripple 和 Cardano 將面臨監管障礙，而比特幣仍被視為機構級資產。 Saylor 的言論讓人們對以太坊 ETF 的近期前景產生了懷疑，這與 SEC 最近的延遲以及產業分析師的懷疑是一致的。

Cryptocurrency Industry Faces Hurdles as SEC Looms over Ethereum Classification

美國證券交易委員會對以太坊分類迫在眉睫，加密貨幣產業面臨障礙

MicroStrategy's Michael Saylor, a vocal advocate for Bitcoin and an influential figure within the cryptocurrency industry, has issued a stark warning: the Securities and Exchange Commission (SEC) is poised to classify major cryptocurrencies like Ethereum (ETH) and others as securities, not commodities. This impending regulatory shift, Saylor predicts, will quash all hopes for spot Ethereum exchange-traded funds (ETFs) this summer.

MicroStrategy 的Michael Saylor 是比特幣的直言不諱的倡導者，也是加密貨幣行業的一位有影響力的人物，他發出了嚴厲警告：美國證券交易委員會(SEC) 準備將以太坊(ETH) 等主要加密貨幣和其他加密貨幣歸類為證券，而不是商品。塞勒預測，即將到來的監管轉變將使今年夏天以太坊交易所交易基金（ETF）現貨的所有希望破滅。

Saylor's apprehensions extend beyond Ethereum, encompassing other prominent cryptocurrencies such as Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Cardano (ADA). During his address at the MicroStrategy World 2024 conference, he declared:

Saylor 的擔憂不僅限於以太坊，還包括其他著名的加密貨幣，例如幣安幣 (BNB)、Solana (SOL)、Ripple (XRP) 和 Cardano (ADA)。在 MicroStrategy World 2024 會議上的演講中，他宣布：

"Ethereum is deemed to be a crypto asset security, not a commodity. After that, you're gonna see that Ethereum, BNB, Solana, Ripple, Cardano, everything down the stack is just crypto-asset securities unregistered."

「以太坊被認為是一種加密資產證券，而不是一種商品。在那之後，你會看到以太坊、BNB、Solana、Ripple、Cardano，所有這些都只是未註冊的加密資產證券。”

Saylor's remarks underscore a deep-seated skepticism about the viability of these assets to gain widespread acceptance as mainstream financial products, particularly spot ETFs, which serve as gateways for institutional investment.

塞勒的言論凸顯了人們對這些資產作為主流金融產品（尤其是作為機構投資門戶的現貨ETF）獲得廣泛接受的可行性的根深蒂固的懷疑。

"None of these tokens will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets," Saylor emphasized.

Saylor 強調：“這些代幣都不會被現貨 ETF 包裝，不會被華爾街接受，也不會被主流機構投資者接受為加密資產。”

In stark contrast to his bearish views on these cryptocurrencies, Saylor reaffirmed Bitcoin's supremacy as the premier digital asset, uniquely recognized as an institutional-grade investment. Bitcoin, he posits, stands as the "one universal" crypto asset that has achieved full institutional acceptance. This distinction highlights the resilience of Bitcoin's status and its potential to remain largely unscathed by the regulatory headwinds that may ensnare other cryptocurrencies.

與他對這些加密貨幣的悲觀觀點形成鮮明對比，塞勒重申了比特幣作為首要數位資產的至高地位，被獨特地視為機構級投資。他認為，比特幣是一種「通用的」加密資產，已獲得機構的充分認可。這種差異凸顯了比特幣地位的彈性，以及它在很大程度上不受可能困擾其他加密貨幣的監管阻力影響的潛力。

Diminishing Prospects for Ethereum ETF

以太坊 ETF 前景黯淡

The outlook for an Ethereum ETF has taken a decidedly pessimistic turn, with recent developments and expert opinions painting a bleak picture. Justin Sun, the CEO of Tron (TRX), echoed Saylor's sentiment, highlighting the uphill battle Ethereum faces in gaining regulatory approval:

以太坊 ETF 的前景明顯變得悲觀，最近的事態發展和專家意見描繪了一幅黯淡的景象。 Tron（TRX）執行長孫宇晨（Justin Sun）呼應了 Saylor 的觀點，強調了以太坊在獲得監管批准方面面臨的艱苦戰鬥：

"My honest opinion (NFA) is that an Ethereum ETF won't be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we've always been here, haven't we?"

「我的誠實觀點（NFA）是以太坊 ETF 不會在 5 月獲得批准。加密行業仍然需要為監管機構的長期教育做好準備，重點是幫助他們了解加密。但我們一直都在這裡，不是嗎？

This aligns with the SEC's cautious stance, which manifested in the recent postponement of its decision on Franklin Templeton's proposed spot Ethereum ETF until June 11, 2024. James Seyffart, an analyst from Bloomberg Intelligence, expressed skepticism, indicating that the current batch of Ether ETF applications could face rejection.

這與SEC 的謹慎立場一致，這一立場體現在最近將富蘭克林鄧普頓提議的以太坊ETF 現貨決定推遲至2024 年6 月11 日。表示目前批次的以太坊ETF申請可能會面臨拒絕。

The SEC's public comment period, initiated in April, sought feedback on proposals from firms such as Bitwise Ethereum Trust and Fidelity Ethereum Fund, further accentuates the regulatory uncertainties surrounding Ethereum and the cryptocurrency industry at large.

美國證券交易委員會於 4 月啟動的公開徵求意見期，徵求了 Bitwise Ethereum Trust 和 Fidelity Ethereum Fund 等公司提案的反饋意見，這進一步加劇了圍繞以太坊和整個加密貨幣行業的監管不確定性。

Optimism Amidst Pessimism

悲觀中的樂觀

Despite the prevailing pessimistic outlook, some industry observers, such as Larry Fink, CEO of BlackRock, retain a glimmer of optimism. Fink alluded to the possibility of an Ethereum ETF even if ETH is classified as a security, with BlackRock actively exploring the feasibility of launching such a product.

儘管前景普遍悲觀，但貝萊德執行長拉里·芬克(Larry Fink)等一些行業觀察家仍保持著一線樂觀態度。芬克提到了以太坊 ETF 的可能性，即使 ETH 被歸類為證券，貝萊德也在積極探索推出此類產品的可行性。

The upcoming SEC decision on May 23, which includes deliberations on VanEck's ETF proposal among others, will serve as a pivotal moment, shaping the future landscape for Ethereum and potentially setting a precedent for the perception and regulation of other cryptocurrencies.

美國證券交易委員會即將於5 月23 日做出的決定，其中包括對VanEck 的ETF 提案等的審議，將成為一個關鍵時刻，塑造以太坊的未來格局，並可能為其他加密貨幣的認知和監管樹立先例。

Conclusion

結論

The cryptocurrency industry stands at a crossroads, facing potential regulatory hurdles that could reshape the landscape. Ethereum, once hailed as the "king of altcoins," may face an uncertain future as the SEC weighs its classification and the prospects for spot ETFs dwindle. While some industry experts remain cautiously optimistic, Saylor's warnings serve as a stark reminder that the regulatory playing field is shifting, and the path forward for many cryptocurrencies remains far from clear.

加密貨幣產業正處於十字路口，面臨著可能重塑格局的潛在監管障礙。以太坊，曾經被譽為“山寨幣之王”，隨著美國證券交易委員會（SEC）權衡其分類以及現貨 ETF 前景黯淡，以太坊可能面臨不確定的未來。儘管一些行業專家仍保持謹慎樂觀，但塞勒的警告清楚地提醒人們，監管競爭環境正在發生變化，許多加密貨幣的前進道路仍遠未明朗。