交易所等待 SEC 關於比特幣 ETF 期權交易的決定

週四是令人興奮的一天，芝加哥期權交易所、納斯達克和紐約證券交易所撤回了先前的申請。為什麼這三個交易所似乎一致行動，這一點已經部分清楚了。然而，芝加哥期權交易所重新提交申請的決定表明，這一選擇背後的理由更為微妙。

The Securities and Exchange Commission (SEC) has received applications from several exchanges to trade Bitcoin exchange-traded fund (ETF) options. According to a post by James Seyffart, three exchanges withdrew their requests to market Bitcoin ETF options on that site.

美國證券交易委員會（SEC）已收到多家交易所提出的交易比特幣交易所交易基金（ETF）選擇權的申請。根據 James Seyffart 的帖子，三個交易所撤回了在該網站上銷售比特幣 ETF 期權的請求。

However, he said, the most well-known exchanges, such as Nasdaq and the New York Stock Exchange (NYSE), are still included on the list.

不過，他表示，最知名的交易所，例如納斯達克和紐約證券交易所（NYSE），仍然包含在名單中。

According to his analysis, there has been movement in the Bitcoin ETF options applications since the Chicago Board Options Exchange (CBOE) withdrew its application. CBOE, however, submitted a wholly revised and fresh application.

根據他的分析，自從芝加哥期權交易所（CBOE）撤回申請以來，比特幣 ETF 期權申請發生了變化。然而，芝加哥期權交易所提交了一份經過全面修改的全新申請。

UPDATE: There's definitely some movement on Bitcoin ETF options. CBOE just withdrew their application for options on spot #Bitcoin ETFs. Which sounds like a bad thing at first… But at the same time they just re-filed a brand new and updated application https://t.co/L8qYTDXzPb pic.twitter.com/8BQG6JMROn

更新：比特幣 ETF 選擇權肯定有一些變動。 CBOE 剛剛撤回了現貨 #Bitcoin ETF 選擇權申請。起初這聽起來像是一件壞事…但同時，他們剛剛重新提交了一份全新且更新的申請 https://t.co/L8qYTDXzPb pic.twitter.com/8BQG6JMROn

Seyffart countered that it was impossible to know if the SEC communicated with the CBOE on this matter and that it may just be another attempt to “restart the clock” and push out the deadline for making a judgment until late April 2025.

Seyffart反駁稱，無法知道SEC是否就此事與CBOE進行了溝通，這可能只是又一次嘗試“重啟時鐘”，將做出判決的最後期限推遲到2025年4月下旬。

According to Bloomberg experts, the fourth quarter of this year is when Bitcoin ETF options are expected to be released, he said. The SEC judgment is due in full by September 21st, “but more action from the CFTC [Commodity Futures Trading Commission] and OCC [Office of the Comptroller of the Currency] is required after that,” he stated.

他表示，據彭博社專家稱，今年第四季是比特幣 ETF 選擇權預計發布的時間。 SEC 將於 9 月 21 日做出完整判決，「但此後需要 CFTC（商品期貨交易委員會）和 OCC（貨幣監理署）採取更多行動，」他表示。

Exchanges Await SEC Decision on Trading of Bitcoin ETF Options

交易所等待 SEC 關於比特幣 ETF 期權交易的決定

The market had a fascinating day on Thursday as Cboe, Nasdaq, and NYSE withdrew their prior applications to the SEC for permission to trade Bitcoin ETF options, which had been filed last year. At the same time, Cboe withdrew its application for a spot Bitcoin ETF, but filed a new application for a different structure.

週四市場度過了精彩的一天，芝加哥期權交易所、納斯達克和紐約證券交易所撤回了去年向美國證券交易委員會提交的比特幣 ETF 期權交易許可申請。同時，Cboe 撤回了現貨比特幣 ETF 的申請，但提交了不同結構的新申請。

Why the three exchanges appeared to agree on their actions in the SEC filings is partially evident from the sequence of events. However, Cboe’s decision to refile its application could provide further insight into the rationale behind the exchange’s choice.

從事件的順序中可以部分看出為什麼這三個交易所似乎就其在 SEC 文件中的行動達成一致。然而，芝加哥期權交易所重新提交申請的決定可能會讓人們進一步了解該交易所選擇背後的理由。

In any case, the latest development might lead to a delay in the final date of the SEC decision. In the meantime, Seyffart has shared his thoughts on the latest development, which saw Cboe’s application increasing in length from 15 to 44 pages. He pointed out that it is impossible to verify whether the regulator and CBOE are already in communication regarding this matter.

無論如何，最新的進展可能會導致 SEC 決定的最終日期推遲。同時，Seyffart 分享了他對最新進展的看法，Cboe 的申請長度從 15 頁增加到 44 頁。他指出，無法核實監管機構和CBOE是否已經就此事進行溝通。

Still, he expressed his opinion that there is cause for optimism and to suspect that the SEC may have provided some kind of input.

儘管如此，他仍表示有理由感到樂觀，並懷疑 SEC 可能提供了某種意見。

Seyffart’s assertion was based on the observation that Cboe’s application increased in length from 15 to 44 pages. He ended by outlining two potential outcomes. The new application will probably start the approval clock over if the SEC still needs to get involved. On the other hand, a deadline only matters if the regulator is. He stated, in part:

Seyffart 的斷言是基於 Cboe 申請的長度從 15 頁增加到 44 頁的觀察。他最後概述了兩個可能的結果。如果 SEC 仍需要介入，新申請可能會重新開始審批。另一方面，只有監管機構願意，最後期限才重要。他部分指出：

“One downside here is that I think this restarts the clock. So the deadline would move to some time at the end of April (Apr 25th-ish)”.

「這裡的一個缺點是我認為這會重新啟動時鐘。因此，截止日期將推遲到 4 月底（4 月 25 日左右）」。

As deduced by Seyffart from Cboe’s refiling, Eric Balchunas, a fellow Bloomberg analyst, too, saw the event as positive. Balchunas agrees, saying that if the regulator were going to flatly deny approval, they would not have bothered to communicate. Additionally, the analyst wrote in part:

正如 Seyffart 從 Cboe 的重新提交中推斷的那樣，彭博分析師 Eric Balchunas 也認為這一事件是積極的。巴爾丘納斯對此表示同意，並表示如果監管機構斷然拒絕批准，他們就不會費心溝通。此外，分析師部分寫道：

“Just as ‘comments from the SEC’ was a good sign in our ETF approval odds, we think this is good sign here too.”

“正如‘美國證券交易委員會的評論’是我們 ETF 批准幾率的一個好兆頭一樣，我們認為這也是一個好兆頭。”