Grayscale的加密ETF推動：HEDERA，LITECOIN，比特幣現金和SEC的Altcoin困境

Grayscale的目的是通過對Hedera，Litecoin和Bitcoin Cash的文件擴展其加密ETF產品，但在不斷增長的Altcoin ETF積壓中，SEC批准仍然不確定。

Grayscale is making waves with its crypto ETF filings, including those for Hedera (HBAR), Litecoin (LTC), and Bitcoin Cash (BCH). But will the SEC play ball?

Grayscale正在使用其加密ETF歸檔，包括Hedera（HBAR），Litecoin（LTC）和比特幣現金（BCH）的文件。但是SEC會打球嗎？

Grayscale's Altcoin ETF Ambitions

灰度的Altcoin ETF野心

Grayscale has officially thrown its hat in the ring, filing with the SEC to launch ETFs for Hedera, Litecoin, and Bitcoin Cash. The filings include an S-1 for a Hedera ETF and S-3 filings for Litecoin and Bitcoin Cash ETFs. This move signals Grayscale's intent to broaden crypto ETF offerings beyond Bitcoin and Ethereum.

Grayscale已正式將其帽子戴在戒指上，向SEC提交給Hedera，Litecoin和Bitcoin Cash的ETF。這些文件包括Hedera ETF和S-3文件的S-1，用於Litecoin和Bitcoin Cash ETF。此舉表明，灰度的目的是將加密ETF產品擴大到比特幣和以太坊之外。

The Regulatory Roadblock: SEC Delays

監管障礙：SEC延遲

The SEC has been dragging its feet, delaying decisions on various altcoin ETF proposals, including Hedera. As of August 2025, a whopping 92 crypto-related ETF products were awaiting the SEC's verdict. This regulatory gridlock highlights the uncertain path for altcoin ETFs.

SEC一直在拖延腳，延遲了包括Hedera在內的各種Altcoin ETF提案的決定。截至2025年8月，高達92個與加密相關的ETF產品正在等待SEC的判決。這種調節性僵局突出了Altcoin ETF的不確定路徑。

Strategic Maneuvering: A New Regulatory Path?

戰略機動：新的監管道路？

Grayscale is hoping the SEC will approve a broader rule set known as the Generic Listing Standards. If these standards are accepted, Grayscale believes the funds will automatically qualify for listing on NYSE Arca. This approach aims for a more efficient route to market, rather than seeking individual approvals for each asset.

Grayscale希望SEC批准一個更廣泛的規則集，稱為通用清單標準。如果接受這些標準，Grayscale認為這些資金將自動有資格在NYSE ARCA上列出。這種方法旨在採用更有效的市場途徑，而不是尋求每個資產的個人認可。

Market Implications: Liquidity and Price Alignment

市場含義：流動性和價格一致性

If the SEC gives the green light, ordinary investors could easily buy regulated exposure to altcoins like Litecoin and Bitcoin Cash through their brokerage accounts. This could boost liquidity in the tokens and ensure price movements closely mirror the market price. Plus, it provides institutional traders a simpler, regulated way to manage their crypto positions.

如果SEC賦予綠燈，普通投資者可以通過其經紀帳戶輕鬆地購買受監管的Altcoins和Bitcoin Cash等高級銷售。這可以提高令牌中的流動性，並確保價格變動與市場價格緊密相似。另外，它為機構交易者提供了一種管理加密貨幣頭寸的更簡單，受規定的方式。

History Lessons: Grayscale's Legal Battle

歷史課：灰度的法律鬥爭

Remember Grayscale's epic legal showdown with the SEC over converting its Bitcoin Trust? That victory paved the way for spot Bitcoin and Ethereum ETFs in the U.S. Now, Grayscale is trying to replicate that success with other tokens. Will regulators follow the same playbook? Only time will tell.

還記得Grayscale與SEC的史詩般的法律攤牌，以轉換其比特幣信任嗎？現在，這種勝利為現場比特幣和以太坊ETF鋪平了道路，Grayscale試圖將成功複製到其他令牌上。監管機構會遵循同一本劇本嗎？只有時間會證明。

The Future of Crypto ETFs: A Personal Take

加密ETF的未來：個人看法

While the SEC's cautious approach is understandable, the growing institutional interest in altcoins is undeniable. The approval of these ETFs could democratize access to crypto investments, bringing more liquidity and stability to the market. However, the SEC's concerns about market manipulation and investor protection are valid and need to be addressed.

儘管SEC的謹慎方法是可以理解的，但不可否認的是，對Altcoins的機構興趣不斷增長。這些ETF的批准可以使獲得加密投資的訪問權限，從而為市場帶來更多的流動性和穩定性。但是，SEC對市場操縱和投資者保護的擔憂是有效的，需要解決。

So, will Grayscale's altcoin ETF dreams come true? The SEC holds the cards. But one thing's for sure: the crypto ETF landscape is about to get a whole lot more interesting.

那麼，Grayscale的Altcoin ETF夢想成真嗎？ SEC持有卡片。但是可以肯定的是：加密ETF景觀即將變得更加有趣。

Stay tuned, crypto enthusiasts! The ETF saga continues, and it's bound to be a wild ride. Let's see if the SEC can keep up with the pace of innovation!

請繼續關注，加密愛好者！ ETF傳奇仍在繼續，這一定是一個瘋狂的旅程。讓我們看看SEC是否可以跟上創新的步伐！