儘管存在擔憂，Grayscale 仍預計 SEC 將於 5 月批准現貨以太 ETF

儘管對監管機構的參與存在擔憂，Grayscale 預計 SEC 將於 5 月批准現貨以太 ETF。首席法務官克雷格·薩爾姆 (Craig Salm) 保持樂觀態度，表示缺乏參與不應阻礙審批流程。

Will Spot Ether ETFs Gain SEC Approval in May?

現貨以太 ETF 會在 5 月獲得 SEC 批准嗎？

Grayscale remains optimistic about the approval of spot Ether (ETH) exchange-traded funds (ETFs) in May, despite concerns raised about the U.S. Securities and Exchange Commission's (SEC) alleged "lack of engagement" with applicants.

儘管人們對美國證券交易委員會 (SEC) 聲稱與申請人「缺乏接觸」表示擔憂，但 Grayscale 對 5 月份現貨以太幣 (ETH) 交易所交易基金 (ETF) 的批准仍持樂觀態度。

"I don't think the perceived lack of engagement from regulators should be indicative of one outcome or another [...] I personally am not deterred by it and believe the ETFs should be approved," said Grayscale Chief Legal Officer Craig Salm in a LinkedIn post on March 25.

Grayscale 首席法務官 Craig Salm 表示：「我認為監管機構缺乏參與並不意味著會出現這樣或那樣的結果…我個人並沒有因此而被嚇倒，並且認為 ETF 應該獲得批准。」3 月 25 日的LinkedIn 貼文。

Have Issues Been Resolved?

問題已經解決了嗎？

Salm emphasized that many of the issues typically associated with spot Ether ETFs, such as creation and redemption procedures, asset protection, and custody, were addressed during the approval process for spot Bitcoin ETFs.

Salm 強調，許多通常與現貨以太 ETF 相關的問題，例如創建和贖回程序、資產保護和託管，都在現貨比特幣 ETF 的審批過程中得到了解決。

"So in many ways, the SEC already has engaged and issuers simply have less to engage on this time," he said.

「因此，從很多方面來說，美國證券交易委員會已經參與其中，而發行人這次參與的只是較少，」他說。

Staking Concerns

質押擔憂

However, ETF issuers seeking to incorporate staking into their spot Ether ETFs may face additional hurdles with the SEC. Ark 21Shares, Fidelity, and Franklin Templeton are among the applicants with such plans.

然而，尋求將質押納入其現貨以太 ETF 的 ETF 發行人可能會面臨 SEC 的額外障礙。 Ark 21Shares、Fidelity 和 Franklin Templeton 都是提出此類計劃的申請人之一。

Lack of Engagement: A Cause for Concern?

缺乏參與：令人擔憂的原因？

Bloomberg ETF analysts Eric Balchunas and James Seyffart have expressed concerns over the SEC's perceived "lack of engagement" and have lowered their odds for an approved spot Ether ETF in May to 25%.

彭博ETF 分析師 Eric Balchunas 和 James Seyffart 對SEC 認為「缺乏參與」表示擔憂，並將5 月批准現貨以太ETF 的可能性降低至25%。

Balchunas described it as a "pessimistic 25%," suggesting that the lack of engagement may be "purposeful" rather than "procrastination."

Balchunas 將其描述為“悲觀的 25%”，這表明缺乏參與可能是“有目的的”而不是“拖延”。

Optimism Amidst Scrutiny

審視中的樂觀

Despite these concerns, Salm maintains that the recent approval of Ether Futures ETFs and the regulation of those products as commodity futures strengthen the case for spot Ether ETFs.

儘管有這些擔憂，Salm 仍然認為，最近以太坊期貨 ETF 的批准以及這些產品作為商品期貨的監管加強了現貨以太坊 ETF 的理由。

Coinbase Chief Legal Officer Paul Grewal and former Commodity Futures Trading Commission Commissioner Brian Quintenz have also expressed optimism.

Coinbase 首席法務官 Paul Grewal 和前商品期貨交易委員會成員 Brian Quintenz 也表達了樂觀態度。

Waiting for a Verdict

等待判決

Several major financial institutions, including BlackRock, VanEck, and Grayscale, have filed applications for spot Ether ETFs. The SEC is expected to make a decision on VanEck's application by May 23, and analysts anticipate that all applicants will learn their fate on that date.

包括貝萊德（BlackRock）、VanEck 和 Grayscale 在內的幾家主要金融機構已經提交了以太幣現貨 ETF 的申請。預計 SEC 將於 5 月 23 日對 VanEck 的申請做出決定，分析師預計所有申請人將在該日得知自己的命運。