SEC將Grayscale的Multi-Crypto ETF放在冰上：這是怎麼回事？

Grayscale的夢想是，隨著SEC出乎意料的逗留時間，Grayscale的夢想擊中了一個障礙。延遲的背後是什麼，對加密ETF意味著什麼？

Hold on to your hats, crypto enthusiasts! The world of Grayscale, ETFs, and the SEC just got a whole lot more interesting. Grayscale's plan to convert its Digital Large Cap Fund (GDLC) into a multi-crypto ETF hit a snag when the SEC slapped a temporary 'stay' on the approval, leaving everyone scratching their heads.

抓住您的帽子，加密愛好者！灰度，ETF和SEC的世界變得更加有趣。 Grayscale的計劃將其數字大型帽基金（GDLC）轉換為多用電話ETF時，當SEC拍打臨時的“停留”時，就遇到了障礙，使每個人都抓住了自己的頭。

Approval Granted, But Not So Fast...

批准了，但不是那麼快...

Just when Grayscale thought they were in the clear, with the SEC giving the thumbs up on July 1st, a mysterious 'stay' order appeared. This meant the launch of the ETF, which would have been the first U.S. spot ETF tracking multiple cryptocurrencies (Bitcoin, Ethereum, XRP, Solana, and Cardano), was put on hold. The SEC provided no immediate explanation, leaving industry experts scrambling for answers.

就在格雷斯卡爾（Grayscale）認為他們很清楚時，SEC在7月1日給出了大拇指的豎起時，就出現了一個神秘的“入住”命令。這意味著ETF的發布本來是美國ETF第一個跟踪多個加密貨幣（比特幣，以太坊，XRP，Solana和Cardano）的推出。 SEC沒有立即提供解釋，使行業專家爭先恐後地尋求答案。

Why the Hold-Up? Possible Theories

為什麼要保持？可能的理論

Bloomberg Intelligence analyst James Seyffart has a couple of interesting theories:

彭博情報分析師詹姆斯·塞法特（James Seyffart）有幾個有趣的理論：

• SEC May Be Waiting for Clear Crypto ETF Rules: The SEC might be holding off on approving new ETFs until they finalize a regulatory framework for cryptocurrency ETFs. Think of it as waiting for the official rulebook before letting everyone play.
• Possible Internal SEC Disagreements: Different divisions within the SEC might have conflicting views on GDLC's structure, custody, or compliance risks. It's like a tug-of-war within the agency itself.

Grayscale's Setback

灰度的挫折

This temporary stay is a definite bummer for Grayscale, who saw the GDLC as a major step forward for crypto adoption. They envisioned providing investors with diversified, regulated exposure to the digital asset market in a single, transparent product.

這次臨時住宿是Grayscale的絕對令人震驚，他將GDLC視為採用加密貨幣的重要一步。他們設想為投資者提供多樣化的，受到多元化的數字資產市場的影響，以單一的透明產品。

Looking Ahead

展望未來

While the future is uncertain, the SEC and US exchanges are reportedly working on drafting a generic listing standard for token ETFs. This could streamline the approval process and create clearer guidelines for everyone involved. James Seyffart calls this a 'very good news' because a single standard would shorten timelines and supply clear thresholds for market capitalization, trading volume, and liquidity.

儘管未來不確定，但據報導，美國證券交易委員會（SEC）和美國的交流正在努力起草令牌ETF的通用清單標準。這可以簡化批准過程，並為參與其中的每個人創建更清晰的準則。詹姆斯·塞夫特（James Seyffart）稱其為“非常好消息”，因為單個標準將縮短時間表，並為市值，交易量和流動性提供明確的門檻。

Adding fuel to the fire, BlackRock's iShares Bitcoin Trust (IBIT) is now bringing in more annual fee revenue than the firm’s flagship S&P 500 ETF. Launched just 18 months ago, IBIT has amassed $75 billion in assets, drawing steady investor interest. All this points towards the surging investor demand for Bitcoin and the significant fee compression in core equity exposure.

貝萊德的iShares比特幣信託（IBIT）為火災增加了燃料，現在帶來的年費收入超過了該公司的旗艦標準普爾500 ETF。 IBIT僅在18個月前推出，積累了750億美元的資產，吸引了穩定的投資者利益。所有這些都指向投資者對比特幣的需求以及核心股權敞口中的大量費用壓縮。

The Bottom Line

底線

The SEC's 'stay' on Grayscale's multi-crypto ETF is a head-scratcher, but it highlights the ongoing regulatory dance in the crypto world. Whether it's internal disagreements or a desire for clearer rules, one thing's for sure: the path to crypto ETF approval is rarely smooth. We just have to wait and see when the SEC will lift the stay and let Grayscale (and potentially other crypto basket funds) join the ETF party.

SEC在Grayscale的Multi-Crypto ETF上的“停留”是一名抓手，但它突出了加密貨幣世界中正在進行的監管舞蹈。無論是內部分歧還是對更清晰的規則的渴望，可以肯定的是：加密ETF批准的途徑很少平穩。我們只需要拭目以待，看看SEC何時會抬起住宿，並讓Grayscale（以及可能其他加密貨物籃子）加入ETF派對。

So, stay tuned, crypto comrades! The SEC's next move is anyone's guess, but one thing's for sure: it's bound to be interesting. And hey, while we're waiting, maybe it's time to brush up on your crypto trivia – you never know when it might come in handy!

因此，請繼續關注，加密同志！ SEC的下一步是任何人的猜測，但可以肯定的是：這一定會很有趣。嘿，當我們在等待時，也許是時候刷新您的加密瑣事了 - 您永遠不知道它何時可能會派上用場！