儘管持懷疑態度，灰階仍預計現貨以太 ETF 將於 5 月推出

儘管人們擔心美國證券交易委員會缺乏與申請人的互動，但 Grayscale 對 5 月現貨以太坊 (ETH) 交易所交易基金 (ETF) 的批准仍持樂觀態度。 Grayscale 法務長 Craig Salm 認為，隨著現貨比特幣 ETF 的批准，現貨以太 ETF 面臨的挑戰已在很大程度上得到解決，從而減少了 SEC 進一步參與的需要。

Grayscale Maintains Optimism for Spot Ether ETF Approval Amidst Concerns

灰階在擔憂中對現貨以太 ETF 批准保持樂觀

Grayscale Investments remains steadfast in its belief that spot Ether (ETH) exchange-traded funds (ETFs) will gain regulatory approval in May, despite recent concerns among analysts regarding the perceived lack of engagement from the Securities and Exchange Commission (SEC) with ETF applicants.

儘管分析師最近對美國證券交易委員會 (SEC) 與 ETF 申請人缺乏接觸感到擔憂，但 Grayscale Investments 仍然堅信現貨以太幣 (ETH) 交易所交易基金 (ETF) 將在 5 月獲得監管部門的批准。

Grayscale's Confidence

灰階的置信度

Grayscale's Chief Legal Officer, Craig Salm, dismissed the notion that the SEC's level of engagement is indicative of the likelihood of ETF approval. He expressed his unwavering faith in the approval process, stating, "I personally am not deterred by it and believe the ETFs should be approved."

Grayscale 的首席法務官 Craig Salm 駁斥了 SEC 的參與程度表明 ETF 批准可能性的觀點。他表達了對批准過程堅定不移的信心，並表示：“我個人並沒有被它嚇倒，並且相信 ETF 應該獲得批准。”

Salm emphasized that many of the challenges associated with spot Ether ETFs have already been addressed in the lead-up to the approval of spot Bitcoin ETFs. These include issues related to creation and redemption procedures, asset protection, custody, and more. He believes that the SEC has engaged extensively on these matters, leaving fewer hurdles to overcome this time around.

Salm 強調，在現貨比特幣 ETF 獲得批准之前，與現貨以太坊 ETF 相關的許多挑戰已經解決。其中包括與創設和贖回程序、資產保護、託管等相關的問題。他認為美國證券交易委員會已經廣泛參與了這些問題，這次需要克服的障礙更少了。

He also underscored the strength of the case for spot Ether ETFs, asserting that it is comparable to the case made for spot Bitcoin ETFs.

他還強調了以太幣現貨 ETF 的優勢，聲稱它與比特幣現貨 ETF 的情況相當。

Concerns Regarding Staking

關於質押的擔憂

However, ETF issuers seeking to incorporate staking into their spot Ether ETFs face an additional challenge that will require further engagement with the SEC. Notable applicants in this category include Ark 21Shares, Fidelity, and Franklin Templeton.

然而，尋求將質押納入現貨以太 ETF 的 ETF 發行人面臨額外的挑戰，需要與 SEC 進一步接觸。此類別中的著名申請人包括 Ark 21Shares、Fidelity 和 Franklin Templeton。

Analysts' Perspectives

分析師的觀點

Analysts at Bloomberg ETF, Eric Balchunas and James Seyffart, have expressed concern over the SEC's lack of engagement, reducing their odds of an approved spot Ether ETF in May to 25%. Balchunas characterized this as a "pessimistic 25%," suggesting that the lack of engagement may be intentional rather than a result of procrastination.

彭博 ETF 分析師 Eric Balchunas 和 James Seyffart 對 SEC 缺乏參與表示擔憂，並將 5 月以太坊 ETF 現貨獲得批准的可能性降低至 25%。 Balchunas 將這一比例描述為“悲觀的 25%”，這表明缺乏參與可能是故意的，而不是拖延的結果。

Favorable Factors

有利因素

Salm highlighted the recent approval of Ether Futures ETFs and their classification as commodity futures positions as a positive development for spot Ether ETFs, given the high correlation between futures and spot products.

Salm 強調，鑑於期貨和現貨產品之間的高度相關性，以太坊期貨 ETF 最近獲得批准，並將其歸類為商品期貨頭寸，這是現貨以太坊 ETF 的積極發展。

Coinbase's Chief Legal Officer, Paul Grewal, and former Commodity Futures Trading Commission (CFTC) commissioner, Brian Quintenz, have echoed similar sentiments.

Coinbase 首席法律長 Paul Grewal 和前商品期貨交易委員會 (CFTC) 專員 Brian Quintenz 也表達了類似的觀點。

Pending Applications

待處理的申請

Several prominent entities, including BlackRock, VanEck, ARK 21Shares, Fidelity, and others, have submitted applications for SEC approval of spot Ether ETFs. The SEC is expected to make a decision on VanEck's application by May 23, with analysts anticipating a collective decision for all applicants on that date.

包括 BlackRock、VanEck、ARK 21Shares、Fidelity 等在內的多家知名實體已向 SEC 提交了現貨以太 ETF 批准申請。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於該日做出集體決定。

Conclusion

結論

Grayscale remains optimistic about the approval of spot Ether ETFs in May, despite concerns about the SEC's engagement level. The company believes that the challenges associated with these ETFs have been largely addressed, and the regulatory environment is favorable. While the issue of staking may require further resolution, Grayscale is confident in the strength of its application and the overall prospects for spot Ether ETF approval.

儘管對 SEC 的參與程度感到擔憂，但 Grayscale 對 5 月份以太幣現貨 ETF 的批准仍持樂觀態度。該公司認為，與這些ETF相關的挑戰已基本解決，且監管環境有利。雖然質押問題可能需要進一步解決，但 Grayscale 對其應用的實力以及現貨以太坊 ETF 批准的整體前景充滿信心。