HEDERA ETF：SEC規則轉移，清單門終於打開了嗎？

在不斷發展的SEC法規中分析Hedera ETF的潛力以及通用上市標準的影響。

Hedera ETF: SEC Rules Shift, Is the Listing Door Finally Open?

HEDERA ETF：SEC規則轉移，清單門終於打開了嗎？

The world of crypto ETFs is heating up! With the SEC's evolving stance on digital assets, could a Hedera (HBAR) ETF be on the horizon? The recent introduction of generic listing standards may just be the key to opening that listing door.

加密ETF的世界正在加熱！憑藉SEC對數字資產的不斷發展的立場，Hedera（HBAR）ETF可以趕上嗎？最近引入通用清單標準可能只是打開清單門的關鍵。

SEC's Evolving Stance: A Glimmer of Hope for HBAR ETF?

SEC不斷發展的立場：對HBAR ETF的希望？

For years, crypto ETF hopefuls faced a wall of regulatory hurdles. Remember the Bitcoin ETF saga? Repeated rejections until 2024! Now, with the SEC's new “generic listing standards,” things are looking brighter, not just for Bitcoin, but for altcoins like Hedera.

多年來，Crypto ETF有希望的人面臨著監管障礙的牆。還記得比特幣ETF傳奇嗎？重複拒絕直到2024年！現在，有了SEC的新“通用清單標準”，情況看起來更加明亮，不僅是比特幣，而且對於像Hedera這樣的山寨幣。

Generic Listing Standards: A Game Changer?

通用清單標準：改變遊戲規則？

These new standards, introduced in September 2025, aim to streamline the ETF approval process. A cryptocurrency can qualify for a spot ETF if it boasts a regulated futures market trading for at least six months, or if an existing ETF already holds significant exposure to the asset. This potentially bypasses the need for lengthy, case-by-case reviews, mirroring the impact of the 2019 “ETF Rule” on traditional funds.

這些新標準於2025年9月推出，目的是簡化ETF批准過程。如果加密貨幣擁有受管制的期貨市場交易至少六個月，或者現有ETF已經對資產進行了大量敞口，則可以符合現貨ETF的資格。這可能繞開了對漫長的，逐案評論的需求，反映了2019年“ ETF規則”對傳統資金的影響。

HBAR's Unique Position

HBAR的獨特位置

Hedera stands out as one of the few altcoins poised to capitalize on these rules. Its native token, HBAR, already trades on Coinbase Derivatives, satisfying the six-month futures history requirement. Experts at Galaxy Digital and Bloomberg ETF analysts James Seyffart and Eric Balchunas have highlighted Hedera as a prime contender for ETF approval under this new framework. This positions HBAR strongly in the race for altcoin ETF listings.

赫德拉（Hedera）是為了利用這些規則的為數不多的山寨幣之一。它的原住民令牌HBAR已經在Coinbase衍生品上進行了交易，滿足了六個月的期貨歷史要求。 Galaxy Digital和Bloomberg ETF分析師James Seyffart和Eric Balchunas的專家強調了Hedera在此新框架下是ETF批准的主要競爭者。這在Altcoin ETF列表的比賽中強烈地定位了HBAR。

Not a Free Pass Just Yet

還不是免費通行證

Despite the optimism, the SEC remains cautious. Commissioners have voiced concerns about the unique risks associated with altcoins, such as market manipulation and liquidity issues. Surveillance-sharing agreements between exchanges are crucial to detect suspicious trading activity. While HBAR may meet the initial criteria, regulators will still scrutinize the depth of its futures market and the strength of investor protections.

儘管很樂觀，但SEC仍然謹慎。專員對與AltCoins相關的獨特風險表示擔憂，例如市場操縱和流動性問題。交流之間的監視共享協議對於檢測可疑交易活動至關重要。儘管HBAR可能符合最初的標準，但監管機構仍將仔細檢查其期貨市場的深度和投資者保護的實力。

Delays and the Bigger Picture

延誤和更大的圖景

The SEC's delays in approving the Grayscale Hedera ETF, with a decision now expected by November 12, are a typical part of their process. The SEC is also reviewing Bitwise’s Dogecoin fund until November 12, and other applications. Currently, over 90 crypto ETF products are pending review. Delays, while frustrating, signal a thorough evaluation process, not necessarily outright rejection.

SEC在批准灰度Hedera ETF方面的延誤，現在預計在11月12日之前做出了決定，這是其過程的典型部分。 SEC還將審查Bitwise的Dogecoin基金，直到11月12日和其他申請。目前，超過90種加密ETF產品正在審查。延遲雖然令人沮喪，但信號是一個徹底的評估過程，而不一定是完全拒絕。

A New Era at the SEC?

SEC的新時代？

SEC Commissioner Paul Atkins has signaled a shift towards providing “clear, predictable rules of the road” for digital assets, moving away from unpredictable enforcement actions. This new direction, dubbed CryptoProject, aims to modernize securities laws to accommodate blockchain-driven markets. This shift paves the way for crypto super apps, integrating trading, lending, and staking.

SEC專員保羅·阿特金斯（Paul Atkins）表示，朝著為數字資產提供“公路規則的明確，可預測的規則”的轉變，遠離了不可預測的執法行動。這個被稱為密碼項目的新方向旨在使證券法現代化以適應區塊鏈驅動的市場。這種轉變為加密超級應用程序鋪平了道路，集成了交易，貸款和積累。

Looking Ahead: Hedera ETF and Beyond

展望未來：Hedera ETF及其他

While approval isn't guaranteed, the stage is set for a potential Hedera ETF. The SEC's evolving stance, coupled with the generic listing standards, creates a clearer path forward.

雖然不能保證批准，但階段設定為潛在的Hedera ETF。 SEC不斷發展的立場，再加上通用清單標準，創造了更清晰的前進道路。

So, is the listing door finally open? Maybe not wide open, but definitely ajar. Keep an eye on those SEC deadlines – November 2025 could be a game-changer. And who knows, maybe one day we'll all be casually trading HBAR ETFs while sipping our morning coffee. One can dream, right?

那麼，清單門終於打開了嗎？也許不是開放的，但絕對是Ajar。密切關注那些SEC期限 - 2025年11月可能是改變遊戲規則的人。誰知道，也許有一天我們都會在喝早上的咖啡時隨便交易HBAR ETF。一個人可以做夢，對嗎？