簡介：Altcoin ETF夏季的曙光

當美國證券交易委員會（SEC）表明其對基於Altcoin的交易所交易所資金（ETFS）的立場可能轉變，加密貨幣市場充滿了預期。

The U.S. Securities and Exchange Commission (SEC) has reportedly requested that firms applying for the launch of Solana (SOL) exchange-traded funds (ETFs) submit updated registration filings within the next week.

據報導，美國證券交易委員會（SEC）已要求申請啟動Solana（SOL）交易所交易基金（ETFS）的公司在下週提交更新的註冊文件。

According to multiple reports, the SEC is interested in focusing on two critical elements in these revised filings: in-kind redemptions and full disclosures regarding the Solana staking features.

根據多個報告，SEC有興趣關注這些修訂後的文件中的兩個關鍵要素：有關Solana Staking功能的實物贖回和全面披露。

The SEC’s actions come amid heightened anticipation for the approval of the first-ever spot Bitcoin ETFs, with several major asset managers like BlackRock, ARK, and Cathie Wood actively seeking to launch such products.

SEC的行動是在對有史以來第一個現場比特幣ETF的批准的期望中提高的，而Blackrock，Ark和Cathie Wood等幾位主要資產經理積極尋求推出此類產品。

However, the possibility of Solana ETFs being approved before Bitcoin ETFs has sparked debate among analysts. Despite rumors circulating earlier in the year about a potential delay in the approval process for any new ETFs until at least October, recent developments suggest that Solana ETFs could be approved much sooner.

但是，在比特幣ETFS之前批准Solana ETF的可能性引發了分析師之間的爭論。儘管在今年早些時候散發出關於任何新ETF的批准過程的潛在延遲至少到10月的謠言，但最近的事態發展表明，Solana ETF可以更快地批准。

Also Read: SEC Grants Another Deceptive Enterprise the Same Name As A Famous Tech Company

另請閱讀：SEC授予另一家欺騙性企業，與一家著名科技公司相同

Why It Matters

為什麼重要

The SEC’s request for firms to resubmit their filings, specifically highlighting technical aspects like in-kind redemptions and staking, signals a potential shift in the regulatory landscape.

SEC要求公司重新提交文件的要求，特別是強調了諸如內在贖回和積分之類的技術方面，這表明監管景觀可能發生了可能的轉變。

While the SEC is generally recognized for its cautious approach toward crypto-based financial products, this expedited review process could be a sign that Solana ETFs are being prioritized for approval.

儘管SEC通常因其基於加密貨幣的金融產品的謹慎態度而受到認可，但這種加快的審核過程可能表明Solana ETF正在優先批准。

As the SEC pushes for efficient operations within its approval process, it appears to be concentrating its efforts on a smaller set of ETF applications.

隨著SEC在其批准過程中推動有效的運營，它似乎將其努力集中在較小的ETF應用程序上。

This narrowed focus might explain the SEC’s actions in requesting that several firms, including Grayscale, VanEck, Fidelity, BitWise, Canary Capital, Franklin Templeton, and 21Shares, resubmit their applications for Solana ETFs.

這種狹窄的焦點可能會解釋SEC在要求多家公司（包括灰度，Vaneck，Fidelity，Bitwise，Bitwise，Canary Capital，Canary Capital，Franklin Templeton和21shares）的行動中的行動，重新提交其對Solana ETF的應用。

Earlier this week, Bloomberg Intelligence analyst James Seyffart stated that there is a 90% chance of the SEC approving Solana spot ETFs by July 2025.

本週早些時候，彭博情報分析師詹姆斯·塞法特（James Seyffart）表示，到2025年7月，SEC批准SOLANA SPOT ETF的機會有90％。

Moreover, in a recent interview on Decoding Wall Street, a podcast by the same firm, Seyffart and fellow Bloomberg ETF analyst Eric Balchunas discussed the possibility of an "altcoin ETF summer."

此外，在最近對華爾街解碼的採訪中，同一家公司，塞耶法特（Seyffart）和彭博ETF同事分析師埃里克·巴爾庫納斯（Eric Balchunas）的播客討論了“ altcoin ETF夏季”的可能性。

This term refers to a scenario where, in addition to Solana ETFs, the SEC could also approve crypto index funds, such as the Bitrix (NYSE:DATA) Bitcoin (BTC) / Ethereum (ETH) ETF or the ETC Group’s (LON:ETCF) crypto index ETF, which is already trading in Europe.

該術語是指某種情況，除了SOLANA ETF之外，SEC還可以批准加密指數基金，例如Bitrix（NYSE：DATA）比特幣（BTC） / Ethereeum（ETH）ETF或ETC Group的（LON：LON：ETCEF）Crypto Index ETF，這已經在歐洲交易了。

Furthermore, Balchunas highlighted the significance of the Solana ETF applications, which would offer exposure to a coin other than Bitcoin or Ethereum, marking a pivotal moment in the crypto market.

此外，Balchunas強調了Solana ETF應用的重要性，該應用將提供對比特幣或以太坊以外的硬幣的風險，這標誌著加密貨幣市場中的關鍵時刻。

Also Read: SEC Chair Gensler's Testimony: Key Takeaways On Crypto Regulation

另請閱讀：SEC主席Gensler的證詞：Crypto法規的關鍵要點

What Happens Next

接下來會發生什麼

The Solana ETF applications are unique due to the inclusion of staking features, a commonality among the various firms submitting applications.

Solana ETF應用程序是獨一無二的，這是由於包含了放電功能，這是在提交申請的各個公司之間的共同點。

Solana, like other proof-of-stake blockchains, enables token holders to participate in staking, effectively allowing them to contribute to the security of the network by holding a minimum balance of 1 SOL.

Solana與其他商品證明區塊鏈一樣，使代幣持有人能夠參與放電，從而有效地允許他們通過保持1 Sol的最低餘額來為網絡的安全做出貢獻。

In doing so, they assist in verifying transactions and adding new blocks to the blockchain, much like what is done with Bitcoin (BTC) mining.

在此過程中，他們有助於驗證交易並在區塊鏈中添加新的區塊，就像比特幣（BTC）採礦所做的一樣。

However, unlike Bitcoin, which has a limited supply of 21 million BTC, Solana has no such constraint on the total number of tokens that can be minted.

但是，與比特幣（比特幣供應有限的2100萬BTC）不同，Solana對可以鑄造的令牌總數沒有這樣的限制。

This difference is a key factor that the SEC is considering as it evaluates the applications from major asset managers like Cathie Wood’s ARK Invest and Paul Tudor Jones’s hedge fund, which is also investing in a Solana ETF.

這種差異是SEC正在考慮的關鍵因素，因為它評估了Cathie Wood的ARK Invest和Paul Tudor Jones的對沖基金等主要資產經理的應用程序，該基金也正在投資Solana ETF。

The potential for approved Solana ETFs to offer exposure to both price movements and staking rewards could be a significant advantage for long-term investors seeking to maximize their returns.

批准的Solana ETF提供對價格變動和積分獎勵的可能性可能是尋求最大化其回報的長期投資者的重要優勢。

However, the inclusion of staking features also introduces additional regulatory and operational complexities, such as custodial arrangements, slashing risks, and tax implications, which issuers and regulators are actively discussing.

但是，包含放入功能還引入了其他監管和操作複雜性，例如託管安排，削減風險和稅收影響，發行人和監管機構正在積極討論這些複雜性。

The SEC’s willingness to review and potentially approve Solana ETFs with staking features marks a noteworthy shift in the regulatory landscape.

SEC願意審查和潛在批准具有固定功能的Solana ETF，這標誌著監管景觀的一個值得注意的轉變。