美國證券交易委員會 (SEC) 審查對 5 月以太坊 ETF 現貨的批准存疑

在最近的事態發展中，人們對 5 月以太坊現貨交易所交易基金 (ETF) 的批准表示懷疑。美國證券交易委員會向加密貨幣公司發出傳票、對以太坊基金會進行調查以及美國證券交易委員會缺乏參與都引發了質疑。富達前高層索恩推測 SEC 對以太坊 ICO 的調查，考慮到存在了十年之久，這可能是一種違規行為。儘管允許基於​​期貨的 ETF，但美國證券交易委員會對 ETH 分類的不明確立場增加了不確定性。市場專家預計現貨 ETF 的批准將被推遲，理由是該行業需要先吸收現貨比特幣 ETF。

SEC Scrutiny Casts Doubt on May Approval of Spot Ethereum ETFs

美國證券交易委員會 (SEC) 審查對 5 月以太坊現貨 ETF 的批准提出質疑

Galaxy Digital's head of firmwide research, Alex Thorn, has expressed skepticism over the likelihood of spot Ethereum exchange-traded funds (ETFs) receiving approval by May. This skepticism stems from recent developments, including SEC subpoenas and a perceived lack of engagement by the regulatory body.

Galaxy Digital 全公司研究主管 Alex Thorn 對現貨以太坊交易所交易基金 (ETF) 在 5 月獲得批准的可能性表示懷疑。這種懷疑源於最近的發展，包括美國證券交易委員會的傳票以及監管機構認為缺乏參與。

In a Friday note, Thorn outlined concerns raised by SEC subpoenas issued to crypto firms regarding their ties to the Ethereum Foundation. These subpoenas, along with reports of a confidential inquiry from a state authority to the foundation, have heightened疑虑.

在周五的一份報告中，索恩概述了美國證券交易委員會向加密貨幣公司發出的傳票所引發的擔憂，這些傳票涉及加密貨幣公司與以太坊基金會的關係。這些傳票，以及國家當局向基金會進行秘密調查的報告，加劇了人們的疑慮。

Fortune's report highlights the SEC's active legal efforts to classify ether (ETH) as a security, citing subpoenas sent to U.S. companies as part of an investigation. The Block also reported that the Ethereum Foundation had removed the "warrant canary" from its website after receiving the confidential inquiry.

《財富》雜誌的報告強調了 SEC 為將以太幣 (ETH) 歸類為證券而採取的積極法律行動，並引用了作為調查一部分向美國公司發出的傳票。 The Block 還報導稱，以太坊基金會在收到機密詢問後已從其網站上刪除了「權證金絲雀」。

Thorn, a veteran of Fidelity Investments, speculates that the SEC's focus on crypto firms' interactions with the Ethereum Foundation may stem from an inquiry into whether Ethereum's initial coin offering (ICO) in 2014 constituted an unregistered securities offering. While the SEC could potentially differentiate between the ICO and the current secondary trading of ETH, any enforcement action against the Ethereum Foundation nearly a decade later would be considered irregular.

富達投資資深人士 Thorn 推測，SEC 對加密貨幣公司與以太坊基金會互動的關注可能源於對 2014 年以太坊首次代幣發行 (ICO) 是否構成未註冊證券發行的調查。雖然 SEC 可能會區分 ICO 和目前的 ETH 二級交易，但近十年後針對以太坊基金會的任何執法行動都將被視為不正常。

SEC Chairman Gary Gensler has declined to comment on whether the agency views ETH as a security. However, reports indicate that the SEC regards Ethereum's 2022 "Merge" upgrade as potentially bolstering the argument for classifying ETH as a security due to the network's transition to proof-of-stake. Despite this view, the SEC approved several futures-based Ethereum ETFs in 2023, a year after Ethereum's PoS transition.

SEC 主席 Gary Gensler 拒絕就該機構是否將 ETH 視為證券發表評論。然而，報告表明，由於網路向權益證明的過渡，美國證券交易委員會認為以太坊 2022 年的「合併」升級可能會支持將 ETH 歸類為證券的論點。儘管有這種觀點，美國證券交易委員會還是在 2023 年（即以太坊 PoS 轉型一年後）批准了幾隻基於期貨的以太坊 ETF。

Thorn argues that if the SEC were to pursue allegations of securities violations against ETH or the Ethereum Foundation, it would navigate uncertain legal terrain and potentially impact an industry that has existed for over a decade.

索恩認為，如果 SEC 追究針對 ETH 或以太坊基金會的證券違規行為的指控，它將面臨不確定的法律領域，並可能影響已經存在十多年的行業。

This perspective aligns with market experts' doubts about the approval of a spot Ethereum ETF by May. Bitwise CIO Matt Hougan has suggested that delaying approval could be beneficial, allowing Wall Street to digest spot bitcoin ETFs before focusing on new ones. He believes that a later approval could attract even more assets.

這一觀點與市場專家對 5 月以太坊 ETF 現貨獲得批准的疑慮一致。 Bitwise 資訊長 Matt Hougan 表示，延遲批准可能是有益的，可以讓華爾街先消化現貨比特幣 ETF，然後再專注於新的 ETF。他相信，稍後的批准可能會吸引更多的資產。

The SEC's recent actions, including subpoenas and inquiries, have thrown a wrench into the timeline for spot Ethereum ETF approvals. While the regulatory landscape remains fluid, it is clear that the SEC's scrutiny is casting doubt on the prospects of a May approval.

美國證券交易委員會最近的行動，包括傳票和調查，給現貨以太坊 ETF 的批准時間表造成了乾擾。儘管監管環境仍然不穩定，但 SEC 的審查顯然讓人們對 5 月批准的前景產生了懷疑。