出于对 PoS 协议的担忧，SEC 的审查对以太坊 ETF 的批准提出了质疑

SEC Scrutinizes Ethereum ETFs amid Proof-of-Stake Protocol Concerns

New York, April 28, 2023 - The Securities and Exchange Commission (SEC) has cast doubt on the imminent approval of spot Ethereum exchange-traded funds (ETFs), raising uncertainty within the cryptocurrency industry.

Market participants, including asset managers BlackRock, Fidelity, and VanEck, eagerly anticipated the SEC's decision on Ethereum ETF applications. However, issuers now express skepticism, citing regulatory hurdles and the SEC's cautious approach toward proof-of-stake protocols.

SEC Chairman's Stance Complicates Matters

SEC Chairman Gary Gensler's emphasis on crypto assets falling under federal securities laws has further complicated the regulatory landscape for Ethereum ETFs. Gensler maintains that most crypto assets constitute investment contracts, consistent with the SEC's stance.

VanEck Anticipates Ethereum ETF Rejection

Jan Van Eck, CEO of VanEck, anticipates a rejection of their Ethereum ETF application, citing ongoing regulatory feedback. He compares the SEC's decision-making process for Ethereum ETFs to that of Bitcoin ETFs, where prolonged reviews ultimately led to approval. However, Van Eck acknowledges the uncertainty surrounding Ethereum ETFs.

Proof-of-Stake Protocol Poses Challenges

The proof-of-stake (PoS) protocol that underlies Ethereum presents a significant hurdle for SEC approval. Unlike Bitcoin's proof-of-work (PoW) protocol, which involves volunteer miners validating transactions and creating new tokens, Ethereum's PoS protocol relies on participants staking their existing tokens to secure the network.

SEC Reservations about Proof-of-Stake

The SEC's reservations about PoS protocols stem from concerns that they may constitute securities. This potential classification would subject Ethereum to stricter regulatory oversight, hindering the approval of Ethereum ETFs.

Pessimistic Outlook from CoinShares CEO

Jean-Marie Mognetti, CEO of CoinShares, shares the pessimistic sentiment, predicting that Ethereum ETF approvals are unlikely in the near term, particularly for PoS protocols.

Industry Awaits May Decision

Market participants anxiously await the SEC's decision on Ethereum ETFs, which has a May deadline for review. Issuers of spot Bitcoin ETFs are closely monitoring the outcome, seeking guidance on offering investment products tied to Ethereum.

Ethereum Price Declines Amidst Uncertainty

As the regulatory landscape remains uncertain, Ethereum's price has trended downwards. The recent decline of 2.5% within 24 hours extends a 30-day downward trend, resulting in an accumulated drop of nearly 10%.

Conclusion

The SEC's scrutiny of Ethereum ETFs underscores the ongoing regulatory challenges facing the cryptocurrency industry. The PoS protocol, combined with the SEC's cautious approach, poses significant hurdles for ETF approval. As the May deadline approaches, market participants await the SEC's decision, which will greatly influence the future of Ethereum investment products in the United States.