SEC 的 Solana 讓步不太可能為今年 ETF 鋪平道路

美國證券交易委員會 (SEC) 修改了指控，山寨幣交易者對幣安訴訟的最新進展表示歡迎

The U.S. Securities and Exchange Commission (SEC) has amended its accusations against altcoins in its lawsuit against Binance. The move comes as a surprise to many, as the SEC has long maintained that several altcoins, including Solana (SOL), meet the definition of a security.

美國證券交易委員會 (SEC) 在針對幣安的訴訟中修改了對山寨幣的指控。此舉令許多人感到驚訝，因為 SEC 長期以來一直認為包括 Solana (SOL) 在內的幾種山寨幣符合證券的定義。

Now, the SEC appears to be backtracking from this stance, at least in the context of the Binance lawsuit. The amendment to the SEC’s claims was filed on July 30 in the U.S. District Court for the Southern District of New York.

現在，美國證券交易委員會似乎正在改變這一立場，至少在幣安訴訟的背景下是如此。對 SEC 索賠的修正已於 7 月 30 日向美國紐約南區地方法院提交。

The SEC initially filed the lawsuit against Binance in March 2023, accusing the exchange of illegally selling unregistered securities, among other violations. The SEC specifically named Solana and several other altcoins in its complaint.

美國證券交易委員會最初於 2023 年 3 月對幣安提起訴訟，指控該交易所非法出售未註冊證券等違規行為。 SEC 在其投訴中特別點名了 Solana 和其他幾種山寨幣。

However, the SEC’s recent amendment to its claims removes any mention of whether or not the altcoins are securities. The amendment also states that the SEC is not seeking any judgment or ruling on this issue in the Binance case.

然而，美國證券交易委員會最近對其聲明進行了修改，刪除了有關山寨幣是否為證券的任何提及。該修正案還指出，SEC 不會就幣安案中的這一問題尋求任何判決或裁決。

This move by the SEC is likely a strategic attempt to avoid setting a legal precedent on the classification of altcoins. If the court were to rule on this issue in the Binance case, it could have broad implications for the entire altcoin market.

美國證券交易委員會的這一舉動可能是避免在山寨幣分類上建立法律先例的策略嘗試。如果法院在幣安案中就這個問題做出裁決，可能會對整個山寨幣市場產生廣泛的影響。

If the altcoins were classified as securities, the SEC could restrict their trading on centralized crypto exchanges. This would significantly impact their liquidity and prices.

如果山寨幣被歸類為證券，美國證券交易委員會可以限制它們在集中式加密貨幣交易所進行交易。這將嚴重影響其流動性和價格。

On the other hand, a different ruling would effectively remove the SEC’s authority over altcoins, which is something the agency wants to avoid.

另一方面，不同的裁決將有效地取消美國證券交易委員會對山寨幣的權威，這是該機構希望避免的。

Several analysts have commented on the SEC’s decision to avoid setting a precedent on altcoins in the Binance case. Some believe that this indicates a shift in the SEC’s stance on these tokens.

幾位分析師對 SEC 在幣安案中避免開創山寨幣先例的決定發表了評論。有些人認為，這表明 SEC 對這些代幣的立場發生了轉變。

Others, however, suggest that this is simply a litigation tactic and that the SEC still considers altcoins like Solana to be securities. They point out that the SEC’s other cases still classify these tokens as securities.

然而，其他人則認為這只是一種訴訟策略，SEC 仍然將 Solana 等山寨幣視為證券。他們指出，SEC 的其他案件仍然將這些代幣歸類為證券。

This lack of clarity from the SEC is making it difficult for investors and analysts to predict the future of altcoin ETFs, such as a Solana ETF.

SEC 缺乏明確性使得投資者和分析師很難預測 Solana ETF 等山寨幣 ETF 的未來。

Solana ETF prospects still dim with SEC decision to avoid setting precedent on altcoins in Binance case

Solana ETF 前景依然黯淡，SEC 決定避免在幣安案中為山寨幣樹立先例

The classification of altcoins as securities would significantly impact the prospects of exchange-traded funds (ETFs) that track these tokens.

將山寨幣歸類為證券將極大影響追蹤這些代幣的交易所交易基金（ETF）的前景。

Currently, the SEC does not permit ETFs that directly track altcoins, such as Solana. This is because the SEC maintains that altcoins are unregistered securities in its other cases.

目前，SEC 不允許 ETF 直接追蹤山寨幣，例如 Solana。這是因為美國證券交易委員會認為，在其他情況下，山寨幣是未註冊的證券。

As a result, any ETF that tracks altcoins would be unable to list on major exchanges in the U.S. However, the SEC’s recent decision to avoid setting a precedent on this issue could pave the way for altcoin ETFs in the future.

因此，任何追蹤山寨幣的 ETF 將無法在美國主要交易所上市。

If the SEC were to change its stance on altcoins and decide that they are not securities, this would open the door for ETFs that track these tokens to be listed and traded on exchanges.

如果 SEC 改變對山寨幣的立場並決定它們不是證券，這將為追蹤這些代幣的 ETF 在交易所上市和交易打開大門。

However, several hurdles still need to be cleared before a Solana ETF could be approved by the SEC. Several analysts have weighed in on this topic following the SEC’s recent move.

然而，在 Solana ETF 獲得 SEC 批准之前，仍需克服一些障礙。在美國證券交易委員會最近採取行動後，幾位分析師就這個主題發表了看法。

For example, Nate Geraci, co-founder of The ETF Institute, explained on Wednesday, July 31, what would need to happen for Solana ETFs to be approved.

例如，ETF Institute 聯合創始人 Nate Geraci 在 7 月 31 日星期三解釋了 Solana ETF 需要做什麼才能獲得批准。

According to Geraci, three key developments could lead to the approval of Solana ETFs. One possibility is that Solana futures begin trading on the CME, with a sufficient track record.

Geraci 表示，三項關鍵進展可能會導致 Solana ETF 獲得批准。一種可能性是 Solana 期貨開始在 CME 交易，並擁有足夠的追蹤記錄。

However, this path is likely to be lengthy. Another option is the introduction of a comprehensive crypto regulatory framework by legislators, which would also be a long path.

然而，這條路可能會很漫長。另一個選擇是立法者引入全面的加密貨幣監管框架，這也將是一條漫長的道路。

Finally, a change in the current administration could lead to a change in the SEC leadership, which would be the quickest path to approval for Solana ETFs.

最後，現任政府的變化可能會導致 SEC 領導層的變化，這將是 Solana ETF 獲得批准的最快途徑。

Solana futures are currently not available on the CME, and the exchange has not yet announced any plans to launch such futures. This leaves two other options for a Solana ETF.

目前 CME 尚未提供 Solana 期貨，該交易所尚未宣布任何推出此類期貨的計劃。這為 Solana ETF 留下了另外兩個選擇。

Solana ETF could also become a reality if the legislators introduce a comprehensive crypto regulatory framework. In that case, the SEC would have to reassess its approach.

如果立法者引入全面的加密貨幣監管框架，Solana ETF 也可能成為現實。在這種情況下，美國證券交易委員會將不得不重新評估其做法。

Alternatively, a change in the current administration could lead to a change in the SEC leadership. Of these three options, only the last one seems likely to occur this year.

或者，現任政府的更迭可能會導致 SEC 領導層的變化。在這三種選擇中，今年似乎只有最後一種可能出現。

This means that a Solana ETF is unlikely to be approved in 2024, and the same goes for all other altcoin candidates for ETFs, including Ripple.

這意味著 Solana ETF 不太可能在 2024 年獲得批准，所有其他候選 ETF 的山寨幣也是如此，包括 Ripple。