美國證券交易委員會警告投資者有關比特幣和以太坊 ETP 的風險

美國證券交易委員會（SEC）投資者教育和倡導辦公室週一發佈公告，敦促投資者考慮與比特幣和以太幣交易所交易產品（ETP）相關的風險，包括交易所交易基金（ETF） 。

The U.S. Securities and Exchange Commission (SEC) has issued a fresh warning to investors regarding the risks associated with bitcoin and ether exchange-traded products (ETPs), highlighting their speculative nature and potential issues like price volatility, fraud, and lack of regulatory oversight.

美國證券交易委員會（SEC）就比特幣和以太幣交易所交易產品（ETP）相關風險向投資者發出新警告，強調其投機性質以及價格波動、詐欺和缺乏監管等潛在問題。

The SEC’s Office of Investor Education and Advocacy released a bulletin on Monday discussing the risks of bitcoin and ether ETPs, which include exchange-traded funds (ETFs). The regulator noted that investors should be aware of the speculative nature of these investments and consider the volatility of bitcoin and ether prices.

美國證券交易委員會投資者教育和宣傳辦公室週一發佈公告，討論了比特幣和以太坊 ETP 的風險，其中包括交易所交易基金 (ETF)。監管機構指出，投資者應意識到這些投資的投機性質，並考慮比特幣和以太幣價格的波動性。

Bitcoin and ether are digital assets that are transferred through blockchain technology, and their value fluctuates significantly, the SEC explained. Two types of ETPs provide exposure to these assets: bitcoin and ether futures ETPs, which hold futures contracts, and spot ETPs, which directly hold the assets.

SEC 解釋稱，比特幣和以太幣是透過區塊鏈技術轉移的數位資產，其價值波動很大。有兩種類型的 ETP 提供這些資產的曝險：持有期貨合約的比特幣和以太坊期貨 ETP，以及直接持有資產的現貨 ETP。

While bitcoin and ether futures ETPs are registered with the SEC, spot bitcoin and ether ETPs are not registered as investment companies under the Investment Company Act of 1940, the SEC highlighted. This means that these products lack certain protections related to asset custody and valuation that apply to ETFs and mutual funds.

SEC 強調，雖然比特幣和以太坊期貨 ETP 已在 SEC 註冊，但現貨比特幣和以太坊 ETP 並未根據 1940 年《投資公司法》註冊為投資公司。這意味著這些產品缺乏適用於 ETF 和共同基金的資產託管和估值相關的某些保護。

The SEC also outlined potential risks tied to spot ETPs, such as deviations in the price of ETP shares from the underlying crypto assets, a lack of regulatory oversight, and sponsor fees, which decrease the value of shares over time.

SEC 還概述了與現貨 ETP 相關的潛在風險，例如 ETP 股票價格與基礎加密資產的偏差、缺乏監管以及保薦費等，這些風險隨著時間的推移會降低股票的價值。

“Spot bitcoin or ether ETPs may have unique characteristics and heightened risks compared to other investments,” the regulator stressed, advising investors to consider how any investment fits into their overall investment plan before investing and to review disclosure documents for a comprehensive understanding of the risks involved.

監管機構強調：「與其他投資相比，現貨比特幣或以太坊ETP 可能具有獨特的特徵和更高的風險。」監管機構建議投資者在投資前考慮任何投資如何融入其整體投資計劃，並審查揭露文件以全面了解風險涉及。