从 SEC 到以太坊上的 ETF 逐项列出，是产品推出方向的第一步

美国监管机构已向纽约证券交易所和纳斯达克发出绿色信号，以列出 8 只以太币现货 ETF。美国证券交易委员会的转让是必要的第一步

The Securities and Exchange Commission (SEC) has given the green light for NYSE and Nasdaq to list eight spot ETFs on Ether. The move marks the first major step towards trading ETFs that directly invest in the second-largest cryptocurrency following January’s approval for Bitcoin.

美国证券交易委员会 (SEC) 已批准纽约证券交易所和纳斯达克上市 8 只以太币现货 ETF。此举标志着自 1 月份批准比特币以来，直接投资第二大加密货币的 ETF 交易迈出了重要一步。

However, the S-1 filings that will allow asset managers (including BlackRock, Fidelity, Invesco and Ark Invest) to issue the new products to the public are still pending. The regulator has given no indication of when this may occur.

然而，允许资产管理公司（包括贝莱德、富达、景顺和 Ark Invest）向公众发行新产品的 S-1 申请仍在等待中。监管机构没有表明这种情况何时会发生。

The SEC’s green light came after several days of rumors, which had pushed the token’s price upwards. In fact, the authority reportedly contacted the issuers and stock exchanges (Nasdaq and CBOE) regarding the pending requests, asking for additional documentation and suggesting that the approval process was moving in the right direction.

在几天的谣言推动代币价格上涨后，美国证券交易委员会批准了该计划。事实上，据报道，该机构就未决请求联系了发行人和证券交易所（纳斯达克和芝加哥期权交易所），要求提供更多文件，并表明审批流程正在朝着正确的方向发展。

One specific request that the SEC reportedly made to the applicants was to revise their products to exclude the “staking” component on ether held by the ETF issuers, a type of additional yield for holding the token.

据报道，美国证券交易委员会向申请人提出的一项具体要求是修改他们的产品，以排除 ETF 发行人持有的以太币的“质押”部分，这是持有代币的一种额外收益。

Meanwhile, on Wednesday, the U.S. House of Congress voted in favor of a bill that would reduce the SEC’s authority over cryptocurrencies and establish the Commodity Futures Trading Commission (CFTC) as the industry’s primary regulator. While awaiting approval in the Senate, the White House said it opposed the bill in its current form, and called for further collaboration with Congress for a better regulation that protects consumers and investors.

与此同时，周三，美国国会众议院投票赞成一项法案，该法案将削弱美国证券交易委员会对加密货币的权力，并设立商品期货交易委员会（CFTC）作为该行业的主要监管机构。在等待参议院批准期间，白宫表示反对目前形式的该法案，并呼吁与国会进一步合作，制定更好的监管措施，保护消费者和投资者。

The recent signals have sparked a rally in Ether’s price, pushing it from around $3,000 to over $3,700, a gain of over 20%. At the time of writing, the digital asset trades for just over $3,600.

最近的信号引发了以太坊价格的上涨，将其从 3,000 美元左右推升至 3,700 美元以上，涨幅超过 20%。截至撰写本文时，该数字资产的交易价格略高于 3,600 美元。

The SEC’s approval to the listing requests was therefore received in a neutral manner, but according to some analysts, the final approval of Ether ETFs could push prices towards $4,000, already touched in March in the wake of the Bitcoin rally.

因此，美国证券交易委员会以中立的方式批准了上市请求，但根据一些分析师的说法，以太坊 ETF 的最终批准可能会将价格推向 4,000 美元，该价格在 3 月份比特币上涨后就已触及该水平。

Since the beginning of the year, Ethereum shows an increase of over 60%, even higher than that of the most important cryptocurrency (+58%). Bitcoin could in turn benefit from the enlargement of the crypto investor base, also from a reputational standpoint.

今年以来，以太坊的涨幅超过 60%，甚至高于最重要的加密货币（+58%）。反过来，从声誉的角度来看，比特币也可以从加密货币投资者基础的扩大中受益。

According to CoinMarketCap, Ether has a market capitalization of around $450 billion, roughly a third of that of Bitcoin and equal to 18% of the total market value of cryptocurrencies.

根据 CoinMarketCap 的数据，以太币的市值约为 4500 亿美元，大约是比特币的三分之一，相当于加密货币总市值的 18%。

The SEC has long resisted calls for spot cryptocurrency ETFs, but had to fold after a court ruling in favor of Grayscale, which had contested the rejection of its application for a similar Bitcoin product.

SEC 长期以来一直抵制现货加密货币 ETF 的呼吁，但在法院做出有利于 Grayscale 的裁决后，SEC 不得不放弃，该公司曾对其类似比特币产品的申请被拒绝提出异议。

This helped pave the way for the green light to funds listed on the best-known digital currency, and for further approvals, as is now happening for Ethereum, also thanks to a change of course from Washington on the subject.

这为在最著名的数字货币上上市的基金铺平了道路，并为进一步的批准铺平了道路，就像现在以太坊所发生的那样，这也归功于华盛顿在这个问题上的方针的改变。

In January, SEC Chairman Gary Gensler clarified that his agency “did not approve or endorse Bitcoin” and called the decision “the narrowest path to proceed” following the court defeat. A concept also reiterated in the last hours, in which Gensler has confirmed his reluctance to allow the launch of cryptocurrency investment products on the US market in light of the numerous frauds and scams found in the sector (as in the case of FTX founder Sam Bankman-Fried).

一月份，SEC 主席加里·根斯勒 (Gary Gensler) 澄清，他的机构“不批准或认可比特币”，并称该决定是法院败诉后“最窄的前进道路”。在过去的几个小时里，Gensler 也重申了一个概念，Gensler 证实，鉴于该行业发现的大量欺诈和骗局，他不愿允许在美国市场推出加密货币投资产品（如 FTX 创始人 Sam Bankman 的情况） -油炸）。

First of all, the approval of Ether ETFs will allow “easier access to this digital asset, with greater protection and safeguards” as stated by Invesco and Galaxy, who hope for a quick green light for the launch of the products.

首先，正如 Invesco 和 Galaxy 所说，以太坊 ETF 的批准将允许“更容易地访问这种数字资产，并提供更大的保护和保障”，他们希望产品的推出能够迅速获得批准。

Issuing spot ETFs on Ethereum could also facilitate their inclusion within pension funds and other types of collective investment of savings, leading to a greater acceptance by the public for a type of asset that still arouses suspicion.

在以太坊上发行现货 ETF 还可以促进它们纳入养老基金和其他类型的储蓄集体投资，从而使公众更好地接受这种仍然引起怀疑的资产。

As for the cryptocurrency market as a whole, investors are likely to increase bets on the next cryptoassets that could get the green light to launch spot ETFs.

就整个加密货币市场而言，投资者可能会增加对下一个可能获得推出现货 ETF 批准的加密资产的押注。

As noted by Luciano Serra, Country Manager Italy of Boerse Stuttgart Digital“The Spot Bitcoin ETFs had already attracted the attention of the traditional financial world, both for the entry into this market of the main players in world finance (such as BlackRock, Fidelity Investments and Franklin Templeton), and for the massive entry of capital from investors, with the purchase of over 200,000 Bitcoins in just three months and a substantial increase in the value of the cryptocurrency market. Subsequently, Serra recalls, “it was the turn of Hong Kong, where in April the Securities and Futures Commission (SFC) authorized the launch of spot ETFs on both Bitcoin and Ethereum.”

正如斯图加特数字交易所意大利区域经理 Luciano Serra 所指出的那样，“现货比特币 ETF 已经引起了传统金融界的关注，因为世界金融主要参与者（例如贝莱德、富达投资）进入了这个市场。和富兰克林邓普顿），以及投资者的大量资金进入，短短三个月内购买了超过20万枚比特币，加密货币市场价值大幅上涨。随后，Serra 回忆道，“轮到香港了，四月份，香港证券及期货事务监察委员会 (SFC) 授权推出比特币和以太坊现货 ETF。”

Yesterday’s SEC decision on Ether “certainly constitutes another milestone towards the adoption of cryptocurrencies by financial institutions on a global scale” as well as “an additional step towards the convergence between traditional and digital finance”.

昨天，美国证券交易委员会对以太币的决定“无疑是金融机构在全球范围内采用加密货币的又一个里程碑”，也是“传统金融与数字金融融合的又一步”。

According to the expert, the authority’s green light for ETFs on Ethereum could push the token “past the $4,000 threshold, increasing the possibility of

据专家称，当局对以太坊 ETF 的批准可能会推动该代币“突破 4,000 美元的门槛，增加了