美国证券交易委员会批准八种“基于以太坊的交易所交易产品”（“ETP”）

该公告是在 SEC 批准比特币 ETP 四个多月后发布的。八个批准的ETP包括

The Securities and Exchange Commission (“SEC”) has finally approved eight “Ether-Based Exchange Traded Products” (“ETPs”) on March 23, 2024. This announcement comes shortly after the SEC approved Bitcoin ETPs four months prior. The eight approved ETPs include (1) the Grayscale Ethereum Trust, (2) the Bitwise Ethereum ETF, (3) the iShares Ethereum Trust, (4) the VanEck Ethereum Trust, (5) the ARK 21Shares Ethereum ETF, (6) the Invesco Galaxy Ethereum ETF, (7) the Fidelity Ethereum Fund, and (8) the Franklin Ethereum ETF.

美国证券交易委员会（“SEC”）最终于 2024 年 3 月 23 日批准了八种“基于以太坊的交易所交易产品”（“ETP”）。该公告是在 SEC 四个月前批准比特币 ETP 后不久发布的。八个已获批准的 ETP 包括 (1) Grayscale 以太坊信托、(2) Bitwise 以太坊 ETF、(3) iShares 以太坊信托、(4) VanEck 以太坊信托、(5) ARK 21Shares 以太坊 ETF、(6) Invesco Galaxy 以太坊 ETF、(7) 富达以太坊基金和 (8) 富兰克林以太坊 ETF。

Ether (“ETH”) is the native token of the Ethereum Network, which is the second largest cryptocurrency by market cap after Bitcoin. The approval of the ETH ETPs marks another step towards mainstream recognition and adoption of cryptocurrencies. The adoption of ETH may be more significant than that of Bitcoin as the Ethereum Network allows users to build and scale protocols on its network with a vast number of potential use cases, whereas Bitcoin is mainly used as a store of value. Increased exposure to ETH will inevitably lead to greater exposure for Ethereum products. The Bitcoin ETPs saw over $272.28 billion in overall trading volume as of May 24, 2024. It remains to be seen whether the ETH ETPs can replicate such volume, though it is unlikely that they will, at least not at first. Asset allocators and institutions took many years to get comfortable with Bitcoin’s value proposition (scarcity, immutability, sound money, etc.), not to mention the many years of ETF applications and rejections. The simple fact is that such institutions and managers are not as familiar with Ethereum now as they were with Bitcoin in January. In the long run, however, Ethereum's turning complete features make it a much more powerful form of “programable money” and it would not be surprising if institutional and retail investors ultimately see as much, or more, value in the asset.

以太币（“ETH”）是以太坊网络的原生代币，按市值计算，以太坊是仅次于比特币的第二大加密货币。 ETH ETP 的批准标志着加密货币向主流认可和采用又迈出了一步。 ETH 的采用可能比比特币更重要，因为以太坊网络允许用户在其网络上构建和扩展具有大量潜在用例的协议，而比特币主要用作价值存储。增加对 ETH 的敞口将不可避免地导致对以太坊产品的敞口增加。截至 2024 年 5 月 24 日，比特币 ETP 的总交易量超过 2722.8 亿美元。ETH ETP 是否能够复制这样的交易量还有待观察，尽管不太可能，至少一开始不会。资产配置者和机构花了很多年的时间才适应比特币的价值主张（稀缺性、不变性、稳健货币等），更不用说多年来的 ETF 申请和拒绝。一个简单的事实是，这些机构和管理者现在对以太坊的熟悉程度不如一月份对比特币的熟悉程度。然而，从长远来看，以太坊的全面功能使其成为一种更强大的“可编程货币”形式，如果机构和散户投资者最终看到该资产的同样多或更多的价值，也就不足为奇了。

On the other hand, some may argue that these ETPs are inconsistent with the decentralized nature of cryptocurrencies. A similar concern was raised when Lido was responsible for almost one-third of the staking taking place on the Ethereum Network. Decentralization helps ensure that the Ethereum Network is not controlled by a few users. Conversely, the ETPs require these large asset managers to accumulate huge quantities of ETH. For now, these asset managers cannot stake their ETH or participate in the governance of the Ethereum Network, however, if given such opportunities, these asset managers could theoretically threaten the decentralized nature of the Ethereum Network and/or place the entire network under the control of the US government.

另一方面，有些人可能会认为这些 ETP 与加密货币的去中心化性质不一致。当 Lido 负责以太坊网络上近三分之一的质押时，也引发了类似的担忧。去中心化有助于确保以太坊网络不被少数用户控制。相反，ETP需要这些大型资产管理公司积累大量的ETH。目前，这些资产管理公司无法质押他们的 ETH 或参与以太坊网络的治理，但是，如果有这样的机会，这些资产管理公司理论上可能会威胁以太坊网络的去中心化性质和/或将整个网络置于控制之下美国政府的。

As these ETPs are brand new, we will have to wait to see how their adoption impacts cryptocurrencies and traditional finance.

由于这些 ETP 是全新的，我们将不得不等待，看看它们的采用如何影响加密货币和传统金融。