SEC，比特币现场和美国交易：一个新时代？

SEC不断发展的立场，特朗普的比特币储备建议以及以太坊ETF的兴起正在重塑美国加密货币交易。

SEC, Bitcoin Spot, and US Trading: A New Era?

SEC，比特币现场和美国交易：一个新时代？

The regulatory landscape surrounding crypto, especially Bitcoin spot trading in the US, is undergoing a seismic shift. The SEC's evolving stance, coupled with potential game-changers like a Trump-backed Bitcoin reserve, is setting the stage for a new era. Let's dive into the details.

围绕加密货币的监管景观，尤其是在美国的比特币景点，正在发生地震转变。 SEC不断发展的立场，再加上像特朗普支持的比特币保护区这样的潜在游戏改变者，为新时代奠定了基础。让我们研究细节。

The SEC's Spring 2025 Agenda: A Turning Point

SEC的2025年春季议程：转折点

The SEC's Spring 2025 regulatory agenda is a big deal. It's prioritizing clarity, potentially paving the way for mainstream institutional adoption of Bitcoin spot trading. Think safe harbors for crypto issuance, modernized custody rules, and market structure amendments. This aims to bring crypto in line with traditional finance while keeping the bad actors at bay.

SEC的2025年春季监管议程很重要。它优先考虑清晰度，为主流采用比特币货币交易铺平了道路。考虑安全港口的加密发行，现代化的监护规则和市场结构修正案。这旨在使加密货币与传统财务保持一致，同时使坏演员拒之门外。

For example, the SEC's approval of in-kind creations and redemptions for crypto ETPs back in July 2025 was a smart move, streamlining the process and boosting investor trust. Commissioner Paul Atkins put it well: these rules are all about “facilitating innovation while protecting investors.”

例如，SEC在2025年7月对Crypto ETP的实物创作和赎回的认可是一个明智的举动，它简化了流程并促进了投资者的信任。专员保罗·阿特金斯（Paul Atkins）很好地说：这些规则都是关于“在保护投资者的同时促进创新”。

Institutional Entry Points: More Than Just Hype

机构入口点：不仅仅是炒作

Institutional adoption is picking up speed, especially in liquid staking, tokenized assets, and regulatory-compliant infrastructure. The SEC's decision on liquid staking applications has already unlocked billions in value. Tokenization of real estate and equities is also making illiquid markets more accessible. Plus, initiatives like “Project Crypto,” aligned with the GENIUS Act and FIT21 Act, are reducing confusion and making cross-border enforcement smoother.

机构采用的速度正在提高速度，尤其是在液体蒸发，令牌化资产和符合法规的基础设施方面。 SEC对液体放电申请的决定已经释放了数十亿美元的价值。房地产和股票的令牌化也使流动性不足的市场更容易获得。另外，与《天才法案》和《 fit21法》一致的“ Project Crypto”之类的举措正在减少混乱并使跨境执法更加顺畅。

And here's a curveball: a potential Strategic Bitcoin Reserve, proposed by President Trump. This could classify Bitcoin as a sovereign asset and resolve the securities vs. commodities debate, giving institutions the clarity they crave. This, combined with potential passage of the CLARITY Act, would further solidify this trend.

这是一个曲线球：特朗普总统提出的潜在战略比特币储备。这可以将比特币归类为主权资产，并解决证券与商品辩论，使机构渴望清晰。加上《清晰法》的潜在通过，将进一步巩固这一趋势。

Bitcoin ETPs: The Gateway to Mainstream Exposure

比特币ETP：通往主流曝光的门户

Bitcoin ETPs have become the go-to for institutional-grade exposure. By December 2024, these ETPs had pulled in a whopping €34 billion, hitting a net asset value of over €100 billion. Approving in-kind redemptions has reduced friction, making ETPs more efficient than traditional ETFs. We might even see this expand to tokens like Solana and Dogecoin down the line.

比特币ETP已成为机构级别的首选。到2024年12月，这些ETP已获得高达340亿欧元的价格，净资产价值超过1000亿欧元。批准实物赎回可以减少摩擦，使ETP比传统ETF更有效。我们甚至可能会看到它扩展到诸如Solana和Dogecoin之类的令牌。

Ethereum's Rise: A New Challenger?

以太坊的崛起：一个新的挑战者？

While Bitcoin has been the king of crypto, Ethereum is making moves. Recent data shows that while Bitcoin spot ETFs experienced net outflows, Ethereum spot ETFs saw significant inflows. This suggests a shift in investment funds from Bitcoin to Ethereum, especially with the rise of Ethereum-based networks in the real-world asset (RWA) market. Coinbase's

虽然比特币一直是加密货币之王，但以太坊正在采取行动。最近的数据表明，尽管比特币斑点ETF经历了净流出，但以太坊斑点ETF看到了大量的流入。这表明投资基金从比特币转变为以太坊，尤其是在现实世界中基于以太坊的网络（RWA）市场的兴起。 Coinbase的