巴西推出了世界上第一个位置XRP ETF，XRPH11，现在在B3 Exchange上进行交易

对于加密投资者来说，这是一个历史性的时刻！

Brazil has become the first country in the world to launch a spot XRP ETF, a move that has major implications for crypto investors and could pave the way for a U.S. XRP ETF.

巴西已成为世界上第一个推出XRP ETF的国家，此举对加密投资者具有重大影响，并可能为美国XRP ETF铺平道路。

The groundbreaking ETF, symbolized as XRPH11, is now live and trading on Brazil's B3 stock exchange. This development provides a fully regulated avenue for investors to gain exposure to XRP through the traditional financial markets.

象征为XRPH11的开创性ETF现在正在巴西的B3证券交易所进行生活和交易。这一开发为投资者提供了完全监管的途径，以通过传统的金融市场获得XRP的风险。

Clocking in at R$48.30, XRPH11 is now open for trading, allowing investors to buy and sell units of the ETF just like any stock.

XRPH11的价格为48.30新元，现在可以进行交易，使投资者像任何股票一样可以买卖ETF的单位。

However, it's worth noting that the ETF is denominated in Brazilian Real (BRL), rendering it inaccessible to U.S. investors at least for the time being.

但是，值得注意的是，ETF在巴西皇家（BRL）中被称为，至少暂时使美国投资者无法接近。

Despite this limitation, the launch of the XRP ETF in Brazil is a significant moment for the crypto community.

尽管有这一限制，但在巴西的XRP ETF推出是加密社区的重要时刻。

After months of anticipation and several attempts to get a U.S. listing, the first ETF to hit a major exchange is not a Bitcoin or Ethereum product, but rather an offering tied to the world’s sixth-largest cryptocurrency.

经过几个月的期待和几次尝试获取美国上市的尝试，第一个达成主要交易所的ETF不是比特币或以太坊产品，而是与世界第六大加密货币相关的产品。

The XRP ETF is being launched by brokerage firm Modal Capital, which also serves as the administrator of the product.

XRP ETF是由经纪公司Modal Capital推出的，该公司也是产品管理员。

Moreover, the São Paulo-based firm has been granted the status of a professional market maker for the ETF on B3.

此外，这家位于圣保罗的公司已获得B3的ETF专业做市商的地位。

Earlier this year, Modal Capital obtained approval from the Brazilian Securities Commission (CVM) to launch the XRPH11 ETF.

今年早些时候，Modal Capital获得了巴西证券委员会（CVM）的批准，以启动XRPH11 ETF。

This follows a two-year period in which CVM was working on regulations for crypto products, finally approved in December 2022.

这是在两年的时间内CVM致力于加密产品法规，最终于2022年12月批准。

In contrast, the U.S. Securities and Exchange Commission (SEC) has faced several setbacks in its attempts to approve crypto ETFs, notably due to concerns over market manipulation and investor protection.

相比之下，美国证券交易委员会（SEC）试图批准加密ETF，尤其是由于对市场操纵和投资者保护的担忧。

Earlier this year, a federal appeals court overturned a ruling by a lower court and sided with the SEC in its refusal to approve an application from asset manager Ark Invest and Cathie Wood to launch a spot Bitcoin ETF.

今年早些时候，联邦上诉法院推翻了下级法院的裁决，并支持SEC拒绝批准资产经理Ark Invest和Cathie Wood的申请，以推出现场比特币ETF。

However, the court's decision to vacate the lower court ruling might prompt the SEC to swiftly approve the Ark Invest and Cathie Wood ETF application.

但是，法院撤离下级法院裁决的决定可能会促使SEC迅速批准ARK Invest和Cathie Wood ETF申请。

Moreover, the SEC has been sued by several parties for delaying the approval process.

此外，SEC已被几个政党起诉，以延迟批准过程。

Earlier this month, a U.S. judge ordered the SEC to respond to a lawsuit filed by several crypto firms, including Coinbase (NASDAQ:COIN) and Circle, who are pushing for the approval of crypto ETFs.

本月初，美国法官命令SEC回应包括Coinbase（NASDAQ：COIN）在内的几家加密货币公司提起的诉讼，他们正在推动批准加密ETF的批准。

The SEC has until August 8 to file its response.

SEC必须在8月8日之前提交回应。

In April, the SEC staff recommended approval for two applications for a spot bitcoin ETF, notably from asset manager BlackRock (NYSE:BLK) and mutual fund provider WisdomTree (NYSE:WδίΜ).

4月，SEC的工作人员建议批准两项申请比特币ETF，特别是来自Asset Manager BlackRock（NYSE：BLK）和共同基金提供商WisdomTree（NYSE：Wδίμ）。

The applications were submitted earlier this year after the Supreme Court ruled in favor of the SEC in a case concerning futures ETFs.

这些申请是在最高法院裁定有利于SEC的期货ETF的案件后于今年早些时候提交的。

Following the Supreme Court ruling, there was widespread speculation that the SEC would now quickly approve applications for spot crypto ETFs.

在最高法院的裁决之后，人们普遍猜测，SEC现在将迅速批准Spot Crypto ETF的申请。

However, the SEC did not immediately approve the applications and instead requested additional time to review them.

但是，SEC没有立即批准申请，而是请求额外的时间来审查它们。

Despite this delay, the SEC staff's recommendation, and the subsequent move by the regulator to defer a decision on both applications until August 13, marks a crucial step toward potentially launching the first U.S. spot bitcoin ETFs by the end of the year.

尽管延迟了，SEC员工的建议以及监管机构随后将两种申请的决定推迟到8月13日的行动，这是朝着在今年年底之前推出美国首个美国现场比特币ETF的关键一步。

After reviewing the applications, the SEC staff determined that they met the relevant legal requirements and recommended approval.

在审查了申请后，SEC工作人员确定他们满足了相关的法律要求并建议批准。

In their recommendation, the SEC staff said they had no "objection" to the applications from BlackRock and WisdomTree.

SEC工作人员在建议中说，他们对BlackRock和WisdomTree的申请没有“反对”。

Both applications were submitted earlier this year after the Supreme Court ruled in favor of the SEC in a case concerning futures ETFs.

这两项申请均在最高法院在有关期货ETF的案件中裁定有利于SEC的裁决后，于今年早些时候提交。

The Supreme Court ruling created an opening for the SEC to quickly approve applications for spot crypto ETFs.

最高法院的裁决为SEC迅速批准了现场加密ETF的申请，为SEC创造了一个空缺。

Earlier this year, a lower court ruled in favor of the SEC in a case where the agency was attempting to block an application for a spot bitcoin ETF from Ark Invest and Cathie Wood.

今年早些时候，下级法院在该机构试图阻止ARK Invest和Cathie Wood的现场比特币ETF申请的情况下裁定支持SEC的裁决。

However, a federal appeals court overturned the lower court ruling and sided with the SEC.

但是，联邦上诉法院推翻了下级法院的裁决，并支持SEC。

The court's decision to vacate the lower court ruling might now prompt the SEC to rapidly approve the Ark Invest and Cathie Wood ETF application.

法院撤离下级法院裁决的决定现在可能会促使SEC迅速批准ARK Invest和Cathie Wood ETF申请。

Earlier this year, a U.S. judge ordered the SEC to respond to a lawsuit filed by several crypto firms, including Coinbase and Circle, who are pushing for the approval of crypto ETFs.

今年早些时候，一名美国法官命令SEC回应包括Coinbase和Circle在内的几家加密货币公司提起的诉讼，他们正在推动批准加密ETF。

The SEC has been sued by several parties for delaying the approval process.

SEC已被几个政党起诉，以延迟批准过程。

Earlier this month, a U.S. judge ordered the SEC to respond to a lawsuit filed by several crypto firms, including Coinbase and Circle, who are pushing for the approval of crypto ETFs.

本月初，美国法官命令SEC回应包括Coinbase和Circle在内的几家加密货币公司提起的诉讼，他们正在推动批准加密ETF。

The SEC has been sued by several parties for delaying the approval process.

SEC已被几个政党起诉，以延迟批准过程。

Earlier this month, a U.S. judge ordered the SEC to respond to a lawsuit filed by several crypto firms, including Coinbase and Circle, who are pushing for the approval of crypto ETFs.

本月初，美国法官命令SEC回应包括Coinbase和Circle在内的几家加密货币公司提起的诉讼，他们正在推动批准加密ETF。

The SEC has until August

SEC必须到八月