美国证券交易委员会 (SEC) 面临对以太坊 ETF 的关键裁决，分类问题挥之不去

美国证券交易委员会对第一个以太坊 ETF 申请的决定面临不确定性，因为最近的一份文件引发了人们对将以太币归类为证券的担忧。 SEC 的决定将影响多项待决申请的批准，并引发怀疑，导致分析师质疑 SEC 批准的可能性。目前正在调查中的以太币分类将决定这些 ETF 申请的命运，可能会影响其批准并影响投资者获得以太币。

SEC Poised to Rule on First Spot Ether ETF Application, but Filing Raises Classification Concerns

美国证券交易委员会 (SEC) 准备对首个现货以太 ETF 申请做出裁决，但备案引发分类担忧

The looming verdict from the U.S. Securities and Exchange Commission (SEC) on the first spot Ether exchange-traded fund (ETF) application by May 23rd has taken an unexpected turn. A recently unearthed filing has cast doubt over the entire class of Ether ETFs, raising questions about the cryptocurrency's classification.

美国证券交易委员会 (SEC) 即将于 5 月 23 日对第一个现货以太币交易所交易基金 (ETF) 申请作出裁决，这一结果出现了意想不到的变化。最近出土的一份文件对整个 ETH ETF 类别产生了怀疑，引发了对加密货币分类的质疑。

Concerns over Ether's Classification

对以太币分类的担忧

The filing, discovered by legal experts, stems from a March submission by BlackRock, which sought to list a spot Ether ETF on the Nasdaq. While the filing caused a delay in the SEC's decision on BlackRock's ETF until June, it also brought forth a critical question: can Ether be categorized as a commodity to qualify for a commodity-based ETF structure?

法律专家发现的这份文件源自贝莱德 3 月份提交的文件，该公司试图在纳斯达克上市以太币 ETF 现货。虽然该文件导致 SEC 对贝莱德 ETF 的决定推迟到 6 月，但它也提出了一个关键问题：以太坊是否可以被归类为商品以获得基于商品的 ETF 结构的资格？

Analysts speculate that this move by the SEC could be a deliberate strategy to reject spot Ether ETF applications. "The filing suggests they might deny these applications on the grounds that they're improperly filed as commodity-based trusts holding a security," explains Scott Johnsson, an Associate at Davis Polk and Wardwell.

分析师推测，SEC 此举可能是有意拒绝以太坊 ETF 现货申请的策略。 Davis Polk 和 Wardwell 的合伙人 Scott Johnsson 解释说：“该文件表明，他们可能会拒绝这些申请，理由是这些申请被不恰当地归档为持有证券的基于商品的信托。”

This aligns with the prevailing skepticism surrounding spot Ether ETF approvals. Bloomberg ETF analyst Eric Balchunas believes the SEC's chances of approving these ETFs are "slim to none."

这与人们对以太坊现货 ETF 批准普遍持怀疑态度是一致的。彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 认为，美国证券交易委员会批准这些 ETF 的机会“微乎其微”。

Fate of Other Applications Hangs in the Balance

其他应用程序的命运悬而未决

The fate of numerous spot Ether ETF applications now rests on the SEC's decision regarding VanEck's offering, which is first in line for consideration. If rejected, similar denials could follow for applications from ARK 21Shares, Hashdex, Invesco Galaxy, BlackRock, and Fidelity. Notably, Grayscale withdrew its spot Ether ETF application earlier in May, adding to the uncertainty.

目前，众多现货以太 ETF 申请的命运取决于 SEC 对 VanEck 发行的决定，这是首先考虑的。如果被拒绝，ARK 21Shares、Hashdex、Invesco Galaxy、BlackRock 和 Fidelity 的申请也可能会遭到类似的拒绝。值得注意的是，Grayscale 在 5 月初撤回了以太坊 ETF 现货申请，这增加了不确定性。

The Core Issue: Ether's Classification

核心问题：以太币的分类

The crux of the matter lies in how the SEC classifies Ether. SEC Chair Gary Gensler has previously suggested that Ether may not be a security. However, reports indicate that an ongoing SEC investigation into the cryptocurrency is underway. This, coupled with the recent filing, has created confusion within the industry.

问题的关键在于 SEC 如何对以太币进行分类。 SEC 主席加里·詹斯勒 (Gary Gensler) 此前曾表示，以太坊可能不是一种证券。然而，有报道称，美国证券交易委员会正在对加密货币进行调查。再加上最近的申请，在行业内造成了混乱。

Eyes on SEC Verdict and Gensler's Speech

关注 SEC 的判决和 Gensler 的演讲

All eyes will be on the SEC as it decides VanEck's application on May 23rd. Additionally, Chair Gensler's speech at the Investment Company Institute summit on the same day may provide insights into the SEC's stance towards Ether and spot Ether ETFs.

所有目光都将集中在 SEC 身上，因为 SEC 将于 5 月 23 日对 VanEck 的申请做出决定。此外，Gensler 主席当天在投资公司协会峰会上的演讲可能会让人深入了解 SEC 对以太坊和现货以太坊 ETF 的立场。

Potential Challenges and Implications

潜在的挑战和影响

The industry could potentially challenge Ether's security classification in court, potentially delaying any final decision on spot Ether ETFs. Grayscale's withdrawal of its application may signal a shift in strategy rather than a reflection on the overall viability of spot Ether ETFs.

该行业可能会在法庭上质疑以太币的安全分类，从而可能推迟对现货以太币 ETF 的任何最终决定。 Grayscale 撤回申请可能标志着策略的转变，而不是对现货以太 ETF 整体生存能力的反映。

Even if the SEC rejects VanEck's application, it does not necessarily mean that all future applications will be denied.

即使 SEC 拒绝 VanEck 的申请，也并不一定意味着未来所有的申请都会被拒绝。

Significance of the Decision

该决定的意义

The SEC's decision on the first spot Ether ETF application could set a precedent for the entire class, potentially impeding efforts to bring these investment vehicles to market. It could also impact how investors access and trade Ether, a prominent cryptocurrency with significant influence on the broader market.

美国证券交易委员会对第一个以太坊 ETF 现货申请的决定可能会为整个类别树立先例，可能会阻碍将这些投资工具推向市场的努力。它还可能影响投资者获取和交易以太币的方式，以太币是一种对更广泛市场具有重大影响的著名加密货币。

Related News

相关新闻

• Ethereum Gas Fees Plummet to Lowest Levels in Years: This article explores the sustainability of declining Ethereum gas fees.
• Grayscale Drops Ether Futures ETF Bid as SEC Stalls Approval: This article discusses the implications of Grayscale's withdrawal of its Ether futures ETF application amid SEC delays.

以太坊 Gas 费跌至多年来最低水平：本文探讨了以太坊 Gas 费下降的可持续性。随着 SEC 搁置批准，Grayscale 降低了以太坊期货 ETF 出价：本文讨论了 Grayscale 在 SEC 延迟期间撤回其以太坊期货 ETF 申请的影响。