DTCC 贬值比特币 ETF，分配零抵押品价值

从 4 月 30 日开始，DTCC 将为包含比特币 (BTC) 或加密货币作为基础资产的贸易交易基金 (ETF) 分配零抵押品价值。Custodia 金融机构首席执行官 Caitlin Long 支持这一举措，因为它减少了基于杠杆的金融化实践，从而缓解了金融体系内部的风险。 Long 强调，该决议将阻止华尔街使用比特币 ETF 玩金融游戏，而由此产生的任何问题都可能归咎于比特币 ETF。

Depository Trust and Clearing Corporation (DTCC) Assigns Zero Collateral Value to Bitcoin-Based Exchange-Traded Funds (ETFs)

存款信托和清算公司 (DTCC) 为基于比特币的交易所交易基金 (ETF) 分配零抵押品价值

Introduction

介绍

On April 30, 2023, the Depository Trust and Clearing Corporation (DTCC) will implement amendments to collateral values for certain securities, including Exchange-Traded Funds (ETFs) that have exposure to Bitcoin or other cryptocurrencies. This decision marks a significant shift in the treatment of Bitcoin ETFs by a major financial institution, and has drawn both support and skepticism from market participants.

2023 年 4 月 30 日，美国存托信托和清算公司 (DTCC) 将对某些证券的抵押品价值进行修订，包括涉及比特币或其他加密货币的交易所交易基金 (ETF)。这一决定标志着一家主要金融机构对待比特币 ETF 的重大转变，并引起了市场参与者的支持和怀疑。

Caitlin Long's Perspective

凯特琳·朗的观点

Caitlin Long, the CEO of Custodia Financial Institution, has expressed her support for DTCC's decision. In a social media post, Long stated that the move will help mitigate risk in the financial system and reduce the leverage-based financialization practices that Wall Street might have engaged in with Bitcoin ETFs.

Custodia 金融机构首席执行官 Caitlin Long 表示支持 DTCC 的决定。 Long 在社交媒体帖子中表示，此举将有助于降低金融体系的风险，并减少华尔街可能通过比特币 ETF 进行的基于杠杆的金融化做法。

"I have no problem with this because it reduces the leverage-based financialization games that #WallSt might have played (& upon which TPTB would have blamed #Bitcoin for the inevitable problems even tho they’d have had nothing to do with Bitcoin itself)," Long wrote.

“我对此没有任何问题，因为它减少了 #WallSt 可能玩过的基于杠杆的金融化游戏（TPTB 会因此将不可避免的问题归咎于 #Bitcoin，即使他们与比特币本身无关） ，”朗写道。

Implications for Crypto ETFs

对加密货币 ETF 的影响

DTCC's decision will affect the collateral values for certain securities within its line-of-credit facility. However, it is important to note that the role of crypto ETFs as investment vehicles and as collateral in brokerage activities remains unaffected.

DTCC 的决定将影响其信贷额度内某些证券的抵押品价值。然而，值得注意的是，加密货币 ETF 作为投资工具和经纪活动抵押品的作用仍然不受影响。

Despite DTCC's move, institutional interest in crypto investment products remains strong. Spot Bitcoin ETFs, which launched in the United States in October 2022, have collectively amassed over $12.5 billion in assets under management (AUM) within just three months.

尽管 DTCC 采取了这一举措，机构对加密货币投资产品的兴趣仍然强劲。现货比特币 ETF 于 2022 年 10 月在美国推出，短短三个月内管理资产 (AUM) 总计超过 125 亿美元。

Outflows from Bitcoin ETFs

比特币 ETF 资金流出

It is worth noting that Bitcoin ETFs have experienced significant outflows recently. According to data from ETF.com, U.S. Bitcoin ETFs saw outflows of $328 million this week, indicating a cooling of investor sentiment towards these funds.

值得注意的是，比特币ETF近期出现大幅资金流出。 ETF.com 的数据显示，本周美国比特币 ETF 资金流出 3.28 亿美元，表明投资者对这些基金的情绪降温。

Custodia Financial Institution vs. Federal Reserve

托管金融机构与美联储

Custodia Financial Institution is currently engaged in a legal battle with the Federal Reserve over the latter's denial of a master account to the Wyoming-based bank. Custodia has filed a notice of intent to appeal a recent ruling by a Wyoming district judge that upheld the Federal Reserve's authority to do so.

Custodia 金融机构目前正在与美联储就后者拒绝向这家位于怀俄明州的银行提供主账户进行法律诉讼。 Custodia 已提交一份意向通知，对怀俄明州地区法官最近做出的一项裁决提出上诉，该裁决维持了美联储这样做的权力。

The outcome of the appeal could have significant implications for Custodia and for banks seeking to provide services to crypto companies. A favorable ruling for Custodia could strengthen its position in the lawsuit and potentially open the door to greater financial institution involvement in the crypto industry.

上诉的结果可能会对 Custodia 以及寻求向加密货币公司提供服务的银行产生重大影响。对 Custodia 有利的裁决可能会加强其在诉讼中的地位，并可能为金融机构更多地参与加密货币行业打开大门。

Conclusion

结论

The DTCC's decision to assign zero collateral value to Bitcoin ETFs underscores the evolving regulatory landscape for cryptocurrencies. It remains to be seen how this decision will impact the adoption and usage of crypto-related investment products. However, it is clear that institutional interest in crypto remains strong, despite recent outflows from Bitcoin ETFs. The outcome of Custodia Financial Institution's appeal against the Federal Reserve will also be closely watched, as it could have broader implications for the relationship between banks and crypto companies.

DTCC 决定为比特币 ETF 指定零抵押品价值，凸显了加密货币不断变化的监管环境。这一决定将如何影响加密相关投资产品的采用和使用还有待观察。然而，很明显，尽管最近有比特币 ETF 资金流出，但机构对加密货币的兴趣仍然强劲。 Custodia 金融机构对美联储上诉的结果也将受到密切关注，因为它可能对银行和加密货币公司之间的关系产生更广泛的影响。