DTCC 更新抵押品估值，停止加密 ETF

自 2024 年 4 月 30 日起，存款信托与清算公司 (DTCC) 将实施抵押品估值变更，包括涉及比特币和其他加密货币的交易所交易基金的抵押品价值减少 100%。此举符合 DTCC 不为此类 ETF 提供抵押品或提供贷款的决定。

DTCC Revises Collateral Valuation, Excluding Bitcoin ETFs

DTCC 修改抵押品估值，不包括比特币 ETF

New York, NY - April 27, 2024 - The Depository Trust & Clearing Corporation (DTCC), a critical infrastructure provider for the US securities market, has announced significant changes to its collateral valuation policies, effective April 30, 2024. These changes will have a direct impact on exchange-traded funds (ETFs) backed by Bitcoin or other cryptocurrencies, effectively eliminating their collateral value and raising concerns within the crypto industry.

纽约州纽约 - 2024 年 4 月 27 日 - 美国证券市场的关键基础设施提供商美国存管信托与清算公司 (DTCC) 宣布对其抵押品估值政策进行重大变更，并于 2024 年 4 月 30 日生效。这些变更将对比特币或其他加密货币支持的交易所交易基金（ETF）产生直接影响，有效消除了其抵押品价值并引起了加密行业的担忧。

No Collateral for Bitcoin ETFs

比特币 ETF 无需抵押

The DTCC has明确表示，它将不再为涉及比特币或其他加密货币的交易所交易基金（ETF）提供抵押或发放贷款。这清楚地表明了DTCC对加密资产作为金融担保的不信任。

The DTCC has明确表示，它将不再为涉及比特币或其他加密货币的交易所交易基金（ETF）提供抵押或发放贷款。这清楚地表明了DTCC对加密资产作为金融担保的不信任。

Impact on Crypto ETFs

对加密货币 ETF 的影响

This decision has raised concerns among crypto investors and analysts, as spot Bitcoin ETFs have grown in popularity, attracting billions of dollars in investments since their launch just three months ago. The DTCC's move could significantly impact the value and liquidity of these ETFs.

这一决定引起了加密货币投资者和分析师的担忧，因为现货比特币 ETF 越来越受欢迎，自三个月前推出以来吸引了数十亿美元的投资。 DTCC 的举措可能会对这些 ETF 的价值和流动性产生重大影响。

Collateral Values Reduced by 100%

抵押品价值减少 100%

According to the DTCC announcement, these ETFs will no longer be assigned any collateral value, effectively reducing their collateral value by 100%. This could lead to increased margin calls for investors holding these ETFs, forcing them to either provide additional collateral or sell their positions.

根据 DTCC 公告，这些 ETF 将不再被分配任何抵押品价值，从而有效地将其抵押品价值减少 100%。这可能会导致持有这些 ETF 的投资者追加保证金要求增加，迫使他们要么提供额外的抵押品，要么出售头寸。

Concerns Over Bank Lending

对银行贷款的担忧

The DTCC's decision could also affect the ability of banks to lend against crypto ETFs as collateral. Traditionally, banks have relied on collateral to secure their loans, but the DTCC's move effectively eliminates this option for crypto ETFs.

DTCC 的决定还可能影响银行以加密 ETF 作为抵押品放贷的能力。传统上，银行依靠抵押品来获得贷款，但 DTCC 的举措实际上消除了加密 ETF 的这种选择。

Market Reaction

市场反应

The news has had a negative impact on the crypto market, particularly on Bitcoin. The price of Bitcoin has dropped by approximately 2.2% in the last 24 hours, reflecting investor concerns about the DTCC's decision.

该消息对加密市场产生了负面影响，尤其是比特币。过去 24 小时内，比特币价格下跌约 2.2%，反映出投资者对 DTCC 决定的担忧。

Analyst Commentary

分析师评论

Analysts have expressed mixed reactions to the DTCC's move. Some believe it is a prudent decision given the inherent volatility of cryptocurrencies, while others argue that it stifles innovation and deprives investors of access to new asset classes.

分析师对 DTCC 的举动反应不一。一些人认为，考虑到加密货币固有的波动性，这是一个谨慎的决定，而另一些人则认为，这会扼杀创新并剥夺投资者获得新资产类别的机会。

Outlook for Crypto ETFs

加密货币 ETF 的展望

The long-term impact of the DTCC's decision on crypto ETFs remains to be seen. It is possible that these ETFs will continue to trade in the secondary market, albeit with reduced liquidity. However, it is also possible that the lack of collateral support could lead to a decline in investor interest and a reduction in their overall market value.

DTCC 的决定对加密 ETF 的长期影响仍有待观察。尽管流动性有所减少，但这些 ETF 可能会继续在二级市场上交易。然而，缺乏抵押品支持也有可能导致投资者兴趣下降及其整体市场价值下降。

DTCC's Stance on Crypto

DTCC 对加密货币的立场

The DTCC's decision highlights the ongoing skepticism and regulatory challenges faced by cryptocurrencies in traditional financial markets. It remains to be seen whether other financial institutions will follow DTCC's lead or explore more innovative approaches to incorporating crypto assets into their operations.

DTCC 的决定凸显了加密货币在传统金融市场中持续面临的怀疑和监管挑战。其他金融机构是否会效仿 DTCC 的领导或探索更多创新方法将加密资产纳入其运营仍有待观察。

Crypto Market Developments

加密货币市场发展

Despite the DTCC's decision, interest in cryptocurrencies continues to grow in the traditional financial sector. Major banks such as Goldman Sachs and BNY Mellon have expressed interest in gaining exposure to Bitcoin ETFs. However, recent outflows from spot Bitcoin ETFs suggest that investors remain cautious about the short-term prospects of these products.

尽管 DTCC 做出了决定，但传统金融领域对加密货币的兴趣仍在持续增长。高盛和纽约梅隆银行等主要银行已表示有兴趣投资比特币 ETF。然而，最近现货比特币 ETF 的资金流出表明投资者对这些产品的短期前景保持谨慎。

Conclusion

结论

The DTCC's decision has sent shockwaves through the crypto industry, raising concerns about the future of crypto ETFs and the regulatory landscape for cryptocurrencies in traditional financial markets. While it is too early to predict the full impact of this move, it is evident that the integration of crypto assets into mainstream finance remains a complex and evolving challenge.

DTCC 的决定震惊了整个加密行业，引发了人们对加密 ETF 未来以及传统金融市场加密货币监管环境的担忧。虽然现在预测这一举措的全面影响还为时过早，但很明显，将加密资产融入主流金融仍然是一个复杂且不断变化的挑战。