以太坊 ETF 清除了主要障碍，但 SEC 尚未批准其交易

在美国证券交易委员会批准后，现货以太坊（ETH）交易所交易基金周四向现实迈出了一大步

The U.S. Securities and Exchange Commission (SEC) on Thursday approved key regulatory filings tied to spot ether (ETH) exchange-traded funds (ETFs), a giant leap toward the second-largest cryptocurrency getting its own ETF.

美国证券交易委员会 (SEC) 周四批准了与现货以太坊 (ETH) 交易所交易基金 (ETF) 相关的关键监管文件，这是第二大加密货币拥有自己的 ETF 的巨大飞跃。

They are not yet cleared to trade, though. The SEC gave its blessing to so-called 19b-4 forms tied to the ETFs, but the regulator must approve their S-1 filings before investors can buy them.

不过，它们尚未获准进行交易。美国证券交易委员会批准了与 ETF 相关的所谓 19b-4 表格，但监管机构必须批准其 S-1 申请，投资者才能购买它们。

The approval follows a stunning turnaround by the markets regulator. After clearing spot bitcoin ETFs earlier this year, the SEC didn't seem to engage much with issuers on ether ETFs. That changed in recent days.

此次批准是在市场监管机构取得惊人转变之后获得的。在今年早些时候清算了比特币 ETF 现货之后，美国证券交易委员会似乎并没有与以太坊 ETF 发行人进行太多接触。最近几天情况发生了变化。

"A week ago, I would've said you were a little crazy to think that these ETFs were going to get SEC approval," James Seyffart, ETF analyst at Bloomberg Intelligence, said in an interview ahead of the decision.

彭博资讯 (Bloomberg Intelligence) 的 ETF 分析师詹姆斯·塞法特 (James Seyffart) 在做出决定前接受采访时表示：“一周前，我会说，你认为这些 ETF 将获得 SEC 的批准有点疯狂。”

In a statement, a Grayscale spokesperson confirmed the regulator had approved its 19b-4.

Grayscale 发言人在一份声明中证实监管机构已批准其 19b-4。

"At Grayscale, we appreciate the opportunity to engage constructively with regulators as they review spot Ethereum ETFs, and we remain optimistic about the potential of bringing Ethereum further into the US regulatory perimeter in the ETF wrapper," they said.

他们表示：“在 Grayscale，我们很高兴有机会在监管机构审查现货以太坊 ETF 时与他们进行建设性接触，并且我们对将以太坊进一步纳入 ETF 包装的美国监管范围的潜力保持乐观。”

Would-be spot ether ETF issuers include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares and Invesco/Galaxy.

潜在的以太币现货 ETF 发行人包括 BlackRock、Fidelity、Grayscale、VanEck、Franklin Templeton、Ark/21Shares 和 Invesco/Galaxy。

Although the approval of the 19b-4 filings suggests that regulators are willing to allow issuers to bring a spot ether ETF on the market, it doesn't guarantee that they will ultimately approve the final S-1 forms filed by all issuers.

尽管 19b-4 文件的批准表明监管机构愿意允许发行人将现货以太坊 ETF 推向市场，但这并不能保证他们最终会批准所有发行人提交的最终 S-1 表格。

"There is likely to be a gap before we see S-1 approvals and these ETFs begin trading. My guess is that this will take at least a week, but likely more. If history is any guide it could be much longer and be measured in months. But I personally think the gap will be measured in weeks. Everyone is just guessing right now though.” Seyffart said.

“在我们看到 S-1 获得批准以及这些 ETF 开始交易之前，可能会存在一段时间间隔。我的猜测是，这至少需要一周时间，但可能会更长。如果历史有任何指导意义的话，时间可能会更长并且需要衡量但我个人认为，现在每个人都只是在猜测。”塞法特说道。

Regulators sent a shock wave through the industry on Monday when reports came out that issuers were asked to update their 19b-4 filings ahead of the SEC's deadline to approve or deny one of the issuers, VanEck’s filing.

周一，有报道称，发行人被要求在 SEC 批准或拒绝其中一家发行人 VanEck 提交的文件的最后期限之前更新其 19b-4 文件，监管机构在整个行业引起了震动。

An SEC spokesperson said the agency would not comment beyond what's in the order published Thursday.

美国证券交易委员会发言人表示，除了周四发布的命令中的内容外，该机构不会发表评论。

In a statement, 21Shares Head of Legal Andrew Jacobson said the approval was "a significant step in the right direction."

21Shares 法律主管安德鲁·雅各布森 (Andrew Jacobson) 在一份声明中表示，此次批准是“朝着正确方向迈出的重要一步”。

Cboe Global Head of ETP Listings Rob Marrocco said the exchange, which plans to list five different spot ether ETF products, was "excited to expand our offerings" to the ETFs. The 19b-4 approval is a step toward those listings.

芝加哥期权交易所 (Cboe) ETP 上市全球主管 Rob Marrocco 表示，该交易所计划上市五种不同的现货以太坊 ETF 产品，“很高兴将我们的产品范围扩展到 ETF”。 19b-4 的批准是朝着这些上市迈出的一步。

"The introduction of spot bitcoin ETFs in January has already demonstrated significant benefits for the digital assets and ETF space, and we believe that spot Ether ETFs will similarly provide safeguards for U.S. investors, allowing them to gain Ether exposure in a transparent, well-regulated and easily accessible structure," he said.

“一月份推出的现货比特币 ETF 已经证明了数字资产和 ETF 领域的巨大优势，我们相信现货以太坊 ETF 也将为美国投资者提供类似的保障，使他们能够以透明、监管良好的方式获得以太币敞口。和易于访问的结构，”他说。

The exchange will continue working with the SEC to bring the ETFs to market, he said.

他表示，该交易所将继续与 SEC 合作，将 ETF 推向市场。

VanEck expects to be the first issuer to launch its spot ether ETF, said the company's head of digital assets research, Matthew Sigal.

VanEck 数字资产研究主管 Matthew Sigal 表示，VanEck 预计将成为第一家推出现货以太 ETF 的发行人。