以太坊 ETF 清除了主要障碍，但 SEC 尚未批准其交易

美国证券交易委员会 (SEC) 昨天证实，它已批准重要的规则变更，以允许交易所交易基金持有以太坊的原生代币 ETH。

The U.S. Securities and Exchange Commission (SEC) on Friday gave critical approval for exchange-traded funds (ETFs) to begin listing a product that tracks the performance of Ethereum’s native token, ETH. The move comes as a surprise to many in the crypto industry, who had largely given up hope on seeing a spot ether ETF approved this year.

美国证券交易委员会 (SEC) 周五对交易所交易基金 (ETF) 给予了严格批准，开始上市追踪以太坊原生代币 ETH 表现的产品。此举令加密行业的许多人感到惊讶，他们基本上已经放弃了今年以太币现货 ETF 获得批准的希望。

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注：本专栏中表达的观点仅代表作者的观点，并不一定反映 CoinDesk, Inc. 或其所有者和关联公司的观点。

The SEC’s decision to approve these products now seems just as arbitrary as its decision to hold out on approving them for so long. In an interview with CoinDesk’s Jesse Hamilton hours before the approval became public, Gensler said he’d follow “how the courts interpret the law” and that the “DC Circuit took a different view, and we took that into consideration and pivoted.”

美国证券交易委员会批准这些产品的决定现在看来就像其长期拖延批准这些产品的决定一样武断。在批准公开之前几个小时，Gensler 在接受 CoinDesk 的杰西·汉密尔顿 (Jesse Hamilton) 采访时表示，他将遵循“法院如何解释法律”，并且“华盛顿特区巡回法院采取了不同的观点，我们考虑了这一点并进行了调整。”

As many have already noted, it appears there has been a seachange regarding crypto’s regulatory situation. On Thursday, the House took a historic vote to approve the most substantive piece of crypto-specific legislation to date. This came on the heels of both the upper and lower houses of Congress voting to repeal a controversial SEC crypto custody accounting rule.

正如许多人已经指出的那样，加密货币的监管状况似乎发生了巨大变化。周四，众议院进行了历史性投票，批准了迄今为止最具实质性的加密货币立法。在此之前，国会上下两院都投票废除了有争议的 SEC 加密货币托管会计规则。

With significant participation from Democrats in both bills, it appears that the U.S. government’s long war on crypto is nearing an end. Notably, President Biden announced that he wouldn’t veto the crypto market structure bill, FIT21, which the White House officially opposes – a pretty major concession.

随着民主党人对两项法案的大力参与，美国政府对加密货币的长期战争似乎即将结束。值得注意的是，拜登总统宣布他不会否决白宫正式反对的加密货币市场结构法案 FIT21——这是一个相当重大的让步。

It’s possible that all these events on the Hill acted like a temperature check, and helped convince Gensler that his approach to crypto was becoming a political hazard. Afterall, former President Donald Trump did just announce his support for crypto in a big way – and denying ETH ETFs on the basis, purportedly, that the SEC wasn’t having “productive” meetings with applicants would be great ammunition.

山上发生的所有这些事件可能都起到了体温检查的作用，并帮助 Gensler 相信他对加密货币的态度正在成为一种政治风险。毕竟，前总统唐纳德·特朗普刚刚宣布了他对加密货币的大力支持，并以 SEC 没有与申请人举行“富有成效”的会议为由拒绝 ETH ETF，这将是很好的弹药。

To be sure, the SEC didn’t approve ETH ETFs to actually list anytime soon – just the Cboe, NYSE Arca and Nasdaq’s 19b-4 proposals, which would allow them to list the funds once firms like Ark Invest, Bitwise, BlackRock, Fidelity and Grayscale, among others, get their S-1 filings approved. That could take months.

可以肯定的是，SEC 并没有批准 ETH ETF 很快上市——只是 Cboe、NYSE Arca 和纳斯达克的 19b-4 提案，这将允许他们在 Ark Invest、Bitwise、BlackRock、Fidelity 等公司上市后将基金上市和 Grayscale 等公司的 S-1 申请获得批准。这可能需要几个月的时间。

Well first off, the launch of spot ETH funds means that there may soon be a lot more institutional interest in the second largest cryptocurrency. Not only did the move act as a sort of stamp of approval, it will also create a familiar on-ramp for buying the asset for anyone from mom and pop investors looking to diversify their 401(k)s to hedge funds, much in the same way ETFs did for bitcoin.

首先，现货 ETH 基金的推出意味着可能很快就会有更多机构对第二大加密货币产生兴趣。此举不仅起到了某种批准的作用，而且还为任何希望将 401(k) 多元化的散户投资者和对冲基金（很大程度上是在美国）购买该资产创造了一个熟悉的入口。就像 ETF 对比特币所做的那样。