SEC 以太坊分类迫在眉睫，给加密行业蒙上阴影

MicroStrategy 的创始人 Michael Saylor 预测 SEC 将把以太坊等主要加密货币归类为证券，从而阻碍现货 ETF 的批准。他认为以太坊、币安币、Solana、Ripple 和 Cardano 将面临监管障碍，而比特币仍然被视为机构级资产。 Saylor 的言论让人们对以太坊 ETF 的近期前景产生了怀疑，这与 SEC 最近的推迟以及行业分析师的怀疑是一致的。

Cryptocurrency Industry Faces Hurdles as SEC Looms over Ethereum Classification

美国证券交易委员会对以太坊分类迫在眉睫，加密货币行业面临障碍

MicroStrategy's Michael Saylor, a vocal advocate for Bitcoin and an influential figure within the cryptocurrency industry, has issued a stark warning: the Securities and Exchange Commission (SEC) is poised to classify major cryptocurrencies like Ethereum (ETH) and others as securities, not commodities. This impending regulatory shift, Saylor predicts, will quash all hopes for spot Ethereum exchange-traded funds (ETFs) this summer.

MicroStrategy 的 Michael Saylor 是比特币的直言不讳的倡导者，也是加密货币行业的一位有影响力的人物，他发出了严厉警告：美国证券交易委员会 (SEC) 准备将以太坊 (ETH) 等主要加密货币和其他加密货币归类为证券，而不是商品。塞勒预测，即将到来的监管转变将使今年夏天以太坊交易所交易基金（ETF）现货的所有希望破灭。

Saylor's apprehensions extend beyond Ethereum, encompassing other prominent cryptocurrencies such as Binance Coin (BNB), Solana (SOL), Ripple (XRP), and Cardano (ADA). During his address at the MicroStrategy World 2024 conference, he declared:

Saylor 的担忧不仅限于以太坊，还包括其他著名的加密货币，例如币安币 (BNB)、Solana (SOL)、Ripple (XRP) 和 Cardano (ADA)。在 MicroStrategy World 2024 会议上的演讲中，他宣布：

"Ethereum is deemed to be a crypto asset security, not a commodity. After that, you're gonna see that Ethereum, BNB, Solana, Ripple, Cardano, everything down the stack is just crypto-asset securities unregistered."

“以太坊被认为是一种加密资产证券，而不是一种商品。在那之后，你会看到以太坊、BNB、Solana、Ripple、Cardano，所有这些都只是未注册的加密资产证券。”

Saylor's remarks underscore a deep-seated skepticism about the viability of these assets to gain widespread acceptance as mainstream financial products, particularly spot ETFs, which serve as gateways for institutional investment.

塞勒的言论凸显了人们对这些资产作为主流金融产品（尤其是作为机构投资门户的现货ETF）获得广泛接受的可行性的根深蒂固的怀疑。

"None of these tokens will ever be wrapped by a spot ETF, none of them will be accepted by Wall Street, none of them will be accepted by mainstream institutional investors as crypto assets," Saylor emphasized.

Saylor 强调：“这些代币都不会被现货 ETF 包装，不会被华尔街接受，也不会被主流机构投资者接受为加密资产。”

In stark contrast to his bearish views on these cryptocurrencies, Saylor reaffirmed Bitcoin's supremacy as the premier digital asset, uniquely recognized as an institutional-grade investment. Bitcoin, he posits, stands as the "one universal" crypto asset that has achieved full institutional acceptance. This distinction highlights the resilience of Bitcoin's status and its potential to remain largely unscathed by the regulatory headwinds that may ensnare other cryptocurrencies.

与他对这些加密货币的悲观观点形成鲜明对比，塞勒重申了比特币作为首要数字资产的至高地位，被独特地视为机构级投资。他认为，比特币是一种“通用的”加密资产，已获得机构的充分认可。这种区别凸显了比特币地位的弹性，以及它在很大程度上不受可能困扰其他加密货币的监管阻力影响的潜力。

Diminishing Prospects for Ethereum ETF

以太坊 ETF 前景黯淡

The outlook for an Ethereum ETF has taken a decidedly pessimistic turn, with recent developments and expert opinions painting a bleak picture. Justin Sun, the CEO of Tron (TRX), echoed Saylor's sentiment, highlighting the uphill battle Ethereum faces in gaining regulatory approval:

以太坊 ETF 的前景明显变得悲观，最近的事态发展和专家意见描绘了一幅黯淡的景象。 Tron（TRX）首席执行官孙宇晨（Justin Sun）呼应了 Saylor 的观点，强调了以太坊在获得监管批准方面面临的艰苦战斗：

"My honest opinion (NFA) is that an Ethereum ETF won't be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we've always been here, haven't we?"

“我的诚实观点（NFA）是以太坊 ETF 不会在 5 月份获得批准。加密行业仍然需要为监管机构的长期教育做好准备，重点是帮助他们了解加密。但我们一直都在这里，不是吗？”

This aligns with the SEC's cautious stance, which manifested in the recent postponement of its decision on Franklin Templeton's proposed spot Ethereum ETF until June 11, 2024. James Seyffart, an analyst from Bloomberg Intelligence, expressed skepticism, indicating that the current batch of Ether ETF applications could face rejection.

这与 SEC 的谨慎立场相一致，这一立场体现在最近将富兰克林邓普顿提议的以太坊 ETF 现货决定推迟至 2024 年 6 月 11 日。彭博资讯 (Bloomberg Intelligence) 分析师 James Seyffart 表示怀疑，表示当前批次的以太坊 ETF申请可能会面临拒绝。

The SEC's public comment period, initiated in April, sought feedback on proposals from firms such as Bitwise Ethereum Trust and Fidelity Ethereum Fund, further accentuates the regulatory uncertainties surrounding Ethereum and the cryptocurrency industry at large.

美国证券交易委员会于 4 月份启动的公开征求意见期，征求了 Bitwise Ethereum Trust 和 Fidelity Ethereum Fund 等公司提案的反馈意见，这进一步加剧了围绕以太坊和整个加密货币行业的监管不确定性。

Optimism Amidst Pessimism

悲观中的乐观

Despite the prevailing pessimistic outlook, some industry observers, such as Larry Fink, CEO of BlackRock, retain a glimmer of optimism. Fink alluded to the possibility of an Ethereum ETF even if ETH is classified as a security, with BlackRock actively exploring the feasibility of launching such a product.

尽管前景普遍悲观，但贝莱德首席执行官拉里·芬克(Larry Fink)等一些行业观察家仍保持着一线乐观态度。芬克提到了以太坊 ETF 的可能性，即使 ETH 被归类为证券，贝莱德也在积极探索推出此类产品的可行性。

The upcoming SEC decision on May 23, which includes deliberations on VanEck's ETF proposal among others, will serve as a pivotal moment, shaping the future landscape for Ethereum and potentially setting a precedent for the perception and regulation of other cryptocurrencies.

美国证券交易委员会即将于 5 月 23 日作出的决定，其中包括对 VanEck 的 ETF 提案等的审议，将成为一个关键时刻，塑造以太坊的未来格局，并可能为其他加密货币的认知和监管树立先例。

Conclusion

结论

The cryptocurrency industry stands at a crossroads, facing potential regulatory hurdles that could reshape the landscape. Ethereum, once hailed as the "king of altcoins," may face an uncertain future as the SEC weighs its classification and the prospects for spot ETFs dwindle. While some industry experts remain cautiously optimistic, Saylor's warnings serve as a stark reminder that the regulatory playing field is shifting, and the path forward for many cryptocurrencies remains far from clear.

加密货币行业正处于十字路口，面临着可能重塑格局的潜在监管障碍。以太坊，曾经被誉为“山寨币之王”，随着美国证券交易委员会（SEC）权衡其分类以及现货 ETF 前景黯淡，以太坊可能面临不确定的未来。尽管一些行业专家仍保持谨慎乐观，但塞勒的警告清楚地提醒人们，监管竞争环境正在发生变化，许多加密货币的前进道路仍远未明朗。