交易所等待 SEC 关于比特币 ETF 期权交易的决定

周四是令人兴奋的一天，芝加哥期权交易所、纳斯达克和纽约证券交易所撤回了之前的申请。为什么这三个交易所似乎一致行动，这一点已经部分清楚了。然而，芝加哥期权交易所重新提交申请的决定表明，这一选择背后的理由更为微妙。

The Securities and Exchange Commission (SEC) has received applications from several exchanges to trade Bitcoin exchange-traded fund (ETF) options. According to a post by James Seyffart, three exchanges withdrew their requests to market Bitcoin ETF options on that site.

美国证券交易委员会（SEC）已收到多家交易所提出的交易比特币交易所交易基金（ETF）期权的申请。根据 James Seyffart 的帖子，三个交易所撤回了在该网站上销售比特币 ETF 期权的请求。

However, he said, the most well-known exchanges, such as Nasdaq and the New York Stock Exchange (NYSE), are still included on the list.

不过，他表示，最知名的交易所，例如纳斯达克和纽约证券交易所（NYSE），仍然包含在名单中。

According to his analysis, there has been movement in the Bitcoin ETF options applications since the Chicago Board Options Exchange (CBOE) withdrew its application. CBOE, however, submitted a wholly revised and fresh application.

根据他的分析，自芝加哥期权交易所（CBOE）撤回申请以来，比特币 ETF 期权申请发生了变化。然而，芝加哥期权交易所提交了一份经过全面修改的全新申请。

UPDATE: There's definitely some movement on Bitcoin ETF options. CBOE just withdrew their application for options on spot #Bitcoin ETFs. Which sounds like a bad thing at first… But at the same time they just re-filed a brand new and updated application https://t.co/L8qYTDXzPb pic.twitter.com/8BQG6JMROn

更新：比特币 ETF 期权肯定有一些变动。 CBOE 刚刚撤回了现货 #Bitcoin ETF 期权申请。起初这听起来像是一件坏事……但与此同时，他们刚刚重新提交了一份全新且更新的申请 https://t.co/L8qYTDXzPb pic.twitter.com/8BQG6JMROn

Seyffart countered that it was impossible to know if the SEC communicated with the CBOE on this matter and that it may just be another attempt to “restart the clock” and push out the deadline for making a judgment until late April 2025.

Seyffart反驳称，无法知道SEC是否就此事与CBOE进行了沟通，这可能只是又一次尝试“重启时钟”，将做出判决的最后期限推迟到2025年4月下旬。

According to Bloomberg experts, the fourth quarter of this year is when Bitcoin ETF options are expected to be released, he said. The SEC judgment is due in full by September 21st, “but more action from the CFTC [Commodity Futures Trading Commission] and OCC [Office of the Comptroller of the Currency] is required after that,” he stated.

他表示，据彭博社专家称，今年第四季度是比特币 ETF 期权有望发布的时间。 SEC 将于 9 月 21 日做出完整判决，“但此后需要 CFTC（商品期货交易委员会）和 OCC（货币监理署）采取更多行动，”他表示。

Exchanges Await SEC Decision on Trading of Bitcoin ETF Options

交易所等待 SEC 关于比特币 ETF 期权交易的决定

The market had a fascinating day on Thursday as Cboe, Nasdaq, and NYSE withdrew their prior applications to the SEC for permission to trade Bitcoin ETF options, which had been filed last year. At the same time, Cboe withdrew its application for a spot Bitcoin ETF, but filed a new application for a different structure.

周四市场度过了精彩的一天，芝加哥期权交易所、纳斯达克和纽约证券交易所撤回了去年向美国证券交易委员会提交的比特币 ETF 期权交易许可申请。与此同时，Cboe 撤回了现货比特币 ETF 的申请，但提交了不同结构的新申请。

Why the three exchanges appeared to agree on their actions in the SEC filings is partially evident from the sequence of events. However, Cboe’s decision to refile its application could provide further insight into the rationale behind the exchange’s choice.

从事件的顺序中可以部分看出为什么这三个交易所似乎就其在 SEC 文件中的行动达成一致。然而，芝加哥期权交易所重新提交申请的决定可能会让人们进一步了解该交易所选择背后的理由。

In any case, the latest development might lead to a delay in the final date of the SEC decision. In the meantime, Seyffart has shared his thoughts on the latest development, which saw Cboe’s application increasing in length from 15 to 44 pages. He pointed out that it is impossible to verify whether the regulator and CBOE are already in communication regarding this matter.

无论如何，最新的进展可能会导致 SEC 决定的最终日期推迟。与此同时，Seyffart 分享了他对最新进展的看法，Cboe 的申请长度从 15 页增加到 44 页。他指出，无法核实监管机构和CBOE是否已经就此事进行沟通。

Still, he expressed his opinion that there is cause for optimism and to suspect that the SEC may have provided some kind of input.

尽管如此，他仍表示有理由感到乐观，并怀疑 SEC 可能提供了某种意见。

Seyffart’s assertion was based on the observation that Cboe’s application increased in length from 15 to 44 pages. He ended by outlining two potential outcomes. The new application will probably start the approval clock over if the SEC still needs to get involved. On the other hand, a deadline only matters if the regulator is. He stated, in part:

Seyffart 的断言是基于 Cboe 申请的长度从 15 页增加到 44 页的观察。他最后概述了两个可能的结果。如果 SEC 仍需要介入，新申请可能会重新开始审批。另一方面，只有监管机构愿意，最后期限才重要。他部分指出：

“One downside here is that I think this restarts the clock. So the deadline would move to some time at the end of April (Apr 25th-ish)”.

“这里的一个缺点是我认为这会重新启动时钟。因此，截止日期将推迟到 4 月底（4 月 25 日左右）”。

As deduced by Seyffart from Cboe’s refiling, Eric Balchunas, a fellow Bloomberg analyst, too, saw the event as positive. Balchunas agrees, saying that if the regulator were going to flatly deny approval, they would not have bothered to communicate. Additionally, the analyst wrote in part:

正如 Seyffart 从 Cboe 的重新提交中推断的那样，彭博社分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 也认为这一事件是积极的。巴尔丘纳斯对此表示同意，并表示如果监管机构断然拒绝批准，他们就不会费心去沟通。此外，分析师部分写道：

“Just as ‘comments from the SEC’ was a good sign in our ETF approval odds, we think this is good sign here too.”

“正如‘美国证券交易委员会的评论’是我们 ETF 批准几率的一个好兆头一样，我们认为这也是一个好兆头。”