Grayscale的加密ETF推动：HEDERA，LITECOIN，比特币现金和SEC的Altcoin困境

Grayscale的目的是通过对Hedera，Litecoin和Bitcoin Cash的文件扩展其加密ETF产品，但在不断增长的Altcoin ETF积压中，SEC批准仍然不确定。

Grayscale is making waves with its crypto ETF filings, including those for Hedera (HBAR), Litecoin (LTC), and Bitcoin Cash (BCH). But will the SEC play ball?

Grayscale正在使用其加密ETF归档，包括Hedera（HBAR），Litecoin（LTC）和比特币现金（BCH）的文件。但是SEC会打球吗？

Grayscale's Altcoin ETF Ambitions

灰度的Altcoin ETF野心

Grayscale has officially thrown its hat in the ring, filing with the SEC to launch ETFs for Hedera, Litecoin, and Bitcoin Cash. The filings include an S-1 for a Hedera ETF and S-3 filings for Litecoin and Bitcoin Cash ETFs. This move signals Grayscale's intent to broaden crypto ETF offerings beyond Bitcoin and Ethereum.

Grayscale已正式将其帽子戴在戒指上，向SEC提交给Hedera，Litecoin和Bitcoin Cash的ETF。这些文件包括Hedera ETF和S-3文件的S-1，用于Litecoin和Bitcoin Cash ETF。此举表明，灰度的目的是将加密ETF产品扩大到比特币和以太坊之外。

The Regulatory Roadblock: SEC Delays

监管障碍：SEC延迟

The SEC has been dragging its feet, delaying decisions on various altcoin ETF proposals, including Hedera. As of August 2025, a whopping 92 crypto-related ETF products were awaiting the SEC's verdict. This regulatory gridlock highlights the uncertain path for altcoin ETFs.

SEC一直在拖延脚，延迟了包括Hedera在内的各种Altcoin ETF提案的决定。截至2025年8月，高达92个与加密相关的ETF产品正在等待SEC的判决。这种调节性僵局突出了Altcoin ETF的不确定路径。

Strategic Maneuvering: A New Regulatory Path?

战略机动：新的监管道路？

Grayscale is hoping the SEC will approve a broader rule set known as the Generic Listing Standards. If these standards are accepted, Grayscale believes the funds will automatically qualify for listing on NYSE Arca. This approach aims for a more efficient route to market, rather than seeking individual approvals for each asset.

Grayscale希望SEC批准一个更广泛的规则集，称为通用清单标准。如果接受这些标准，Grayscale认为这些资金将自动有资格在NYSE ARCA上列出。这种方法旨在采用更有效的市场途径，而不是寻求每个资产的个人认可。

Market Implications: Liquidity and Price Alignment

市场含义：流动性和价格一致性

If the SEC gives the green light, ordinary investors could easily buy regulated exposure to altcoins like Litecoin and Bitcoin Cash through their brokerage accounts. This could boost liquidity in the tokens and ensure price movements closely mirror the market price. Plus, it provides institutional traders a simpler, regulated way to manage their crypto positions.

如果SEC赋予绿灯，普通投资者可以通过其经纪帐户轻松地购买受监管的Altcoins和Bitcoin Cash等高级销售。这可以提高令牌中的流动性，并确保价格变动与市场价格紧密相似。另外，它为机构交易者提供了一种管理加密货币头寸的更简单，受规定的方式。

History Lessons: Grayscale's Legal Battle

历史课：灰度的法律斗争

Remember Grayscale's epic legal showdown with the SEC over converting its Bitcoin Trust? That victory paved the way for spot Bitcoin and Ethereum ETFs in the U.S. Now, Grayscale is trying to replicate that success with other tokens. Will regulators follow the same playbook? Only time will tell.

还记得Grayscale与SEC的史诗般的法律摊牌，以转换其比特币信任吗？现在，这种胜利为现场比特币和以太坊ETF铺平了道路，Grayscale试图将成功复制到其他令牌上。监管机构会遵循同一本剧本吗？只有时间会证明。

The Future of Crypto ETFs: A Personal Take

加密ETF的未来：个人看法

While the SEC's cautious approach is understandable, the growing institutional interest in altcoins is undeniable. The approval of these ETFs could democratize access to crypto investments, bringing more liquidity and stability to the market. However, the SEC's concerns about market manipulation and investor protection are valid and need to be addressed.

尽管SEC的谨慎方法是可以理解的，但不可否认的是，对Altcoins的机构兴趣不断增长。这些ETF的批准可以使获得加密投资的访问权限，从而为市场带来更多的流动性和稳定性。但是，SEC对市场操纵和投资者保护的担忧是有效的，需要解决。

So, will Grayscale's altcoin ETF dreams come true? The SEC holds the cards. But one thing's for sure: the crypto ETF landscape is about to get a whole lot more interesting.

那么，Grayscale的Altcoin ETF梦想成真吗？ SEC持有卡片。但是可以肯定的是：加密ETF景观即将变得更加有趣。

Stay tuned, crypto enthusiasts! The ETF saga continues, and it's bound to be a wild ride. Let's see if the SEC can keep up with the pace of innovation!

请继续关注，加密爱好者！ ETF传奇仍在继续，这一定是一个疯狂的旅程。让我们看看SEC是否可以跟上创新的步伐！