尽管存在担忧，Grayscale 仍预计 SEC 将于 5 月批准现货以太 ETF

尽管对监管机构的参与存在担忧，Grayscale 预计 SEC 将于 5 月批准现货以太 ETF。首席法务官克雷格·萨尔姆 (Craig Salm) 保持乐观态度，表示缺乏参与不应阻碍审批流程。

Will Spot Ether ETFs Gain SEC Approval in May?

现货以太 ETF 会在 5 月份获得 SEC 批准吗？

Grayscale remains optimistic about the approval of spot Ether (ETH) exchange-traded funds (ETFs) in May, despite concerns raised about the U.S. Securities and Exchange Commission's (SEC) alleged "lack of engagement" with applicants.

尽管人们对美国证券交易委员会 (SEC) 声称与申请人“缺乏接触”表示担忧，但 Grayscale 对 5 月份现货以太币 (ETH) 交易所交易基金 (ETF) 的批准仍持乐观态度。

"I don't think the perceived lack of engagement from regulators should be indicative of one outcome or another [...] I personally am not deterred by it and believe the ETFs should be approved," said Grayscale Chief Legal Officer Craig Salm in a LinkedIn post on March 25.

Grayscale 首席法务官 Craig Salm 表示：“我认为监管机构缺乏参与并不意味着会出现这样或那样的结果……我个人并没有因此而被吓倒，并且认为 ETF 应该获得批准。” 3 月 25 日的 LinkedIn 帖子。

Have Issues Been Resolved?

问题已经解决了吗？

Salm emphasized that many of the issues typically associated with spot Ether ETFs, such as creation and redemption procedures, asset protection, and custody, were addressed during the approval process for spot Bitcoin ETFs.

Salm 强调，许多通常与现货以太 ETF 相关的问题，例如创建和赎回程序、资产保护和托管，都在现货比特币 ETF 的审批过程中得到了解决。

"So in many ways, the SEC already has engaged and issuers simply have less to engage on this time," he said.

“因此，从很多方面来说，美国证券交易委员会已经参与其中，而发行人这次参与的只是较少，”他说。

Staking Concerns

质押担忧

However, ETF issuers seeking to incorporate staking into their spot Ether ETFs may face additional hurdles with the SEC. Ark 21Shares, Fidelity, and Franklin Templeton are among the applicants with such plans.

然而，寻求将质押纳入其现货以太 ETF 的 ETF 发行人可能会面临 SEC 的额外障碍。 Ark 21Shares、Fidelity 和 Franklin Templeton 都是提出此类计划的申请人之一。

Lack of Engagement: A Cause for Concern?

缺乏参与：令人担忧的原因？

Bloomberg ETF analysts Eric Balchunas and James Seyffart have expressed concerns over the SEC's perceived "lack of engagement" and have lowered their odds for an approved spot Ether ETF in May to 25%.

彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 和詹姆斯·塞法特 (James Seyffart) 对 SEC 认为“缺乏参与”表示担忧，并将 5 月份批准现货以太 ETF 的可能性降低至 25%。

Balchunas described it as a "pessimistic 25%," suggesting that the lack of engagement may be "purposeful" rather than "procrastination."

Balchunas 将其描述为“悲观的 25%”，这表明缺乏参与可能是“有目的的”而不是“拖延”。

Optimism Amidst Scrutiny

审视中的乐观

Despite these concerns, Salm maintains that the recent approval of Ether Futures ETFs and the regulation of those products as commodity futures strengthen the case for spot Ether ETFs.

尽管存在这些担忧，Salm 仍然认为，最近以太坊期货 ETF 的批准以及这些产品作为商品期货的监管加强了现货以太坊 ETF 的理由。

Coinbase Chief Legal Officer Paul Grewal and former Commodity Futures Trading Commission Commissioner Brian Quintenz have also expressed optimism.

Coinbase 首席法务官 Paul Grewal 和前商品期货交易委员会委员 Brian Quintenz 也表达了乐观态度。

Waiting for a Verdict

等待判决

Several major financial institutions, including BlackRock, VanEck, and Grayscale, have filed applications for spot Ether ETFs. The SEC is expected to make a decision on VanEck's application by May 23, and analysts anticipate that all applicants will learn their fate on that date.

包括贝莱德（BlackRock）、VanEck 和 Grayscale 在内的几家主要金融机构已经提交了以太币现货 ETF 的申请。预计 SEC 将于 5 月 23 日对 VanEck 的申请做出决定，分析师预计所有申请人将在该日得知自己的命运。