SEC将Grayscale的Multi-Crypto ETF放在冰上：这是怎么回事？

Grayscale的梦想是，随着SEC出乎意料的逗留时间，Grayscale的梦想击中了一个障碍。延迟的背后是什么，对加密ETF意味着什么？

Hold on to your hats, crypto enthusiasts! The world of Grayscale, ETFs, and the SEC just got a whole lot more interesting. Grayscale's plan to convert its Digital Large Cap Fund (GDLC) into a multi-crypto ETF hit a snag when the SEC slapped a temporary 'stay' on the approval, leaving everyone scratching their heads.

抓住您的帽子，加密爱好者！灰度，ETF和SEC的世界变得更加有趣。 Grayscale的计划将其数字大型帽基金（GDLC）转换为多用电话ETF时，当SEC拍打临时的“停留”时，就遇到了障碍，使每个人都抓住了自己的头。

Approval Granted, But Not So Fast...

批准了，但不是那么快...

Just when Grayscale thought they were in the clear, with the SEC giving the thumbs up on July 1st, a mysterious 'stay' order appeared. This meant the launch of the ETF, which would have been the first U.S. spot ETF tracking multiple cryptocurrencies (Bitcoin, Ethereum, XRP, Solana, and Cardano), was put on hold. The SEC provided no immediate explanation, leaving industry experts scrambling for answers.

就在格雷斯卡尔（Grayscale）认为他们很清楚时，SEC在7月1日给出了大拇指的竖起时，就出现了一个神秘的“入住”命令。这意味着ETF的发布本来是美国ETF第一个跟踪多个加密货币（比特币，以太坊，XRP，Solana和Cardano）的推出。 SEC没有立即提供解释，使行业专家争先恐后地寻求答案。

Why the Hold-Up? Possible Theories

为什么要保持？可能的理论

Bloomberg Intelligence analyst James Seyffart has a couple of interesting theories:

彭博情报分析师詹姆斯·塞法特（James Seyffart）有几个有趣的理论：

• SEC May Be Waiting for Clear Crypto ETF Rules: The SEC might be holding off on approving new ETFs until they finalize a regulatory framework for cryptocurrency ETFs. Think of it as waiting for the official rulebook before letting everyone play.
• Possible Internal SEC Disagreements: Different divisions within the SEC might have conflicting views on GDLC's structure, custody, or compliance risks. It's like a tug-of-war within the agency itself.

Grayscale's Setback

灰度的挫折

This temporary stay is a definite bummer for Grayscale, who saw the GDLC as a major step forward for crypto adoption. They envisioned providing investors with diversified, regulated exposure to the digital asset market in a single, transparent product.

这次临时住宿是Grayscale的绝对令人震惊，他将GDLC视为采用加密货币的重要一步。他们设想为投资者提供多样化的，受到多元化的数字资产市场的影响，以单一的透明产品。

Looking Ahead

展望未来

While the future is uncertain, the SEC and US exchanges are reportedly working on drafting a generic listing standard for token ETFs. This could streamline the approval process and create clearer guidelines for everyone involved. James Seyffart calls this a 'very good news' because a single standard would shorten timelines and supply clear thresholds for market capitalization, trading volume, and liquidity.

尽管未来不确定，但据报道，美国证券交易委员会（SEC）和美国的交流正在努力起草令牌ETF的通用清单标准。这可以简化批准过程，并为参与其中的每个人创建更清晰的准则。詹姆斯·塞夫特（James Seyffart）称其为“非常好消息”，因为单个标准将缩短时间表，并为市值，交易量和流动性提供明确的门槛。

Adding fuel to the fire, BlackRock's iShares Bitcoin Trust (IBIT) is now bringing in more annual fee revenue than the firm’s flagship S&P 500 ETF. Launched just 18 months ago, IBIT has amassed $75 billion in assets, drawing steady investor interest. All this points towards the surging investor demand for Bitcoin and the significant fee compression in core equity exposure.

贝莱德的iShares比特币信托（IBIT）为火灾增加了燃料，现在带来的年费收入超过了该公司的旗舰标准普尔500 ETF。 IBIT仅在18个月前推出，积累了750亿美元的资产，吸引了稳定的投资者利益。所有这些都指向投资者对比特币的需求以及核心股权敞口中的大量费用压缩。

The Bottom Line

底线

The SEC's 'stay' on Grayscale's multi-crypto ETF is a head-scratcher, but it highlights the ongoing regulatory dance in the crypto world. Whether it's internal disagreements or a desire for clearer rules, one thing's for sure: the path to crypto ETF approval is rarely smooth. We just have to wait and see when the SEC will lift the stay and let Grayscale (and potentially other crypto basket funds) join the ETF party.

SEC在Grayscale的Multi-Crypto ETF上的“停留”是一名抓手，但它突出了加密货币世界中正在进行的监管舞蹈。无论是内部分歧还是对更清晰的规则的渴望，可以肯定的是：加密ETF批准的途径很少平稳。我们只需要拭目以待，看看SEC何时会抬起住宿，并让Grayscale（以及可能其他加密货物篮子）加入ETF派对。

So, stay tuned, crypto comrades! The SEC's next move is anyone's guess, but one thing's for sure: it's bound to be interesting. And hey, while we're waiting, maybe it's time to brush up on your crypto trivia – you never know when it might come in handy!

因此，请继续关注，加密同志！ SEC的下一步是任何人的猜测，但可以肯定的是：这一定会很有趣。嘿，当我们在等待时，也许是时候刷新您的加密琐事了 - 您永远不知道它何时可能会派上用场！