尽管持怀疑态度，灰度仍预计现货以太 ETF 将于 5 月推出

尽管人们担心美国证券交易委员会缺乏与申请人的互动，但 Grayscale 对 5 月份现货以太坊 (ETH) 交易所交易基金 (ETF) 的批准仍持乐观态度。 Grayscale 首席法务官 Craig Salm 认为，随着现货比特币 ETF 的批准，现货以太 ETF 面临的挑战已在很大程度上得到解决，从而减少了 SEC 进一步参与的需要。

Grayscale Maintains Optimism for Spot Ether ETF Approval Amidst Concerns

灰度在担忧中对现货以太 ETF 批准保持乐观

Grayscale Investments remains steadfast in its belief that spot Ether (ETH) exchange-traded funds (ETFs) will gain regulatory approval in May, despite recent concerns among analysts regarding the perceived lack of engagement from the Securities and Exchange Commission (SEC) with ETF applicants.

尽管分析师最近对美国证券交易委员会 (SEC) 与 ETF 申请人缺乏接触感到担忧，但 Grayscale Investments 仍然坚信现货以太币 (ETH) 交易所交易基金 (ETF) 将在 5 月份获得监管部门的批准。

Grayscale's Confidence

灰度的置信度

Grayscale's Chief Legal Officer, Craig Salm, dismissed the notion that the SEC's level of engagement is indicative of the likelihood of ETF approval. He expressed his unwavering faith in the approval process, stating, "I personally am not deterred by it and believe the ETFs should be approved."

Grayscale 的首席法务官 Craig Salm 驳斥了 SEC 的参与程度表明 ETF 批准可能性的观点。他表达了对批准过程坚定不移的信心，并表示：“我个人并没有被它吓倒，并且相信 ETF 应该获得批准。”

Salm emphasized that many of the challenges associated with spot Ether ETFs have already been addressed in the lead-up to the approval of spot Bitcoin ETFs. These include issues related to creation and redemption procedures, asset protection, custody, and more. He believes that the SEC has engaged extensively on these matters, leaving fewer hurdles to overcome this time around.

Salm 强调，在现货比特币 ETF 获得批准之前，与现货以太坊 ETF 相关的许多挑战已经得到解决。其中包括与创设和赎回程序、资产保护、托管等相关的问题。他认为美国证券交易委员会已经广泛参与了这些问题，这一次需要克服的障碍更少了。

He also underscored the strength of the case for spot Ether ETFs, asserting that it is comparable to the case made for spot Bitcoin ETFs.

他还强调了以太币现货 ETF 的优势，声称它与比特币现货 ETF 的情况相当。

Concerns Regarding Staking

关于质押的担忧

However, ETF issuers seeking to incorporate staking into their spot Ether ETFs face an additional challenge that will require further engagement with the SEC. Notable applicants in this category include Ark 21Shares, Fidelity, and Franklin Templeton.

然而，寻求将质押纳入现货以太 ETF 的 ETF 发行人面临着额外的挑战，需要与 SEC 进一步接触。此类别中的著名申请人包括 Ark 21Shares、Fidelity 和 Franklin Templeton。

Analysts' Perspectives

分析师的观点

Analysts at Bloomberg ETF, Eric Balchunas and James Seyffart, have expressed concern over the SEC's lack of engagement, reducing their odds of an approved spot Ether ETF in May to 25%. Balchunas characterized this as a "pessimistic 25%," suggesting that the lack of engagement may be intentional rather than a result of procrastination.

彭博 ETF 分析师 Eric Balchunas 和 James Seyffart 对 SEC 缺乏参与表示担忧，并将 5 月份以太坊 ETF 现货获得批准的可能性降低至 25%。 Balchunas 将这一比例描述为“悲观的 25%”，这表明缺乏参与可能是故意的，而不是拖延的结果。

Favorable Factors

有利因素

Salm highlighted the recent approval of Ether Futures ETFs and their classification as commodity futures positions as a positive development for spot Ether ETFs, given the high correlation between futures and spot products.

Salm 强调，鉴于期货和现货产品之间的高度相关性，以太坊期货 ETF 最近获得批准，并将其归类为商品期货头寸，这是现货以太坊 ETF 的积极发展。

Coinbase's Chief Legal Officer, Paul Grewal, and former Commodity Futures Trading Commission (CFTC) commissioner, Brian Quintenz, have echoed similar sentiments.

Coinbase 首席法律官 Paul Grewal 和前商品期货交易委员会 (CFTC) 专员 Brian Quintenz 也表达了类似的观点。

Pending Applications

待处理的申请

Several prominent entities, including BlackRock, VanEck, ARK 21Shares, Fidelity, and others, have submitted applications for SEC approval of spot Ether ETFs. The SEC is expected to make a decision on VanEck's application by May 23, with analysts anticipating a collective decision for all applicants on that date.

包括 BlackRock、VanEck、ARK 21Shares、Fidelity 等在内的多家知名实体已向 SEC 提交了现货以太 ETF 批准申请。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于该日做出集体决定。

Conclusion

结论

Grayscale remains optimistic about the approval of spot Ether ETFs in May, despite concerns about the SEC's engagement level. The company believes that the challenges associated with these ETFs have been largely addressed, and the regulatory environment is favorable. While the issue of staking may require further resolution, Grayscale is confident in the strength of its application and the overall prospects for spot Ether ETF approval.

尽管对 SEC 的参与程度感到担忧，但 Grayscale 对 5 月份以太币现货 ETF 的批准仍持乐观态度。该公司认为，与这些ETF相关的挑战已基本得到解决，且监管环境有利。虽然质押问题可能需要进一步解决，但 Grayscale 对其应用的实力以及现货以太坊 ETF 批准的整体前景充满信心。