HEDERA ETF：SEC规则转移，清单门终于打开了吗？

在不断发展的SEC法规中分析Hedera ETF的潜力以及通用上市标准的影响。

Hedera ETF: SEC Rules Shift, Is the Listing Door Finally Open?

HEDERA ETF：SEC规则转移，清单门终于打开了吗？

The world of crypto ETFs is heating up! With the SEC's evolving stance on digital assets, could a Hedera (HBAR) ETF be on the horizon? The recent introduction of generic listing standards may just be the key to opening that listing door.

加密ETF的世界正在加热！凭借SEC对数字资产的不断发展的立场，Hedera（HBAR）ETF可以赶上吗？最近引入通用清单标准可能只是打开清单门的关键。

SEC's Evolving Stance: A Glimmer of Hope for HBAR ETF?

SEC不断发展的立场：对HBAR ETF的希望？

For years, crypto ETF hopefuls faced a wall of regulatory hurdles. Remember the Bitcoin ETF saga? Repeated rejections until 2024! Now, with the SEC's new “generic listing standards,” things are looking brighter, not just for Bitcoin, but for altcoins like Hedera.

多年来，Crypto ETF有希望的人面临着监管障碍的墙。还记得比特币ETF传奇吗？重复拒绝直到2024年！现在，有了SEC的新“通用清单标准”，情况看起来更加明亮，不仅是比特币，而且对于像Hedera这样的山寨币。

Generic Listing Standards: A Game Changer?

通用清单标准：改变游戏规则？

These new standards, introduced in September 2025, aim to streamline the ETF approval process. A cryptocurrency can qualify for a spot ETF if it boasts a regulated futures market trading for at least six months, or if an existing ETF already holds significant exposure to the asset. This potentially bypasses the need for lengthy, case-by-case reviews, mirroring the impact of the 2019 “ETF Rule” on traditional funds.

这些新标准于2025年9月推出，目的是简化ETF批准过程。如果加密货币拥有受管制的期货市场交易至少六个月，或者现有ETF已经对资产进行了大量敞口，则可以符合现货ETF的资格。这可能绕开了对漫长的，逐案评论的需求，反映了2019年“ ETF规则”对传统资金的影响。

HBAR's Unique Position

HBAR的独特位置

Hedera stands out as one of the few altcoins poised to capitalize on these rules. Its native token, HBAR, already trades on Coinbase Derivatives, satisfying the six-month futures history requirement. Experts at Galaxy Digital and Bloomberg ETF analysts James Seyffart and Eric Balchunas have highlighted Hedera as a prime contender for ETF approval under this new framework. This positions HBAR strongly in the race for altcoin ETF listings.

赫德拉（Hedera）是为了利用这些规则的为数不多的山寨币之一。它的原住民令牌HBAR已经在Coinbase衍生品上进行了交易，满足了六个月的期货历史要求。 Galaxy Digital和Bloomberg ETF分析师James Seyffart和Eric Balchunas的专家强调了Hedera在此新框架下是ETF批准的主要竞争者。这在Altcoin ETF列表的比赛中强烈地定位了HBAR。

Not a Free Pass Just Yet

还不是免费通行证

Despite the optimism, the SEC remains cautious. Commissioners have voiced concerns about the unique risks associated with altcoins, such as market manipulation and liquidity issues. Surveillance-sharing agreements between exchanges are crucial to detect suspicious trading activity. While HBAR may meet the initial criteria, regulators will still scrutinize the depth of its futures market and the strength of investor protections.

尽管很乐观，但SEC仍然谨慎。专员对与AltCoins相关的独特风险表示担忧，例如市场操纵和流动性问题。交流之间的监视共享协议对于检测可疑交易活动至关重要。尽管HBAR可能符合最初的标准，但监管机构仍将仔细检查其期货市场的深度和投资者保护的实力。

Delays and the Bigger Picture

延误和更大的图景

The SEC's delays in approving the Grayscale Hedera ETF, with a decision now expected by November 12, are a typical part of their process. The SEC is also reviewing Bitwise’s Dogecoin fund until November 12, and other applications. Currently, over 90 crypto ETF products are pending review. Delays, while frustrating, signal a thorough evaluation process, not necessarily outright rejection.

SEC在批准灰度Hedera ETF方面的延误，现在预计在11月12日之前做出了决定，这是其过程的典型部分。 SEC还将审查Bitwise的Dogecoin基金，直到11月12日和其他申请。目前，超过90种加密ETF产品正在审查。延迟虽然令人沮丧，但信号是一个彻底的评估过程，而不一定是完全拒绝。

A New Era at the SEC?

SEC的新时代？

SEC Commissioner Paul Atkins has signaled a shift towards providing “clear, predictable rules of the road” for digital assets, moving away from unpredictable enforcement actions. This new direction, dubbed CryptoProject, aims to modernize securities laws to accommodate blockchain-driven markets. This shift paves the way for crypto super apps, integrating trading, lending, and staking.

SEC专员保罗·阿特金斯（Paul Atkins）表示，朝着为数字资产提供“公路规则的明确，可预测的规则”的转变，远离了不可预测的执法行动。这个被称为密码项目的新方向旨在使证券法现代化以适应区块链驱动的市场。这种转变为加密超级应用程序铺平了道路，集成了交易，贷款和积累。

Looking Ahead: Hedera ETF and Beyond

展望未来：Hedera ETF及其他

While approval isn't guaranteed, the stage is set for a potential Hedera ETF. The SEC's evolving stance, coupled with the generic listing standards, creates a clearer path forward.

虽然不能保证批准，但阶段设定为潜在的Hedera ETF。 SEC不断发展的立场，再加上通用清单标准，创造了更清晰的前进道路。

So, is the listing door finally open? Maybe not wide open, but definitely ajar. Keep an eye on those SEC deadlines – November 2025 could be a game-changer. And who knows, maybe one day we'll all be casually trading HBAR ETFs while sipping our morning coffee. One can dream, right?

那么，清单门终于打开了吗？也许不是开放的，但绝对是Ajar。密切关注那些SEC期限 - 2025年11月可能是改变游戏规则的人。谁知道，也许有一天我们都会在喝早上的咖啡时随便交易HBAR ETF。一个人可以做梦，对吗？