简介：Altcoin ETF夏季的曙光

当美国证券交易委员会（SEC）表明其对基于Altcoin的交易所交易所资金（ETFS）的立场可能转变，加密货币市场充满了预期。

The U.S. Securities and Exchange Commission (SEC) has reportedly requested that firms applying for the launch of Solana (SOL) exchange-traded funds (ETFs) submit updated registration filings within the next week.

据报道，美国证券交易委员会（SEC）已要求申请启动Solana（SOL）交易所交易基金（ETFS）的公司在下周提交更新的注册文件。

According to multiple reports, the SEC is interested in focusing on two critical elements in these revised filings: in-kind redemptions and full disclosures regarding the Solana staking features.

根据多个报告，SEC有兴趣关注这些修订后的文件中的两个关键要素：有关Solana Staking功能的实物赎回和全面披露。

The SEC’s actions come amid heightened anticipation for the approval of the first-ever spot Bitcoin ETFs, with several major asset managers like BlackRock, ARK, and Cathie Wood actively seeking to launch such products.

SEC的行动是在对有史以来第一个现场比特币ETF的批准的期望中提高的，而Blackrock，Ark和Cathie Wood等几位主要资产经理积极寻求推出此类产品。

However, the possibility of Solana ETFs being approved before Bitcoin ETFs has sparked debate among analysts. Despite rumors circulating earlier in the year about a potential delay in the approval process for any new ETFs until at least October, recent developments suggest that Solana ETFs could be approved much sooner.

但是，在比特币ETFS之前批准Solana ETF的可能性引发了分析师之间的争论。尽管在今年早些时候散发出关于任何新ETF的批准过程的潜在延迟至少到10月的谣言，但最近的事态发展表明，Solana ETF可以更快地批准。

Also Read: SEC Grants Another Deceptive Enterprise the Same Name As A Famous Tech Company

另请阅读：SEC授予另一家欺骗性企业，与一家著名科技公司相同

Why It Matters

为什么重要

The SEC’s request for firms to resubmit their filings, specifically highlighting technical aspects like in-kind redemptions and staking, signals a potential shift in the regulatory landscape.

SEC要求公司重新提交文件的要求，特别是强调了诸如内在赎回和积分之类的技术方面，这表明监管景观可能发生了可能的转变。

While the SEC is generally recognized for its cautious approach toward crypto-based financial products, this expedited review process could be a sign that Solana ETFs are being prioritized for approval.

尽管SEC通常因其基于加密货币的金融产品的谨慎态度而受到认可，但这种加快的审核过程可能表明Solana ETF正在优先批准。

As the SEC pushes for efficient operations within its approval process, it appears to be concentrating its efforts on a smaller set of ETF applications.

随着SEC在其批准过程中推动有效的运营，它似乎将其努力集中在较小的ETF应用程序上。

This narrowed focus might explain the SEC’s actions in requesting that several firms, including Grayscale, VanEck, Fidelity, BitWise, Canary Capital, Franklin Templeton, and 21Shares, resubmit their applications for Solana ETFs.

这种狭窄的焦点可能会解释SEC在要求多家公司（包括灰度，Vaneck，Fidelity，Bitwise，Bitwise，Canary Capital，Canary Capital，Franklin Templeton和21shares）的行动中的行动，重新提交其对Solana ETF的应用。

Earlier this week, Bloomberg Intelligence analyst James Seyffart stated that there is a 90% chance of the SEC approving Solana spot ETFs by July 2025.

本周早些时候，彭博情报分析师詹姆斯·塞法特（James Seyffart）表示，到2025年7月，SEC批准SOLANA SPOT ETF的机会有90％。

Moreover, in a recent interview on Decoding Wall Street, a podcast by the same firm, Seyffart and fellow Bloomberg ETF analyst Eric Balchunas discussed the possibility of an "altcoin ETF summer."

此外，在最近对华尔街解码的采访中，同一家公司，塞耶法特（Seyffart）和彭博ETF同事分析师埃里克·巴尔库纳斯（Eric Balchunas）的播客讨论了“ altcoin ETF夏季”的可能性。

This term refers to a scenario where, in addition to Solana ETFs, the SEC could also approve crypto index funds, such as the Bitrix (NYSE:DATA) Bitcoin (BTC) / Ethereum (ETH) ETF or the ETC Group’s (LON:ETCF) crypto index ETF, which is already trading in Europe.

该术语是指某种情况，除了SOLANA ETF之外，SEC还可以批准加密指数基金，例如Bitrix（NYSE：DATA）比特币（BTC） / Ethereeum（ETH）ETF或ETC Group的（LON：LON：ETCEF）Crypto Index ETF，这已经在欧洲交易了。

Furthermore, Balchunas highlighted the significance of the Solana ETF applications, which would offer exposure to a coin other than Bitcoin or Ethereum, marking a pivotal moment in the crypto market.

此外，Balchunas强调了Solana ETF应用的重要性，该应用将提供对比特币或以太坊以外的硬币的风险，这标志着加密货币市场中的关键时刻。

Also Read: SEC Chair Gensler's Testimony: Key Takeaways On Crypto Regulation

另请阅读：SEC主席Gensler的证词：Crypto法规的关键要点

What Happens Next

接下来会发生什么

The Solana ETF applications are unique due to the inclusion of staking features, a commonality among the various firms submitting applications.

Solana ETF应用程序是独一无二的，这是由于包含了放电功能，这是在提交申请的各个公司之间的共同点。

Solana, like other proof-of-stake blockchains, enables token holders to participate in staking, effectively allowing them to contribute to the security of the network by holding a minimum balance of 1 SOL.

Solana与其他商品证明区块链一样，使代币持有人能够参与放电，从而有效地允许他们通过保持1 Sol的最低余额来为网络的安全做出贡献。

In doing so, they assist in verifying transactions and adding new blocks to the blockchain, much like what is done with Bitcoin (BTC) mining.

在此过程中，他们有助于验证交易并在区块链中添加新的区块，就像比特币（BTC）采矿所做的一样。

However, unlike Bitcoin, which has a limited supply of 21 million BTC, Solana has no such constraint on the total number of tokens that can be minted.

但是，与比特币（比特币供应有限的2100万BTC）不同，Solana对可以铸造的令牌总数没有这样的限制。

This difference is a key factor that the SEC is considering as it evaluates the applications from major asset managers like Cathie Wood’s ARK Invest and Paul Tudor Jones’s hedge fund, which is also investing in a Solana ETF.

这种差异是SEC正在考虑的关键因素，因为它评估了Cathie Wood的ARK Invest和Paul Tudor Jones的对冲基金等主要资产经理的应用程序，该基金也正在投资Solana ETF。

The potential for approved Solana ETFs to offer exposure to both price movements and staking rewards could be a significant advantage for long-term investors seeking to maximize their returns.

批准的Solana ETF提供对价格变动和积分奖励的可能性可能是寻求最大化其回报的长期投资者的重要优势。

However, the inclusion of staking features also introduces additional regulatory and operational complexities, such as custodial arrangements, slashing risks, and tax implications, which issuers and regulators are actively discussing.

但是，包含放入功能的功能还引入了其他监管和运营复杂性，例如托管安排，削减风险和税收影响，发行人和监管机构正在积极讨论这些复杂性。

The SEC’s willingness to review and potentially approve Solana ETFs with staking features marks a noteworthy shift in the regulatory landscape.

SEC愿意审查和潜在批准具有固定功能的Solana ETF，这标志着监管景观的一个值得注意的转变。