出于对 PoS 协议的担忧，SEC 的审查对以太坊 ETF 的批准提出了质疑

现货比特币 ETF 的发行人对美国证券交易委员会 (SEC) 批准类似的以太坊 ETF 表示怀疑。与比特币底层的工作量证明协议不同，美国证券交易委员会强调受联邦证券法和以太坊使用的权益证明协议约束的加密资产，这导致了其不确定性。发行人和市场参与者，包括贝莱德、富达和 VanEck，预计美国证券交易委员会将对其申请做出决定，但以太坊 ETF 的发行仍存在不确定性。

SEC Scrutinizes Ethereum ETFs amid Proof-of-Stake Protocol Concerns

出于对权益证明协议的担忧，美国证券交易委员会 (SEC) 审查以太坊 ETF

New York, April 28, 2023 - The Securities and Exchange Commission (SEC) has cast doubt on the imminent approval of spot Ethereum exchange-traded funds (ETFs), raising uncertainty within the cryptocurrency industry.

纽约，2023 年 4 月 28 日 - 美国证券交易委员会 (SEC) 对即将批准的现货以太坊交易所交易基金 (ETF) 表示怀疑，这增加了加密货币行业的不确定性。

Market participants, including asset managers BlackRock, Fidelity, and VanEck, eagerly anticipated the SEC's decision on Ethereum ETF applications. However, issuers now express skepticism, citing regulatory hurdles and the SEC's cautious approach toward proof-of-stake protocols.

包括资产管理公司贝莱德、富达和 VanEck 在内的市场参与者热切期待 SEC 对以太坊 ETF 申请的决定。然而，发行人现在表示怀疑，理由是监管障碍和美国证券交易委员会对股权证明协议的谨慎态度。

SEC Chairman's Stance Complicates Matters

SEC 主席的立场使事情变得复杂

SEC Chairman Gary Gensler's emphasis on crypto assets falling under federal securities laws has further complicated the regulatory landscape for Ethereum ETFs. Gensler maintains that most crypto assets constitute investment contracts, consistent with the SEC's stance.

美国证券交易委员会 (SEC) 主席加里·詹斯勒 (Gary Gensler) 强调，加密资产应受联邦证券法管辖，这进一步加剧了以太坊 ETF 的监管环境。 Gensler 认为，大多数加密资产构成投资合同，这与 SEC 的立场一致。

VanEck Anticipates Ethereum ETF Rejection

VanEck 预计以太坊 ETF 会被拒绝

Jan Van Eck, CEO of VanEck, anticipates a rejection of their Ethereum ETF application, citing ongoing regulatory feedback. He compares the SEC's decision-making process for Ethereum ETFs to that of Bitcoin ETFs, where prolonged reviews ultimately led to approval. However, Van Eck acknowledges the uncertainty surrounding Ethereum ETFs.

VanEck 首席执行官 Jan Van Eck 预计其以太坊 ETF 申请将被拒绝，理由是持续的监管反馈。他将 SEC 对以太坊 ETF 的决策过程与比特币 ETF 的决策过程进行了比较，后者经过长时间的审查最终获得批准。然而，Van Eck 承认以太坊 ETF 存在不确定性。

Proof-of-Stake Protocol Poses Challenges

权益证明协议带来挑战

The proof-of-stake (PoS) protocol that underlies Ethereum presents a significant hurdle for SEC approval. Unlike Bitcoin's proof-of-work (PoW) protocol, which involves volunteer miners validating transactions and creating new tokens, Ethereum's PoS protocol relies on participants staking their existing tokens to secure the network.

以太坊基础的权益证明 (PoS) 协议给 SEC 的批准带来了重大障碍。与比特币的工作量证明 (PoW) 协议不同，比特币的工作量证明 (PoW) 协议涉及志愿者矿工验证交易并创建新的代币，而以太坊的 PoS 协议依赖于参与者质押其现有代币来保护网络。

SEC Reservations about Proof-of-Stake

SEC 对权益证明的保留

The SEC's reservations about PoS protocols stem from concerns that they may constitute securities. This potential classification would subject Ethereum to stricter regulatory oversight, hindering the approval of Ethereum ETFs.

SEC 对 PoS 协议的保留源于担心它们可能构成证券。这种潜在的分类将使以太坊受到更严格的监管，从而阻碍以太坊 ETF 的批准。

Pessimistic Outlook from CoinShares CEO

CoinShares 首席执行官的悲观前景

Jean-Marie Mognetti, CEO of CoinShares, shares the pessimistic sentiment, predicting that Ethereum ETF approvals are unlikely in the near term, particularly for PoS protocols.

CoinShares 首席执行官 Jean-Marie Mognetti 也持悲观情绪，他预测以太坊 ETF 短期内不太可能获得批准，尤其是 PoS 协议。

Industry Awaits May Decision

业界等待五月份的决定

Market participants anxiously await the SEC's decision on Ethereum ETFs, which has a May deadline for review. Issuers of spot Bitcoin ETFs are closely monitoring the outcome, seeking guidance on offering investment products tied to Ethereum.

市场参与者焦急地等待 SEC 对以太坊 ETF 的决定，该决定的审查截止日期为 5 月。现货比特币 ETF 的发行人正在密切关注结果，寻求有关提供与以太坊相关的投资产品的指导。

Ethereum Price Declines Amidst Uncertainty

以太坊价格在不确定性中下跌

As the regulatory landscape remains uncertain, Ethereum's price has trended downwards. The recent decline of 2.5% within 24 hours extends a 30-day downward trend, resulting in an accumulated drop of nearly 10%.

由于监管环境仍然不确定，以太坊的价格呈下降趋势。近期24小时内下跌2.5%，延续了30天的下跌趋势，累计跌幅接近10%。

Conclusion

结论

The SEC's scrutiny of Ethereum ETFs underscores the ongoing regulatory challenges facing the cryptocurrency industry. The PoS protocol, combined with the SEC's cautious approach, poses significant hurdles for ETF approval. As the May deadline approaches, market participants await the SEC's decision, which will greatly influence the future of Ethereum investment products in the United States.

美国证券交易委员会对以太坊 ETF 的审查凸显了加密货币行业持续面临的监管挑战。 PoS 协议加上 SEC 的谨慎态度，给 ETF 的批准带来了重大障碍。随着5月份最后期限的临近，市场参与者等待SEC的决定，这将极大影响美国以太坊投资产品的未来。