Solana ETF 会先于 XRP ETF 获得批准吗？

在特朗普的领导下，加密货币行业预计监管环境将发生转变，希望他的政府能够为数字资产基金提供更顺畅的通道。

The recent U.S. presidential election has brought promising news for the cryptocurrency industry, with the potential approval of Solana (SOL) and XRP (XRP) exchange-traded funds (ETFs) being a key topic of discussion.

最近的美国总统大选给加密货币行业带来了好消息，Solana (SOL) 和 XRP (XRP) 交易所交易基金 (ETF) 的潜在批准成为讨论的关键话题。

Following Donald Trump's return to the White House, optimism has surged for the introduction of crypto ETFs, given the contrasting stance of the Biden administration, which has been cautious in its approach to the digital asset sector.

唐纳德·特朗普重返白宫后，鉴于拜登政府对数字资产领域持谨慎态度的鲜明立场，人们对引入加密货币 ETF 的乐观情绪高涨。

While Solana ETF proposals appear to be well-positioned for potential approval due to institutional enthusiasm, the story is more complicated for XRP ETFs, with several factors influencing their chances.

虽然由于机构热情，Solana ETF 提案似乎有望获得批准，但 XRP ETF 的情况更为复杂，有几个因素影响其机会。

Under Trump's leadership, the crypto industry anticipates a shift in the regulatory climate, hoping that his administration will pave the way for smoother approval of digital asset funds.

在特朗普的领导下，加密货币行业预计监管环境将发生转变，希望他的政府将为数字资产基金的更顺利批准铺平道路。

“These altcoin ETFs were going to be pretty much dead-on-arrival if Harris won,” said Eric Balchunas, Bloomberg's senior ETF analyst, regarding the prospects of altcoin ETFs.

彭博社高级 ETF 分析师 Eric Balchunas 在谈到山寨币 ETF 的前景时表示：“如果哈里斯获胜，这些山寨币 ETF 将几乎一无所获。”

“But with Trump, they at least have a fighting chance.” Balchunas acknowledged that Trump's return does not guarantee approvals but noted that the regulatory hurdles facing these ETFs will likely be reduced.

“但有了特朗普，他们至少还有战斗的机会。”巴尔丘纳斯承认，特朗普的回归并不能保证获得批准，但指出这些 ETF 面临的监管障碍可能会减少。

The U.S. Securities and Exchange Commission (SEC) received several ETF applications in 2024, with proposals covering digital assets such as Solana, XRP, and Litecoin (LTC).

美国证券交易委员会 (SEC) 在 2024 年收到了多份 ETF 申请，提案涵盖了 Solana、XRP 和莱特币 (LTC) 等数字资产。

Earlier last month, Canary Capital filed for spot Solana, Litecoin, and XRP ETFs. Prior to that, Bitwise filed for a spot XRP ETF in September, while VanEck filed for a SOL ETF in July.

上个月早些时候，Canary Capital 申请了现货 Solana、莱特币和 XRP ETF。此前，Bitwise 于 9 月申请了现货 XRP ETF，VanEck 于 7 月申请了 SOL ETF。

These filings are part of a broader effort to expand the crypto industry's footprint in the mainstream market through traditional finance channels.

这些文件是通过传统金融渠道扩大加密行业在主流市场的足迹的更广泛努力的一部分。

Currently, investors can access ETFs that track Bitcoin (BTC) and Ethereum (ETH), which have attracted significant inflows — over $24 billion for Bitcoin ETFs. However, spot Ethereum ETFs have seen roughly $500 million in outflows since their debut.

目前，投资者可以投资追踪比特币 (BTC) 和以太坊 (ETH) 的 ETF，这些 ETF 已吸引了大量资金流入——比特币 ETF 的资金流入超过 240 亿美元。然而，现货以太坊 ETF 自推出以来已出现约 5 亿美元的资金流出。

In the approval process, the Solana ETF seems to have an upper hand. Noelle Acheson, author of the Crypto Is Macro Now newsletter, suggests that Solana's strong appeal among institutional investors, coupled with a straightforward market narrative, could boost its chances.

在审批过程中，Solana ETF 似乎占据上风。 《Crypto Is Macro Now》时事通讯的作者 Noelle Acheson 表示，Solana 在机构投资者中的强大吸引力，加上简单的市场叙述，可能会增加其机会。

“Solana is positioned as an Ethereum competitor and has outperformed massively recently,” said Acheson.

“Solana 被定位为以太坊竞争对手，并且最近表现出色，”Acheson 表示。

However, she notes that uncertainty around XRP arises from ongoing questions about the token's utility and role in the digital economy.

然而，她指出，XRP 的不确定性源于对该代币在数字经济中的效用和作用的持续质疑。

“The problem with XRP is that people struggle to understand what it is,” she said, highlighting a primary obstacle for the asset's ETF.

“XRP 的问题在于人们很难理解它是什么，”她说，并强调了该资产 ETF 的主要障碍。

Trump's support for digital assets marks a shift from his previous skepticism, which was evident during his campaign when he promised to replace SEC Chair Gary Gensler with a pro-crypto figure.

特朗普对数字资产的支持标志着他之前的怀疑态度的转变，这一点在他的竞选期间就很明显，当时他承诺用一位支持加密货币的人物取代 SEC 主席加里·詹斯勒 (Gary Gensler)。

The SEC, however, is an independent regulatory body, and the extent of Trump's influence over its operations remains to be seen.

然而，美国证券交易委员会是一个独立的监管机构，特朗普对其运作的影响程度还有待观察。

“While they may be more friendly on the crypto industry with a new chief,” Stephane Ouellette, CEO of FRNT Financial, commented, according to Bloomberg.

据彭博社报道，FRNT Financial 首席执行官 Stephane Ouellette 评论道：“虽然有了新的首席执行官，他们可能对加密行业更加友好。”

“The SEC is a massive bureaucracy that's hard to predict.” Ouellette added that a Trump administration could still boost confidence among crypto firms and startups that are concerned about regulatory repercussions, allowing them to focus on growth.

“美国证券交易委员会是一个难以预测的庞大官僚机构。” Ouellette 补充说，特朗普政府仍然可以增强担心监管影响的加密货币公司和初创公司的信心，使他们能够专注于增长。

$IBIT just had its biggest volume day ever with $4.1b traded.. For context that’s more volume than stocks like Berkshire, Netflix or Visa saw today. It was also up 10%, its second best day since launching. Some of this will convert into inflows likely hitting Tue, Wed night pic.twitter.com/vy2zJBwaHd

$IBIT 刚刚创下有史以来最大交易量，交易量达到 4.1 亿美元。就背景而言，这比伯克希尔、Netflix 或 Visa 等股票今天的交易量还要大。该股也上涨了 10%，这是自推出以来第二好的单日涨幅。其中一些可能会转化为周二、周三晚上的资金流入 pic.twitter.com/vy2zJBwaHd

— Eric Balchunas (@EricBalchunas) November 6, 2024

— 埃里克·巴尔丘纳斯 (@EricBalchunas) 2024 年 11 月 6 日

It's also worth noting that in the wake of Trump's victory, crypto markets surged, with Bitcoin reaching new highs, and smaller digital assets following suit.

还值得注意的是，特朗普获胜后，加密货币市场飙升，比特币创下新高，规模较小的数字资产也随之上涨。

BlackRock's Bitcoin ETF, IBIT, saw $4.1 billion in trading volume on Wednesday, marking a record for the ETF, which launched in April.

贝莱德 (BlackRock) 的比特币 ETF (IBIT) 周三交易量达到 41 亿美元，创下该 ETF 于 4 月份推出的纪录。

Yet, XRP ETF aspirations still face challenges despite the promising climate for crypto ETFs in general.

然而，尽管加密货币 ETF 总体前景看好，但 XRP ETF 的愿望仍然面临挑战。