美国证券交易委员会警告投资者有关比特币和以太坊 ETP 的风险

美国证券交易委员会（SEC）投资者教育和倡导办公室周一发布公告，敦促投资者考虑与比特币和以太币交易所交易产品（ETP）相关的风险，包括交易所交易基金（ETF） 。

The U.S. Securities and Exchange Commission (SEC) has issued a fresh warning to investors regarding the risks associated with bitcoin and ether exchange-traded products (ETPs), highlighting their speculative nature and potential issues like price volatility, fraud, and lack of regulatory oversight.

美国证券交易委员会（SEC）就比特币和以太币交易所交易产品（ETP）相关风险向投资者发出新警告，强调其投机性质以及价格波动、欺诈和缺乏监管等潜在问题。

The SEC’s Office of Investor Education and Advocacy released a bulletin on Monday discussing the risks of bitcoin and ether ETPs, which include exchange-traded funds (ETFs). The regulator noted that investors should be aware of the speculative nature of these investments and consider the volatility of bitcoin and ether prices.

美国证券交易委员会投资者教育和宣传办公室周一发布公告，讨论了比特币和以太坊 ETP 的风险，其中包括交易所交易基金 (ETF)。监管机构指出，投资者应意识到这些投资的投机性质，并考虑比特币和以太坊价格的波动性。

Bitcoin and ether are digital assets that are transferred through blockchain technology, and their value fluctuates significantly, the SEC explained. Two types of ETPs provide exposure to these assets: bitcoin and ether futures ETPs, which hold futures contracts, and spot ETPs, which directly hold the assets.

SEC 解释称，比特币和以太币是通过区块链技术转移的数字资产，其价值波动很大。有两种类型的 ETP 提供这些资产的敞口：持有期货合约的比特币和以太坊期货 ETP，以及直接持有资产的现货 ETP。

While bitcoin and ether futures ETPs are registered with the SEC, spot bitcoin and ether ETPs are not registered as investment companies under the Investment Company Act of 1940, the SEC highlighted. This means that these products lack certain protections related to asset custody and valuation that apply to ETFs and mutual funds.

SEC 强调，虽然比特币和以太坊期货 ETP 已在 SEC 注册，但现货比特币和以太坊 ETP 并未根据 1940 年《投资公司法》注册为投资公司。这意味着这些产品缺乏适用于 ETF 和共同基金的资产托管和估值相关的某些保护。

The SEC also outlined potential risks tied to spot ETPs, such as deviations in the price of ETP shares from the underlying crypto assets, a lack of regulatory oversight, and sponsor fees, which decrease the value of shares over time.

SEC 还概述了与现货 ETP 相关的潜在风险，例如 ETP 股票价格与基础加密资产的偏差、缺乏监管以及保荐费等，这些风险随着时间的推移会降低股票的价值。

“Spot bitcoin or ether ETPs may have unique characteristics and heightened risks compared to other investments,” the regulator stressed, advising investors to consider how any investment fits into their overall investment plan before investing and to review disclosure documents for a comprehensive understanding of the risks involved.

监管机构强调：“与其他投资相比，现货比特币或以太坊 ETP 可能具有独特的特征和更高的风险。”监管机构建议投资者在投资前考虑任何投资如何融入其整体投资计划，并审查披露文件以全面了解风险涉及。