加密市場繼續與美國的監管不確定性發生衝突

儘管機構投資者預計隨著以太坊ETF期權的引入，證券交易委員會（SEC）再次推遲了其決定。

The crypto market is still facing regulatory uncertainties in the United States. Institutional investors were expecting a major breakthrough with the introduction of Ethereum ETF options, but the Securities and Exchange Commission (SEC) has postponed its decision once again.

在美國，加密市場仍面臨監管不確定性。機構投資者期望通過引入以太坊ETF期權將取得重大突破，但是美國證券交易委員會（SEC）再次推遲了其決定。

The choice reflects the caution of the financial authority, despite the precedent of Bitcoin ETF options already in place. Behind this delay, an entire segment of crypto finance remains suspended under still vague regulation, between growth potential and increased control by authorities.

儘管已經建立了比特幣ETF選項的先例，但選擇的選擇反映了財務當局的謹慎。在這一延誤的背後，在仍然模糊的法規，增長潛力和當局增加的控制之間，整個加密財務的整個部分仍被暫停。

A delay that prolongs uncertainty over Ethereum ETF

延長以太坊ETF的不確定性的延遲

The SEC announced that it was delaying its verdict regarding the approval of Ethereum ETF options. This decision comes in response to a request from Nasdaq ISE, which wishes to list options for the BlackRock iShares Ethereum Trust (ETHA). Initially filed in July 2024, this request will now have to wait until April 2025 for a definitive answer. A stance that reflects the regulator’s intention to take its time before allowing new financial instruments related to crypto.

SEC宣布，它將推遲有關以太坊ETF選項的批准的判決。這項決定是根據納斯達克ISE的請求來回應的，該要求列出了貝萊德ishares以太坊信託（ETHA）的選項。該請求最初於2024年7月提起，現在必須等到2025年4月才能確定答案。這種立場反映了監管機構打算花時間在允許與加密貨幣相關的新金融工具之前抽出時間的立場。

In practice, the Ethereum ETF market has already shown considerable enthusiasm. Since their launch in July 2024, these products have attracted nearly $9 billion in net assets, confirming the growing interest of institutional investors in this type of financial vehicle. The authorization of options would have marked an additional step, allowing stakeholders to better manage their positions and explore more sophisticated strategies. But by postponing its decision, the SEC is slowing down this momentum and casting doubt on the future of crypto derivatives in the United States.

實際上，以太坊ETF市場已經表現出極大的熱情。自2024年7月推出以來，這些產品吸引了近90億美元的淨資產，證實了機構投資者對這種類型的金融工具的不斷增長。期權的授權將標誌著一個額外的步驟，從而使利益相關者能夠更好地管理自己的立場並探索更複雜的策略。但是，通過推遲其決定，SEC正在減慢這種勢頭，並對美國加密衍生物的未來產生懷疑。

An impact beyond Ethereum : issues and perspectives

以太坊之外的影響：問題和觀點

This delay is part of a broader context, where the regulation of crypto financial products remains a highly strategic issue. By way of comparison, the introduction of Bitcoin ETF options in November 2024 sparked an immediate wave of interest, with nearly $2 billion in transactions on the first day for BlackRock’s iShares Bitcoin Trust (IBIT). A success that could have paved the way for similar instruments for Ethereum, but the SEC seems to want to delay before granting the same flexibility to ETH ETFs.

這種延遲是更廣泛的環境的一部分，在該背景下，加密金融產品的監管仍然是一個高度戰略性的問題。相比之下，2024年11月的比特幣ETF選項引起了立即的興趣，在貝萊德（BlackRock）的Ishares Bitcoin Trust（IBIT）的第一天，交易近20億美元。可能為以太坊的類似工具鋪平了成功的成功，但是SEC似乎想延遲在對ETH ETF賦予相同的靈活性之前。

The political stakes should not be overlooked. The current American administration, under the impetus of Donald Trump, exhibits a more favorable stance toward crypto, with appointments of regulators perceived as more open to the sector. This climate could influence future decisions, but it does not guarantee a rapid green light.

政治賭注不應被忽略。在唐納德·特朗普（Donald Trump）的推動下，現任美國政府對加密貨幣的立場表現出更加有利的立場，任命監管機構對該部門更開放。這種氣候可能會影響未來的決策，但不能保證快速的綠燈。

For the moment, the Ethereum ETF market will have to cope with this prolonged uncertainty, while institutional investors continue to demand suitable tools to optimize their exposure to these cryptos.

目前，以太坊ETF市場將不得不應對這種延長的不確定性，而機構投資者繼續要求合適的工具來優化其對這些加密貨幣的接觸。

The SEC’s delay once again illustrates the regulators’ caution in the face of the rise of crypto financial products. While Bitcoin ETF options have already demonstrated their potential, Ethereum remains in suspension, constrained by still hesitant regulatory frameworks. Between market expectations and political arbitrations, the future of crypto derivatives in the United States will depend on the next strategic choices of the SEC. By April 2025, the industry will have to adapt to this uncertainty, hoping for a clear signal on the direction that crypto regulation will take.

SEC的延誤再次說明了面對加密金融產品興起的監管機構的謹慎。儘管比特幣ETF選項已經證明了其潛力，但以太坊仍處於懸浮狀態，受到猶豫的監管框架的約束。在市場期望和政治仲裁之間，美國加密衍生品的未來將取決於SEC的下一個戰略選擇。到2025年4月，該行業將不得不適應這種不確定性，希望對加密法規採取的方向發出明確的信號。