以太幣 ETF：儘管加密貨幣繁榮，仍面臨障礙

面對加密貨幣熱潮中的障礙，以太幣 ETF 成為人們關注的焦點。由於擔心以太幣被歸類為證券，美國證券交易委員會 (SEC) 由加里·詹斯勒 (Gary Gensler) 領導的審查設置了障礙。儘管今年開局強勁，但以太坊 ETF 的批准仍存在不確定性。

Will Ether ETFs Join the Crypto Party?

以太坊 ETF 會加入加密派對嗎？

After a stellar start to the year, Ether has captured attention in the crypto sphere. But before we pop the champagne, let's examine the obstacles that could hinder an ether ETF's approval.

在經歷了今年的出色開局之後，以太幣已經引起了加密領域的關注。但在我們開香檳之前，讓我們先來看看可能阻礙以太坊 ETF 批准的障礙。

The SEC's Shadow Looms

美國證券交易委員會的影子迫在眉睫

The Securities and Exchange Commission (SEC), led by the crypto-skeptic Gary Gensler, has cast a long shadow over the industry. Recent investigations into U.S. companies' dealings with the Ethereum Foundation suggest that the agency may view ether as a security, not a commodity. This classification could spell trouble for an ether ETF.

由加密貨幣懷疑論者加里·詹斯勒 (Gary Gensler) 領導的美國證券交易委員會 (SEC) 給整個行業蒙上了很長的陰影。最近對美國公司與以太坊基金會交易的調查表明，該機構可能將以太幣視為一種證券，而不是商品。這種分類可能會給以太 ETF 帶來麻煩。

The SEC's argument rests on the foundation's issuance of tokens for development funding, founder allocations, and its active role in promoting and developing the Ethereum blockchain. These factors, they contend, indicate centralization and an investment contract.

SEC 的論點在於該基金會發行代幣用於發展資金、創始人分配及其在促進和發展以太坊區塊鏈方面的積極作用。他們認為，這些因素顯示了集中化和投資合約。

Staked vs. Non-Staked Ether: A Double-Edged Sword

質押以太幣與非質押以太幣：一把雙面刃

Staking services offered by exchanges have fueled the SEC's security classification case. With average staking yields hovering around 4%, these services have enticed retail investors and institutional pools of capital seeking consistent returns.

交易所提供的質押服務推動了美國證券交易委員會的證券分類案件。由於平均質押殖利率徘徊在 4% 左右，這些服務吸引了尋求穩定回報的散戶和機構資金池。

However, the appeal of staking also plays into the SEC's hands. Staked ETH involves centralization, profit-seeking efforts, and limited direct involvement, all characteristics that support a security classification. This could be another hurdle for an ether ETF approval.

然而，質押的吸引力也對美國證券交易委員會有利。質押的 ETH 涉及中心化、逐利行為和有限的直接參與，所有這些特徵都支持安全分類。這可能是以太坊 ETF 獲得批准的另一個障礙。

Bitcoin ETFs: A Catch-22

比特幣 ETF：第 22 條軍規

The success of Bitcoin ETFs has ignited a firestorm of criticism from policymakers. Concerns about energy consumption, tax proposals, and price volatility have reignited the debate over the need for more crypto ETFs.

比特幣 ETF 的成功引發了政策制定者的猛烈批評。對能源消耗、稅收提案和價格波動的擔憂重新引發了關於是否需要更多加密 ETF 的爭論。

The irony is that the very factors driving crypto's success are being used to undermine further progress. Higher prices, increased flows, and wider adoption are now seen as arguments against more crypto ETFs.

諷刺的是，推動加密貨幣成功的因素卻被用來破壞進一步的進步。更高的價格、增加的流量和更廣泛的採用現在被視為反對更多加密 ETF 的理由。

Conclusion: A Path to Approval or a Dead End?

結論：批准之路還是死胡同？

While the case for an ether ETF remains strong, the SEC's skepticism, the staking conundrum, and the success of Bitcoin ETFs pose significant challenges. The crypto industry has celebrated its 2024 successes, but these same triumphs may ultimately forestall the approval of an ether ETF.

儘管以太坊 ETF 的需求依然強勁，但 SEC 的懷疑、質押難題以及比特幣 ETF 的成功構成了重大挑戰。加密產業已經慶祝了 2024 年的成功，但這些相同的勝利可能最終會阻止以太 ETF 的批准。

Additional Questions to Ponder:

其他需要思考的問題：

• Will the SEC's investigations into Ethereum Foundation dealings be the nail in ether's ETF coffin?
• Can the industry find a way to mitigate the staking-as-security argument?
• Will the political headwinds against crypto ETFs continue to intensify?

美國證券交易委員會對以太坊基金會交易的調查是否會成為以太坊ETF 棺材上的釘子？該行業能否找到一種方法來緩解「質押作為證券」的爭論？針對加密ETF 的政治阻力會繼續加劇嗎？