隨著 SEC 為產品上市掃清道路，以太 ETF 更接近現實

（彭博）—在美國證券交易委員會為最終推出第一隻直接投資以太幣的美國交易所交易基金鋪路後，加密貨幣產業更接近另一個里程碑。

The Securities and Exchange Commission has cleared the way for the eventual launch of the first US exchange-traded funds that will invest directly in the Ether token.

美國證券交易委員會已為最終推出第一隻直接投資於以太幣的美國交易所交易基金掃清了道路。

In a step that was still seen as unlikely as last week, the SEC signed off Thursday on a proposal by exchanges run by Cboe Global Markets Inc., Nasdaq and the New York Stock Exchange to list products tied to the second-biggest digital asset.

週四，美國證券交易委員會簽署了由芝加哥期權交易所全球市場公司、納斯達克和紐約證券交易所運營的交易所提出的一項提議，將與第二大數位資產相關的產品上市，這與上週一樣被認為是不可能的。

Fund managers will still need a separate approval from the agency before they can launch products, for which the timeline is unclear. Assuming they get a green light, one key question is whether the Ether portfolios will generate anything like the demand stirred by the historic January debut of US spot-Bitcoin ETFs.

基金經理在推出產品之前仍需要獲得該機構的單獨批准，但具體時間尚不清楚。假設它們獲得批准，一個關鍵問題是以太投資組合是否會產生類似於美國現貨比特幣 ETF 歷史性 1 月首次亮相所激發的需求。

The latter have sucked in $57 billion of assets, spurring issuers such as VanEck, ARK Investment Management, BlackRock Inc. and Fidelity Investments to jockey for first-mover advantage in the race to launch Ether vehicles.

後者吸收了 570 億美元的資產，促使 VanEck、ARK Investment Management、BlackRock Inc. 和 Fidelity Investments 等發行人在推出以太坊車輛的競賽中爭奪先發優勢。

In a note of caution, Lara Crigger of data provider VettaFi said she doubts Ether ETFs can attract the same scale of inflow as Bitcoin products. “Although Ether has more use cases, it’s a much smaller market than Bitcoin, with lower awareness and name recognition among the general investing public,” she said.

數據供應商 VettaFi 的 Lara Crigger 表示，她懷疑以太 ETF 能否吸引與比特幣產品相同規模的資金流入。 「儘管以太幣有更多的用例，但它的市場比比特幣小得多，普通投資大眾的認知度和知名度較低，」她說。

Ether rose about 1% to $3,805 as of 6:15 a.m. Friday in London. The token is up 23% this week on bets that ETFs are coming — the digital coin’s best weekly performance since 2021, according to data compiled by Bloomberg. Wider crypto markets, including market-leader Bitcoin, were broadly steady.

截至倫敦週五上午 6:15，以太幣上漲約 1% 至 3,805 美元。根據彭博社彙編的數據，由於押注 ETF 即將推出，該代幣本週上漲了 23%，這是該數位貨幣自 2021 年以來最好的每週表現。更廣泛的加密貨幣市場，包括市場領導者比特幣，基本上保持穩定。

Last week, companies expected the SEC to reject the Cboe plan — and potentially others — by Thursday’s deadline. Backers hope eventual listings will woo money from retail and institutional investors who are reassured by the ETF wrapper.

上週，該公司預計美國證券交易委員會將在周四的最後期限前拒絕芝加哥期權交易所的計劃以及其他可能的計劃。支持者希望最終的上市能吸引散戶和機構投資者的資金，讓他們對 ETF 包裝感到放心。

The latest developments are a major milestone for crypto, said Rich Rosenblum, president of liquidity provider GSR Markets Ltd. Referring to the abrupt pivot toward approval, Rosenblum said “in the 12 years I’ve been trading this space, this is the most incredible thematic whipsaw I can remember.”

流動性供應商GSR Markets Ltd 總裁Rich Rosenblum 表示，最新進展是加密貨幣的一個重要里程碑。 “我記得主題的洗盤。”

The SEC’s order echoed the one it issued in January clearing exchanges to list Bitcoin ETFs, including a lengthy discussion of correlations between the Ether spot market and futures tracking it that are hosted by CME Group Inc. in Chicago. How closely the two markets move is a crucial point for regulators who want CME surveillance systems to spot trading anomalies before they spiral.

SEC 的命令與1 月份發布的要求清算交易所列出比特幣ETF 的命令相呼應，其中包括對Ether 現貨市場與芝加哥CME Group Inc. 託管的跟踪以太幣的期貨之間的相關性進行了長時間的討論。對於希望 CME 監控系統在交易異常加劇之前發現交易異常的監管機構來說，兩個市場走勢的密切程度是一個關鍵點。

Coinbase Global Inc. proffered a study showing correlations among spot and futures markets for Ether were about 85% over one-minute intervals between March 2021 and January 2024, which it said was higher than the one cited in the Bitcoin review. The SEC said it replicated that and other studies and found they “provide empirical evidence that prices generally move in close (although not perfect) alignment” between the spot and CME Ether futures markets.

Coinbase Global Inc. 提供的一項研究顯示，2021 年3 月至2024 年1 月期間，以太坊現貨和期貨市場之間的相關性在一分鐘內約為85%，該公司稱該相關性高於比特幣評論中引用的相關性。美國證券交易委員會表示，它重複了這項研究和其他研究，發現它們「提供了經驗證據，表明現貨市場和 CME 以太期貨市場之間的價格通常緊密（儘管不是完美）一致」。

Beyond ETFs, the latest developments may have wider policy implications. SEC Chair Gary Gensler has been ambiguous on whether Ether is a security, and crypto enthusiasts are worried about the token — and potentially projects based on the Ethereum blockchain — falling under the agency’s tough and costly rules.

除了 ETF 之外，最新進展可能會產生更廣泛的政策影響。美國證券交易委員會(SEC) 主席加里·詹斯勒(Gary Gensler) 對於以太幣是否是一種證券一直模棱兩可，加密貨幣愛好者擔心該代幣（以及可能基於以太坊區塊鏈的項目）會受到該機構嚴格且成本高昂的規則的約束。

The Commodity Futures Trading Commission, the US regulator with jurisdiction over derivatives, has signaled that it doesn’t view Ether as a security. The CFTC has for years allowed trading in CME Ether futures.

對衍生性商品擁有管轄權的美國監管機構商品期貨交易委員會已表示，它並不將以太幣視為一種證券。 CFTC 多年來一直允許 CME 以太期貨交易。

Lee Reiners, policy director of the Duke Financial Economics Center at Duke University, said that exchange bids to list the products were based on Ether being a commodity and not a security. An SEC decision to green light the plan bolsters the view that the SEC still considers Ether not to be a security, he said.

杜克大學杜克金融經濟中心政策總監 Lee Reiners 表示，交易所競標列出這些產品是基於以太幣是一種商品，而不是一種證券。他表示，美國證券交易委員會批准該計畫的決定強化了美國證券交易委員會仍然認為以太幣不是證券的觀點。

The digital-asset industry has been recovering over the past year or so from a 2022 market rout and a spate of scandals, such as the huge fraud at Sam Bankman-Fried’s collapsed FTX exchange and his subsequent jailing. Demand for US Bitcoin ETFs helped drive the cryptocurrency to a record high in March.

數位資產產業在過去一年左右的時間裡一直在從 2022 年的市場暴跌和一系列醜聞中恢復過來，例如 Sam Bankman-Fried 倒閉的 FTX 交易所的巨額欺詐以及隨後的入獄。對美國比特幣 ETF 的需求幫助推動加密貨幣在 3 月創下歷史新高。

Some of that rally is due to optimism that a US crackdown may be waning. The Republican-led House this week advanced sweeping crypto legislation despite opposition from the White House and Gensler. The Senate isn’t expected to approve the measure but it garnered some Democratic support in the House.

股市上漲的部分原因是人們對美國的鎮壓可能正在減弱感到樂觀。儘管遭到白宮和詹斯勒的反對，共和黨領導的眾議院本週仍推動了全面的加密立法。預計參議院不會批准這項措施，但它在眾議院獲得了一些民主黨的支持。

Asset managers have been making concessions to win SEC approval, notably on so-called staking — the process of earning rewards for blockchain maintenance. Fidelity said it will keep the Ether it buys as part of the ETF out of staking.

資產管理公司一直在做出讓步以贏得美國證券交易委員會的批准，特別是在所謂的「質押」方面——即為區塊鏈維護賺取獎勵的過程。富達表示，將不會對作為 ETF 一部分購買的以太幣進行質押。

Staking is a key issue for Ether because it raises questions about whether the token should be treated as a security. Last year, the SEC in a lawsuit accused Coinbase of breaking its rules by offering staking services.

質押是以太坊的關鍵問題，因為它引發了關於代幣是否應該被視為證券的問題。去年，美國證券交易委員會 (SEC) 在一項訴訟中指控 Coinbase 提供質押服務違反了其規則。

The agency under Gensler is skeptical of the crypto industry and reluctantly acquiesced to spot-Bitcoin ETFs in the wake of a court reversal in 2023.

Gensler 領導的機構對加密產業持懷疑態度，並在 2023 年法院推翻裁決後勉強默許了現貨比特幣 ETF。