灰階以太坊 ETF 面臨監管延遲，決策延至 5 月

SEC 延遲對 Grayscale 的以太坊 ETF 作出決定引發了監管機構的擔憂。從 3 月推遲到 5 月，由於加密相關產品受到更廣泛的監管審查，灰階以太坊 ETF 面臨進一步的延遲。美國證券交易委員會的決定在社會上引起了軒然大波，引發了人們對延遲背後原因的質疑。

Grayscale Ethereum ETF: What's the Delay?

灰階以太坊 ETF：延遲是什麼？

The SEC has hit the brakes again on Grayscale's Ethereum Futures Trust ETF, pushing the decision date from March 31 to May 30. This latest postponement has sent ripples through the crypto community, leaving many wondering what's behind the delay.

美國證券交易委員會(SEC) 再次對Grayscale 的以太坊期貨信託ETF 踩剎車，將決定日期從3 月31 日推遲到5 月30 日。這一最新的推遲在加密貨幣社區引起了軒然大波，讓許多人想知道延期背後的原因。

Regulatory Rollercoaster

監管過山車

The SEC's latest move comes amid a broader regulatory crackdown on crypto-related financial products, following the approval of several Bitcoin ETFs earlier this year. Grayscale's Ethereum ETF has been particularly scrutinized, with the SEC requesting more time to review the proposed rule change and address concerns.

繼今年稍早批准了幾隻比特幣 ETF 後，美國證券交易委員會的最新舉措正值對加密貨幣相關金融產品進行更廣泛的監管打擊。 Grayscale 的以太坊 ETF 受到了特別審查，美國證券交易委員會要求更多時間來審查擬議的規則變更並解決擔憂。

Timeline of Delays

延誤時間表

Grayscale's Ethereum ETF proposal has faced multiple setbacks. The SEC initially set a December 2023 decision deadline, but later extended it to gather public feedback. In January, the SEC extended the review period again, adding to the uncertainty surrounding the approval process.

灰階的以太坊 ETF 提案面臨多重挫折。 SEC 最初設定了 2023 年 12 月的決策期限，但後來為了收集公眾回饋而延長了期限。一月份，SEC 再次延長了審查期限，增加了審批流程的不確定性。

Impact on Grayscale and Crypto

對灰階和加密的影響

Experts believe that approval for Ethereum-based ETFs could boost Ethereum prices, positioning it as a serious competitor to Bitcoin. The SEC's decision is therefore seen as a pivotal moment for Grayscale and the crypto industry as a whole.

專家認為，基於以太坊的 ETF 的批准可能會推高以太坊的價格，使其成為比特幣的有力競爭對手。因此，SEC 的決定被視為灰階和整個加密產業的關鍵時刻。

Spot Ethereum ETFs: A Separate Path

現貨以太幣 ETF：一條獨立的道路

In a separate development, the SEC has also met with applicants for spot Ethereum ETFs, which would provide direct exposure to the underlying asset. This meeting took place amid growing enthusiasm for spot Ethereum ETFs, following the successful launch of spot Bitcoin products.

在另一項進展中，美國證券交易委員會還會見了以太坊 ETF 現貨申請人，這將提供對標的資產的直接投資。這次會議是在現貨比特幣產品成功推出後，人們對現貨以太坊 ETF 的熱情日益高漲而召開的。

Regulatory Hurdles for Spot ETFs

現貨 ETF 的監理障礙

However, the SEC has not yet made any decisions on spot Ether-based offerings. VanEck's application is at the forefront of this regulatory journey, with other major players like BlackRock, Franklin Templeton Grayscale, and Invesco Galaxy also awaiting feedback.

然而，美國證券交易委員會尚未就基於以太幣的現貨產品做出任何決定。 VanEck 的應用處於這一監管過程的最前沿，貝萊德 (BlackRock)、富蘭克林鄧普頓灰度 (Franklin Templeton Grayscale) 和景順銀河 (Invesco Galaxy) 等其他主要參與者也在等待反饋。

SEC's Cautious Approach

SEC 的謹慎態度

The SEC's decision to delay until May has cast a shadow of uncertainty over the sector. VanEck's application is particularly important, as the SEC faces a May 23 deadline to approve or reject their proposal, setting a precedent for subsequent applications.

美國證券交易委員會 (SEC) 推遲至 5 月的決定給該行業蒙上了不確定性的陰影。 VanEck 的申請尤其重要，因為 SEC 面臨 5 月 23 日批准或拒絕其提案的最後期限，這為後續申請開創了先例。

Legal Challenges and Policy Climate

法律挑戰與政策環境

Variant Fund's Chief Legal Officer, Jake Chervinsky, has expressed skepticism about the SEC approving spot Ethereum ETFs by the May deadline, citing legal challenges and the policy climate in Washington, D.C. He suggests that a denial or a request for withdrawal by the SEC is more likely.

Variant Fund 首席法務官 Jake Chervinsky 對 SEC 在 5 月截止日期前批准現貨以太坊 ETF 表示懷疑，理由是法律挑戰和華盛頓特區的政策環境。他認為 SEC 的拒絕或撤回請求更可能導致可能。

Gensler's Influence

詹斯勒的影響

SEC Chair Gary Gensler's cautious stance on cryptocurrencies adds another layer of complexity to the approval process. Gensler has repeatedly emphasized the speculative nature of crypto assets and the need for a consensus among commissioners.

美國證券交易委員會 (SEC) 主席加里·根斯勒 (Gary Gensler) 對加密貨幣的謹慎立場為審批流程增添了另一層複雜性。 Gensler 多次強調加密資產的投機性質以及委員之間達成共識的必要性。

Uncertain Future for Ether-Based ETFs

基於以太坊的 ETF 的未來不確定

Despite the strong demand for spot Ethereum ETFs, regulatory hurdles and ongoing discussions with applicants underscore the intricate factors shaping the future of Ether-based investment products in the marketplace.

儘管對現貨以太坊 ETF 的需求強勁，但監管障礙以及與申請人的持續討論凸顯了影響市場上基於以太坊的投資產品未來的複雜因素。