與比特幣批准相比，Grayscale Exec 看好以太坊現貨 ETF

Grayscale 首席法務官 Craig Salm 對以太坊現貨 ETF 的批准表示樂觀，認為他們的案例與比特幣 ETF 一樣有力。他將以太坊和比特幣現貨 ETF 的流程進行了比較，指出除了標的資產之外，它們是相同的。 Salm 強調了 SEC 和發行人在比特幣 ETF 審批過程中的積極參與，這表明以太坊 ETF 也會出現類似的結果。他強調期貨和現貨市場之間的相關性，並認為投資者應該透過 ETF 投資 ETH。

Grayscale Executive Expresses Optimism on Ethereum Spot ETFs, Draws Parallels to Bitcoin Spot ETF Approval

Grayscale 高層對以太坊現貨 ETF 表示樂觀，與比特幣現貨 ETF 的批准相似

Washington, D.C. - Craig Salm, Chief Legal Officer (CLO) of Grayscale Investments, has shared his insights on the regulatory landscape surrounding Ethereum spot exchange-traded funds (ETFs), expressing confidence in their eventual approval. Salm drew parallels between Ethereum and Bitcoin spot ETFs, emphasizing the similarities in the approval process and market dynamics.

華盛頓特區 - Grayscale Investments 首席法務官 (CLO) Craig Salm 分享了他對以太坊現貨交易所交易基金 (ETF) 監管環境的見解，並表示對其最終獲得批准充滿信心。 Salm 將以太坊和比特幣現貨 ETF 進行了比較，強調審批流程和市場動態的相似之處。

Salm expressed his belief that the case for Ethereum spot ETFs is "just as strong as it was for Bitcoin ETFs," which were approved by the U.S. Securities and Exchange Commission (SEC) in October 2021. He highlighted his confidence despite the ongoing uncertainty and negative speculations within the cryptocurrency industry.

Salm 表示，他相信以太坊現貨ETF 的理由“與比特幣ETF 一樣強大”，比特幣ETF 於2021 年10 月獲得美國證券交易委員會(SEC) 的批准。儘管存在持續的不確定性，但他強調了自己的信心。加密貨幣產業內的負面猜測。

SEC Engagement and Approval Process

SEC 參與和批准流程

Salm shed light on the SEC's engagement with applicants in the Ethereum spot ETF situation, noting that the agency has been engaged in a positive and constructive manner in the final months leading up to the approval of Bitcoin ETFs. He emphasized that thoughtful discussions took place regarding specific aspects of the creation/redemption processes, custody arrangements, and other operational details.

Salm 闡述了 SEC 與以太坊現貨 ETF 申請人的互動情況，並指出該機構在批准比特幣 ETF 之前的最後幾個月中一直以積極和建設性的方式進行參與。他強調，就創造/贖回流程、託管安排和其他操作細節的具體方面進行了深思熟慮的討論。

Drawing parallels between Ethereum and Bitcoin ETFs, Salm stated that the process is identical, suggesting a potential approval. The only difference, he отметил, is that the ETF would hold ETH instead of BTC. As a result, issuers have less to interact with the SEC at this time due to the regulatory body's extensive involvement in the Bitcoin ETF approval process.

Salm 將以太坊和比特幣 ETF 進行了比較，表示流程是相同的，這表明可能會獲得批准。他表示，唯一的區別是 ETF 將持有 ETH 而不是 BTC。因此，由於監管機構廣泛參與比特幣 ETF 審批流程，發行人目前與 SEC 的互動較少。

Correlation Between Futures and Spot Markets

期貨與現貨市場之間的相關性

Salm expressed his support for the approval of ETH ETFs based on his belief that they should be considered commodity futures and consistent with ETH futures ETFs. He highlighted the strong connection between futures and spot markets, arguing that the existence of actively traded ETH futures ETFs provides a robust foundation for spot ETFs.

Salm表示支持批准ETH ETF，因為他認為ETH ETF應被視為商品期貨並與ETH期貨ETF保持一致。他強調了期貨和現貨市場之間的緊密聯繫，認為交易活躍的 ETH 期貨 ETF 的存在為現貨 ETF 提供了堅實的基礎。

Investor Demand and Grayscale's Commitment

投資者需求和灰階的承諾

Salm asserted that investors want and deserve to be exposed to Ethereum through ETFs, emphasizing Grayscale's belief that the case for spot Ethereum ETFs reflects similar strength as spot Bitcoin ETFs. Grayscale remains committed to working with the SEC to advance the approval of these products.

Salm 斷言，投資者希望並且應該透過 ETF 接觸以太坊，並強調 Grayscale 相信現貨以太坊 ETF 的情況反映了與現貨比特幣 ETF 類似的實力。 Grayscale 仍致力於與 SEC 合作以推進這些產品的批准。

Market Outlook and Approval Odds

市場前景和批准幾率

Despite the optimism expressed by Salm, the approval odds for ETH exchange products have witnessed a significant decline in recent months. Data from Polymarket reveals that the odds are presently down to around 27%. This decline may reflect the broader market uncertainty and regulatory challenges faced by the cryptocurrency industry.

儘管 Salm 表達了樂觀態度，但近幾個月來 ETH 交易所產品的批准幾率卻大幅下降。 Polymarket 的數據顯示，目前這項可能性已降至 27% 左右。這種下降可能反映了加密貨幣行業面臨的更廣泛的市場不確定性和監管挑戰。

Conclusion

結論

Grayscale's Chief Legal Officer, Craig Salm, expressed his optimism on the approval of Ethereum spot ETFs, drawing parallels to the successful launch of Bitcoin spot ETFs. He emphasized the SEC's positive engagement with applicants and highlighted the strong correlation between futures and spot markets. While approval odds have declined recently, Grayscale remains committed to working with the SEC to advance these products and provide investors with the opportunity to access Ethereum through ETFs.

Grayscale 首席法務長 Craig Salm 對以太坊現貨 ETF 的批准表示樂觀，這與比特幣現貨 ETF 的成功推出類似。他強調了美國證券交易委員會與申請人的積極接觸，並強調了期貨和現貨市場之間的緊密相關性。儘管最近批准幾率有所下降，但 Grayscale 仍致力於與 SEC 合作推進這些產品，並為投資者提供透過 ETF 存取以太坊的機會。