在 SEC 揮之不去的擔憂中，灰階對以太坊 ETF 的批准表現出樂觀態度

Grayscale Investments 對 SEC 5 月批准現貨以太坊 ETF 保持樂觀態度，理由是現貨比特幣 ETF 批准具有優先權。然而，彭博社分析師對 SEC 缺乏與申請人的接觸表示擔憂，從而將其批准的幾率降低至 25%。 Grayscale 的首席法務官透過強調期貨和現貨產品之間的強大相關性以及最近批准的以太坊期貨 ETF 來反駁這種懷疑。

Grayscale Exudes Optimism on Ethereum ETF Approval, but Concerns Linger

灰度對以太坊 ETF 批准表現出樂觀態度，但仍有擔憂

Lucknow, India (CoinChapter.com) - Grayscale Investments, a preeminent New York-based investment management firm, expresses unwavering confidence in the imminent regulatory approval of spot Ethereum (ETH) exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in May. However, recent concerns have been raised regarding the SEC's perceived lack of engagement with applicants, casting a shadow over the potential outcome.

印度勒克瑙 (CoinChapter.com) - 總部位於紐約的傑出投資管理公司 Grayscale Investments 對美國證券交易委員會即將批准現貨以太坊 (ETH) 交易所交易基金 (ETF) 表示堅定不移的信心委員會（SEC）五月。然而，最近人們對美國證券交易委員會缺乏與申請人的接觸表示擔憂，這給潛在結果蒙上了陰影。

Craig Salm, Grayscale's esteemed Chief Legal Officer, steadfastly believes in the imminent approval of the ETFs. In a March 25 Twitter post, he unequivocally stated: "I personally am not deterred by it and believe the ETFs should be approved."

Grayscale 受人尊敬的首席法務官 Craig Salm 堅信 ETF 即將獲得批准。在 3 月 25 日的推特帖子中，他明確表示：“我個人並沒有因此而卻步，並認為 ETF 應該獲得批准。”

Salm's optimism is anchored in the premise that many of the issues typically associated with spot Ether ETFs were meticulously addressed during the approval process for spot Bitcoin ETFs. He elucidated that critical details concerning creation and redemption procedures, cash and in-kind models, asset protection, loss prevention, and custody "were figured out" during the Bitcoin ETF applications.

Salm 的樂觀態度基於以下前提：在現貨比特幣 ETF 的審批過程中，許多通常與現貨以太 ETF 相關的問題都得到了精心解決。他解釋說，有關創建和贖回程序、現金和實體模型、資產保護、損失預防和託管的關鍵細節是在比特幣 ETF 申請期間「弄清楚」的。

"So in many ways, the SEC already has engaged, and issuers simply have less to engage on this time," Salm asserted, emphasizing that "the case is just as strong as it was for spot #Bitcoin ETFs."

Salm 斷言：“因此，從很多方面來說，美國證券交易委員會已經參與其中，而發行人這次的參與程度卻有所降低。”他強調，“這個案例與#Bitcoin ETF 現貨一樣有力。”

Nevertheless, Salm acknowledged that ETF issuers seeking to incorporate staking into their spot Ether ETFs might encounter an additional hurdle that requires further deliberation with the SEC. This category includes prominent applicants such as Ark 21Shares, Fidelity, and Franklin Templeton.

儘管如此，Salm 承認，尋求將質押納入現貨 ETH ETF 的 ETF 發行人可能會遇到額外的障礙，需要與 SEC 進一步審議。此類別包括 Ark 21Shares、Fidelity 和 Franklin Templeton 等知名申請人。

Bloomberg Analysts Sound Alarm on Ethereum ETFs

彭博分析師對以太坊 ETF 發出警報

Despite Grayscale's unwavering confidence, Bloomberg ETF analysts Eric Balchunas and James Seyffart recently expressed apprehension over the SEC's apparent "lack of engagement." Subsequently, they have downgraded their forecast for an approved spot Ether ETF in May to a "pessimistic 25%."

儘管 Grayscale 信心十足，但彭博 ETF 分析師 Eric Balchunas 和 James Seyffart 最近對 SEC 明顯「缺乏參與」表示擔憂。隨後，他們將 5 月批准的現貨以太 ETF 的預測下調至「悲觀的 25%」。

Balchunas posits that the SEC's lack of engagement appears "purposeful" rather than mere "procrastination."

巴爾丘納斯認為，美國證券交易委員會缺乏參與似乎是“有目的的”，而不僅僅是“拖延”。

Salm countered this skepticism by drawing attention to the recent approval of Ether Futures ETFs and their regulation as commodity futures. He contends that this development places the spot Ether ETFs in a strong position for approval, given the "high correlation" between futures and spot products.

Salm 透過提請人們關注最近批准的以太坊期貨 ETF 及其作為商品期貨的監管來反駁這種懷疑。他認為，鑑於期貨和現貨產品之間的“高度相關性”，這一發展使現貨以太坊 ETF 處於獲得批准的有利地位。

Furthermore, Coinbase's Chief Legal Officer, Paul Grewal, and Brian Quintenz, a former commissioner of the Commodity Futures Trading Commission, expressed similar sentiments last week.

此外，Coinbase 首席法律長 Paul Grewal 和商品期貨交易委員會前委員 Brian Quintenz 上週也表達了類似的觀點。

Optimism vs. Skepticism

樂觀與懷疑

However, there are compelling reasons to approach Grayscale's overconfidence with skepticism. To date, the SEC has not approved any spot crypto ETF beyond Bitcoin. Therefore, an Ethereum approval would represent an unprecedented step into a hitherto uncharted territory of crypto regulation.

然而，我們有充分的理由對灰度的過度自信表示懷疑。迄今為止，美國證券交易委員會尚未批准除比特幣之外的任何現貨加密 ETF。因此，以太坊的批准將代表著向迄今為止未知的加密貨幣監管領域邁出了前所未有的一步。

Moreover, SEC Chair Gary Gensler's recent comments questioning whether Ethereum's shift to proof-of-stake might violate the Howey test for investment contract securities have further cast doubt on the prospects of approval.

此外，SEC 主席 Gary Gensler 最近質疑以太坊向權益證明的轉變是否可能違反投資合約證券的 Howey 測試，這進一步讓人們對批准的前景產生了懷疑。

Ultimately, while Grayscale presents logical arguments based on the approval trajectory for Bitcoin ETFs, their optimism may be excessive. The SEC has consistently maintained a highly cautious stance on crypto. Consequently, approving a spot Ethereum ETF amidst ongoing regulatory ambiguity would constitute a bold departure from this established approach.

最終，雖然 Grayscale 根據比特幣 ETF 的批准軌跡提出了合乎邏輯的論據，但他們的樂觀情緒可能有些過度。美國證券交易委員會一直對加密貨幣保持高度謹慎的立場。因此，在監管持續模糊的情況下批准現貨以太坊 ETF 將構成對此既定方法的大膽背離。

The SEC is expected to make a decision on VanEck's application by May 23. Analysts anticipate that all applicants will be notified of their respective fates on that date.

預計 SEC 將於 5 月 23 日對 VanEck 的申請做出決定。分析師預計，所有申請人都將在該日收到各自命運的通知。