在監管不確定性的情況下，Grayscale 的法律負責人對以太坊 ETF 持謹慎樂觀態度

Grayscale 的 CLO Craig Salm 認為，美國證券交易委員會認為缺乏對以太坊現貨 ETF 的參與並不是批准的關鍵因素。他強調了 SEC 先前在比特幣 ETF 審批過程中與發行人的接觸以及比特幣和以太坊之間的相似之處。

Grayscale's Legal Chief Expresses Cautious Optimism for Ethereum ETFs Amid Regulatory Uncertainty

在監管不確定性的情況下，Grayscale 的法律負責人對以太坊 ETF 表示謹慎樂觀

In the evolving regulatory landscape surrounding cryptocurrency exchange-traded funds (ETFs), Grayscale Investments' Chief Legal Officer, Craig Salm, has provided insights into the potential approval of Ethereum ETFs by the United States Securities and Exchange Commission (SEC). Despite growing skepticism and delays in the approval process, Salm believes that the SEC's prior engagement with issuers during the Bitcoin ETF approval process could pave the way for Ethereum ETF approvals.

在圍繞加密貨幣交易所交易基金 (ETF) 不斷發展的監管環境中，Grayscale Investments 首席法務官 Craig Salm 就美國證券交易委員會 (SEC) 可能批准以太坊 ETF 提供了見解。儘管越來越多的懷疑和批准過程的拖延，Salm 認為 SEC 在比特幣 ETF 批准過程中與發行人的事先接觸可能為以太坊 ETF 的批准鋪平道路。

Drawing Parallels with Bitcoin ETF Approval

與比特幣 ETF 的批准相比較

Salm highlighted the SEC's thorough review of key issues during the approval of spot Bitcoin ETFs, including creation and redemption processes, cash versus in-kind transactions, and custody concerns. He emphasized that these issues are largely identical for Ethereum ETFs due to the similarities between Ethereum and Bitcoin.

Salm 強調了 SEC 在批准現貨比特幣 ETF 期間對關鍵問題的徹底審查，包括創建和贖回流程、現金與實體交易以及託管問題。他強調，由於以太坊和比特幣之間的相似性，這些問題對以太坊 ETF 來說基本上是相同的。

"All of these issues were figured out and are identical when comparing spot Bitcoin to Ethereum ETFs," Salm stated. "The only difference is rather than the ETF holding bitcoin, it holds ether. So in many ways, the SEC already has engaged and issuers simply have less to engage on this time."

Salm 表示：“在將現貨比特幣與以太坊 ETF 進行比較時，所有這些問題都得到了解決，並且是相同的。” 「唯一的區別是 ETF 不是持有比特幣，而是持有以太幣。因此，在很多方面，美國證券交易委員會已經參與其中，而發行人這次參與的內容較少。”

Legal Arguments for Ethereum ETF Approval

以太坊 ETF 核准的法律依據

In support of the approval of spot Ethereum ETFs, Salm echoed arguments made by Coinbase's Chief Legal Officer, Paul Grewal. He noted the consistent and robust correlation between Ethereum futures and spot prices, which reinforces the rationale for ETF approval.

為了支持批准以太坊 ETF 現貨，Salm 回應了 Coinbase 首席法務官 Paul Grewal 的論點。他指出，以太坊期貨和現貨價格之間存在一致且強勁的相關性，這強化了 ETF 批准的理由。

"Investors want and deserve access to Ethereum in the form of a spot Ethereum ETF and Grayscale believes the case is just as strong as it was for spot Bitcoin ETFs," Salm added.

Salm 補充道：“投資者希望並且應該以現貨以太坊 ETF 的形式獲得以太坊，Grayscale 認為這種情況與現貨比特幣 ETF 一樣有力。”

Regulatory Skepticism and Uncertainty

監管懷疑和不確定性

Despite Salm's optimism, the path to Ethereum ETF approval faces challenges. In recent weeks, regulatory skepticism has grown due to the SEC's postponement of approval decisions for several issuers and minimal progress in the application review process.

儘管 Salm 樂觀，但以太坊 ETF 的批准之路仍面臨挑戰。最近幾週，由於美國證券交易委員會推遲了對幾家發行人的批准決定，並且申請審查過程進展甚微，監管懷疑情緒有所增加。

Moreover, the SEC's ongoing investigation into Ethereum's regulatory classification as either a security or a commodity adds further uncertainty to the approval prospects.

此外，美國證券交易委員會正在進行的對以太坊作為證券或商品的監管分類的調查進一步增加了批准前景的不確定性。

Conclusion

結論

While Salm's legal analysis provides a glimmer of hope for Ethereum ETF enthusiasts, the regulatory uncertainty surrounding these products persists. The SEC's continued scrutiny of Ethereum and the broader cryptocurrency market will likely shape the outcome of the ETF approval process in the coming months.

儘管 Salm 的法律分析為以太坊 ETF 愛好者帶來了一線希望，但圍繞這些產品的監管不確定性仍然存在。美國證券交易委員會對以太坊和更廣泛的加密貨幣市場的持續審查可能會影響未來幾個月 ETF 審批流程的結果。

Investors and market analysts will continue to monitor developments closely as the SEC navigates the complex legal and regulatory issues surrounding cryptocurrency ETFs.

隨著 SEC 處理圍繞加密貨幣 ETF 的複雜法律和監管問題，投資者和市場分析師將繼續密切關注事態發展。