美國證券交易委員會不一致的立場引發了對以太坊 ETF 批准的質疑

在關於美國批准現貨以太坊 (ETH) 交易所交易基金 (ETF) 的持續猜測中，Coinbase 總法律顧問 Paul Grewal 認為，美國證券交易委員會 (SEC) “沒有充分的理由”拒絕此類申請。他引用了 SEC 先前的聲明和法律先例，將 ETH 歸類為商品，而不是證券。然而，存在著不同的觀點，有些人認為美國證券交易委員會最近對以太坊的調查以及向權益證明共識系統的轉變可能會影響其決定。

SEC's Inconsistent Approach Raises Concerns Over Ethereum ETF Approvals

美國證券交易委員會不一致的做法引發了對以太坊 ETF 批准的擔憂

Amidst fervent anticipation for the Securities and Exchange Commission (SEC) to approve spot Ethereum exchange-traded funds (ETFs), Coinbase General Counsel Paul Grewal has denounced the agency's apparent reluctance to grant these applications.

在人們熱切期待美國證券交易委員會 (SEC) 批准現貨以太坊交易所交易基金 (ETF) 的同時，Coinbase 總法律顧問 Paul Grewal 譴責該機構明顯不願批准這些申請。

In a forthright statement, Grewal decried the SEC's "no good reason" for denying ETF approvals, asserting that Ethereum (ETH) has been consistently classified as a commodity, not a security. He backed this assertion with evidence from both past and current SEC officials, including former Corporate Finance Director Bill Hinman and current Chairman Gary Gensler.

Grewal 在一份直言不諱的聲明中譴責 SEC 拒絕 ETF 批准的“沒有充分理由”，並聲稱以太坊 (ETH) 一直被歸類為商品，而不是證券。他用過去和現任 SEC 官員的證據支持這一說法，包括前公司財務總監 Bill Hinman 和現任主席 Gary Gensler。

Grewal further highlighted the SEC's own legal precedents, the Commodity Futures Trading Commission's (CFTC) affirmation of ETH as a commodity, and the successful trading of ETH futures contracts regulated by the CFTC. These factors, he argued, unequivocally challenge any attempt to classify ETH as a security.

Grewal 進一步強調了 SEC 自身的法律先例、商品期貨交易委員會 (CFTC) 對 ETH 作為商品的確認，以及受 CFTC 監管的 ETH 期貨合約的成功交易。他認為，這些因素明確地挑戰了任何將 ETH 歸類為證券的嘗試。

Grewal countered the SEC's potential reliance on the Howey test, emphasizing that digital assets like ETH do not meet the criteria for "investment contracts" or "securities" due to their lack of ongoing contractual obligations related to a commercial enterprise.

Grewal 反駁了 SEC 對 Howey 測試的潛在依賴，並強調像 ETH 這樣的數位資產不符合「投資合約」或「證券」的標準，因為它們缺乏與商業企業相關的持續合約義務。

Ethereum Foundation's "Warrant Canary" Removal Sparks Speculation

以太坊基金會「權證金絲雀」移除引發猜測

Adding to the intrigue surrounding Ethereum's regulatory status, the Ethereum Foundation recently removed a "Warrant Canary" from its website following an unspecified legal inquiry. This action has sparked speculation that state authorities may be investigating the Foundation.

以太坊基金會最近在一項未具體說明的法律調查後從其網站上刪除了“權證金絲雀”，這增加了圍繞以太坊監管地位的陰謀。這一行動引發了人們的猜測，即國家當局可能正在調查該基金會。

Fortune reported that the SEC is pursuing an "aggressive legal campaign" to classify Ethereum as a security, citing subpoenas issued to crypto companies related to an Ethereum investigation. Notably, some of these subpoenas were issued after Ethereum's transition to a proof-of-stake (PoS) consensus system, raising questions about whether this move is part of a broader effort to clamp down on ETH.

《財富》雜誌報導稱，美國證券交易委員會正在發起一場“積極的法律行動”，將以太坊歸類為證券，並援引向加密貨幣公司發出的與以太坊調查相關的傳票。值得注意的是，其中一些傳票是在以太坊過渡到權益證明 (PoS) 共識系統之後發出的，引發了人們的疑問：此舉是否是更廣泛的壓制 ETH 行動的一部分。

Conflicting Views on Ethereum's Status

關於以太坊現狀的相互矛盾的觀點

Despite Grewal's assertions, others contend that the transition to PoS may have altered Ethereum's regulatory landscape. Gensler himself has indicated that tokens in a PoS system could be considered securities due to investors' reliance on the efforts of others.

儘管 Grewal 如此斷言，但其他人認為向 PoS 的過渡可能改變了以太坊的監管格局。 Gensler 本人表示，由於投資者對其他人努力的依賴，PoS 系統中的代幣可以被視為證券。

Crypto lawyer Preston Byrne suggested that the SEC's potential challenge to Ethereum's classification may hinge on the distribution of coins during the presale.

加密貨幣律師 Preston Byrne 表示，SEC 對以太坊分類的潛在挑戰可能取決於預售期間代幣的分配。

Diverging Opinions on Approval Prospects

對批准前景的不同意見

Following the Bitcoin ETF spot approval, Commissioner Hester Peirce expressed concerns about the SEC's inconsistent treatment of applications in this area. She warned that the agency's failure to follow standard procedures would damage its reputation.

在比特幣 ETF 現貨獲得批准後，委員 Hester Peirce 對 SEC 對該領域申請的處理方式不一致表示擔憂。她警告說，該機構不遵守標準程序將損害其聲譽。

Former CFTC Commissioner Brian Quintenz pointed to the SEC's explicit recognition of ETH as a non-security asset when approving ETH futures ETFs. He argued that this decision, made well after Ethereum's transition to PoS, served as a clear indication of the agency's position on ETH's regulatory treatment.

CFTC 前委員 Brian Quintenz 指出，SEC 在批准 ETH 期貨 ETF 時明確承認 ETH 為非安全資產。他認為，這項決定是在以太坊向 PoS 過渡很久之後做出的，清楚地表明了該機構對 ETH 監管待遇的立場。

Diminishing Optimism for ETF Approvals

對 ETF 批准的樂觀情緒正在減弱

Bloomberg ETF analysts Eric Balchunas and James Seffart have lowered their expectations for ETH ETF spot approvals to 25% by May 23, the deadline for the SEC to rule on applications from Ark and 21Shares. They cited the SEC's lack of timely comments compared to the Bitcoin ETF approval process.

彭博 ETF 分析師 Eric Balchunas 和 James Seffart 將 5 月 23 日之前 ETH ETF 現貨批准率的預期下調至 25%，即 SEC 對 Ark 和 21Shares 申請作出裁決的最後期限。他們指出，與比特幣 ETF 審批流程相比，美國證券交易委員會缺乏及時的評論。

However, others remain more optimistic, with Bernstein analysts Gautam Chhugani and Mahika Sapra predicting a 50% probability of approval within the year. They cited the industry's determination to fight for ETH ETF approval and the parallels between Ethereum and the precedent set by the SEC's handling of the Grayscale Bitcoin ETF.

然而，其他人仍然更加樂觀，伯恩斯坦分析師 Gautam Chhugani 和 Mahika Sapra 預測年內獲得批准的可能性為 50%。他們引用了該行業爭取 ETH ETF 批准的決心，以及以太坊與 SEC 處理灰階比特幣 ETF 所設定的先例的相似之處。

SEC Postpones Decisions, Fidelity Adds Staking

SEC 推遲決定，富達增加質押

The SEC has delayed decisions on several Ethereum spot ETF applications, most recently extending the deadline for VanEck's application to May 23. Fidelity and Grayscale have amended their documents to include staking, indicating their continued pursuit of ETH ETF approval.

SEC 推遲了多個以太坊現貨 ETF 申請的決定，最近將 VanEck 申請的截止日期延長至 5 月 23 日。Fidelity 和 Grayscale 修改了他們的文件以包括質押，表明他們繼續尋求 ETH ETF 批准。

Despite the delays, the future of Ethereum ETF approvals remains uncertain. The SEC's inconsistent approach, combined with the transition to PoS, has created a complex regulatory landscape that could prolong the approval process or even result in denials. As the May 23 deadline approaches, the industry awaits the SEC's next move with a mix of anticipation and trepidation.

儘管出現延誤，以太坊 ETF 批准的未來仍然不確定。 SEC 不一致的做法，加上向 PoS 的過渡，造成了複雜的監管環境，可能會延長審批流程，甚至導致拒絕。隨著 5 月 23 日最後期限的臨近，業界懷著既期待又忐忑的心情等待 SEC 的下一步行動。