美國證券交易委員會對擬議的比特幣期權交易規則變更進行徹底審查

美國證券交易委員會（SEC）正在審查一項擬議的規則變更，該變更將允許在比特幣交易所交易基金（ETF）上進行選擇權交易。美國證券交易委員會就比特幣選擇權交易對更廣泛市場的潛在影響尋求公眾意見，特別是在動盪時期。交易所已經提交了在最近批准的現貨比特幣 ETF 上列出期權的請求，促使 SEC 調查當前管理其獨特特徵的監督和執行機制是否充分。

SEC Embarks on Comprehensive Review of Proposed Bitcoin Options Trading Rule Change

美國證券交易委員會開始全面審查擬議的比特幣選擇權交易規則變更

Washington, D.C., March 8, 2023 – The United States Securities and Exchange Commission (SEC) has initiated a comprehensive consultation process on a proposed rule change that would introduce options trading on Bitcoin exchange-traded funds (ETFs). This move marks a significant step in the regulatory oversight of the rapidly evolving cryptocurrency market.

華盛頓特區，2023 年 3 月 8 日——美國證券交易委員會 (SEC) 已就擬議的規則變更啟動了全面的諮詢流程，該規則變更將引入比特幣交易所交易基金 (ETF) 的期權交易。此舉標誌著快速發展的加密貨幣市場的監管邁出了重要一步。

Reviewing the Market Impact of Bitcoin Options

回顧比特幣期權的市場影響

The SEC's primary objective in this review is to assess the potential impact of Bitcoin options trading on the broader financial market, particularly during periods of heightened market volatility. The Commission will meticulously examine the adequacy of current surveillance and enforcement mechanisms employed by exchanges to manage the unique characteristics of Bitcoin options.

美國證券交易委員會這次審查的主要目標是評估比特幣選擇權交易對更廣泛的金融市場的潛在影響，特別是在市場波動加劇期間。委員會將仔細審查交易所採用的當前監控和執行機制是否足以管理比特幣選擇權的獨特特徵。

Safeguarding Investors and Market Integrity

保護投資者和市場誠信

The SEC's paramount concern is to ensure that appropriate safeguards are in place to protect investors and maintain the integrity of the markets. This includes evaluating whether current regulations governing options trading on stocks adequately address the specific risks associated with Bitcoin options.

SEC 最關心的是確保採取適當的保障措施來保護投資者並維護市場的完整性。這包括評估目前管理股票選擇權交易的法規是否充分解決了與比特幣選擇權相關的特定風險。

Public Input and Industry Perspectives

公眾意見和產業觀點

The SEC welcomes public input on the proposed rule change, providing an opportunity for all stakeholders to share their insights. Interested parties have 21 days from the official registration of the document to submit initial comments, with the final deadline set for May 15, 2024.

SEC 歡迎公眾對擬議的規則變更提出意見，為所有利益相關者提供分享見解的機會。自文件正式註冊起，有興趣的各方有 21 天的時間提交初步意見，最終截止日期為 2024 年 5 月 15 日。

Asset management firms, such as Bitwise and Grayscale, have been actively pursuing regulatory clearance to list options on their Bitcoin ETFs. They argue that options trading on spot Bitcoin ETFs would provide investors with valuable risk management tools and hedging strategies.

Bitwise 和 Grayscale 等資產管理公司一直在積極尋求監管許可，以列出其比特幣 ETF 選擇權。他們認為，比特幣 ETF 現貨選擇權交易將為投資者提供有價值的風險管理工具和避險策略。

Balancing Innovation and Regulation

平衡創新與監管

The SEC faces the delicate task of balancing the potential benefits of Bitcoin options trading, such as increased liquidity and enhanced market efficiency, with the need for robust regulatory oversight. The Commission will carefully consider the potential risks and benefits before making a final decision on the proposed rule change.

美國證券交易委員會面臨平衡比特幣選擇權交易的潛在好處（例如增加流動性和提高市場效率）與強有力的監管監督的需要之間的微妙任務。在對擬議的規則變更做出最終決定之前，委員會將仔細考慮潛在的風險和利益。

Delay in Decision-Making

決策延遲

The SEC has extended the review period for allowing options trading on Grayscale and Bitwise Bitcoin ETFs, with a new decision date set for May 29, 2024. This delay underscores the complexity of the issues under consideration.

美國證券交易委員會 (SEC) 延長了允許灰階和 Bitwise 比特幣 ETF 選擇權交易的審查期，新的決定日期定為 2024 年 5 月 29 日。

Regulatory Clearance and Industry Prospects

監管許可和行業前景

Asset management firms remain optimistic about the prospects for regulatory clearance of Bitcoin options trading on their ETFs. They draw parallels to the successful approval process for options on spot gold ETPs, which has bolstered the credibility of these products among investors.

資產管理公司對其 ETF 比特幣選擇權交易的監管許可前景仍持樂觀態度。它們與現貨黃金 ETP 選擇權的成功審批流程相似，這增強了這些產品在投資者中的可信度。

Conclusion

結論

The SEC's consultation process represents a critical milestone in the regulatory evolution of the cryptocurrency market. The Commission's comprehensive review of the proposed Bitcoin options trading rule change is a testament to its commitment to investor protection, market integrity, and fostering innovation within the digital asset ecosystem. The outcome of this review will have significant implications for the future of Bitcoin trading and the broader financial landscape.

SEC 的諮詢過程是加密貨幣市場監管演變的一個重要里程碑。委員會對擬議的比特幣選擇權交易規則變更的全面審查證明了其對投資者保護、市場誠信和促進數位資產生態系統創新的承諾。此次審查的結果將對比特幣交易的未來和更廣泛的金融格局產生重大影響。