SEC 延後灰階以太坊 ETF 決定：監管持續阻礙

SEC Delays Grayscale Ethereum ETF Again: What's the Hold-Up?

美國證券交易委員會 (SEC) 再次推遲灰階以太坊 ETF：有何阻礙？

The Securities and Exchange Commission (SEC) has once again put the brakes on Grayscale's Ethereum (ETH) Futures Trust exchange-traded fund (ETF). The postponement, announced in an SEC filing on March 22, extends the deadline from March 31 to May 30.

美國證券交易委員會 (SEC) 再次對 Grayscale 的以太坊 (ETH) 期貨信託交易所交易基金 (ETF) 踩剎車。 3 月 22 日向 SEC 提交的文件中宣布延後，將截止日期從 3 月 31 日延長至 5 月 30 日。

What's the Story with Grayscale's ETF Application?

Grayscale 的 ETF 應用有什麼故事？

Grayscale's Ethereum ETF has faced multiple delays, with the SEC seeking more time to mull over the proposed rule change and address concerns. The decision to approve or deny the ETF was initially scheduled for December 2023, but the SEC pushed it back, citing the need for more public input.

Grayscale 的以太坊 ETF 面臨多次延誤，美國證券交易委員會尋求更多時間來考慮擬議的規則變更並解決擔憂。批准或拒絕 ETF 的決定最初定於 2023 年 12 月做出，但 SEC 推遲了這項決定，理由是需要更多公眾意見。

The Broader Regulatory Landscape: A Crypto Crackdown?

更廣泛的監管格局：加密貨幣打擊？

The SEC's latest delay comes amidst heightened regulatory scrutiny of crypto-based financial products. This follows the recent approval of Bitcoin ETFs, which raised questions about the SEC's stance on crypto investments.

美國證券交易委員會最近的延遲是在加強對基於加密貨幣的金融產品的監管審查之際做出的。此前，比特幣 ETF 最近獲得批准，引發了人們對 SEC 對加密貨幣投資立場的質疑。

What's at Stake for Grayscale and the Crypto Industry?

灰階和加密產業的利害關係是什麼？

Analysts speculate that the approval of Ethereum-based ETFs could send Ethereum prices soaring, challenging Bitcoin's dominance in the market. Grayscale's ETF would be a major player in this space, making its approval a key factor for the crypto industry.

分析師推測，基於以太坊的 ETF 的批准可能會導致以太坊價格飆升，挑戰比特幣在市場上的主導地位。 Grayscale 的 ETF 將成為該領域的主要參與者，使其獲得批准成為加密產業的關鍵因素。

SEC Meets with Spot Ethereum ETF Applicants: A Glimpse Behind the Curtain

美國證券交易委員會會見以太坊 ETF 現貨申請人：幕後一瞥

Earlier this month, the SEC met with applicants seeking approval for spot Ethereum ETFs. This meeting signaled growing interest in spot Ethereum ETFs after the successful launch of spot Bitcoin products.

本月早些時候，美國證券交易委員會會見了尋求批准現貨以太坊 ETF 的申請人。這次會議表明，在成功推出現貨比特幣產品後，人們對現貨以太坊 ETF 的興趣日益濃厚。

The Road to Spot Ethereum ETFs: A Rocky Path

現貨以太幣 ETF 之路：崎嶇之路

The SEC has yet to make decisions on spot Ether-based products, with VanEck's filing leading the pack. Other major issuers, including BlackRock, Franklin Templeton Grayscale, and Invesco Galaxy, are eagerly awaiting responses.

美國證券交易委員會尚未就基於以太幣的現貨產品做出決定，其中 VanEck 的申請領先。其他主要發行人，包括貝萊德（BlackRock）、富蘭克林鄧普頓灰度（Franklin Templeton Grayscale）和景順銀河（Invesco Galaxy）都在熱切等待回應。

VanEck's May 23 Deadline: A Pivotal Moment

VanEck 的 5 月 23 日截止日期：一個關鍵時刻

VanEck's filing faces a May 23 deadline, when the SEC must either approve or reject their bid. This decision will set the tone for subsequent decisions on similar applications from prominent asset managers.

VanEck 的申請面臨 5 月 23 日的截止日期，屆時 SEC 必須批准或拒絕他們的收購要約。這項決定將為著名資產管理公司的類似申請的後續決定定下基調。

Legal Challenges and Regulatory Uncertainty: Ethereum vs. Bitcoin

法律挑戰與監管不確定性：以太坊與比特幣

The path to approving spot Ethereum ETFs has been particularly bumpy due to regulatory complexities and concerns unique to Ethereum compared to Bitcoin. Variant Fund's Chief Legal Officer, Jake Chervinsky, expresses skepticism about SEC approval by the May deadline, citing legal issues and the policy environment in Washington, D.C.

由於監管複雜性以及與比特幣相比以太坊特有的擔憂，批准現貨以太坊 ETF 的道路尤其坎坷。 Variant Fund 的首席法律官 Jake Chervinsky 對 SEC 在 5 月截止日期前獲得批准表示懷疑，理由是法律問題和華盛頓特區的政策環境。

SEC Chair Gary Gensler's Cautious Approach: A Dampener on Crypto Enthusiasm

SEC 主席 Gary Gensler 的謹慎態度：抑制加密貨幣熱情

SEC Chair Gary Gensler's cautious approach to cryptocurrencies has added another layer of uncertainty to the approval process. Gensler has repeatedly highlighted the high-risk nature of crypto assets and the need for consensus among commissioners.

美國證券交易委員會主席加里·根斯勒 (Gary Gensler) 對加密貨幣的謹慎態度為批准過程增添了另一層不確定性。 Gensler 多次強調加密資產的高風險性質以及委員之間達成共識的必要性。

The Future of Spot Ethereum ETFs: A Complex Landscape

現貨以太幣 ETF 的未來：複雜的格局

Despite the growing interest in spot Ethereum ETFs, regulatory challenges and ongoing dialogues with issuers highlight the complex dynamics shaping the future of Ether-based investment products in the market.

儘管人們對現貨以太坊 ETF 的興趣日益濃厚，但監管挑戰以及與發行人的持續對話凸顯了塑造市場上基於以太坊的投資產品未來的複雜動態。