現在是美國數字資產的監管開放季節

現在，IT和其他模因被提議作為新的加密貨幣ETF的資產。

The regulatory open season for digital assets in the United States continues - and not just because the incoming president released a Solana memecoin on the eve of his inauguration. Now, it and other memecoins are being proposed as assets for a new slew of cryptocurrency ETFs. In just over a month, the U.S. crypto market went from facing an absurd amount of obstruction to an absurd amount of, well, absurdity.

美國數字資產的監管開放季節仍在繼續 - 不僅是因為即將上任的總統在就職典禮前夕釋放了索拉納（Solana Memecoin）。現在，IT和其他模因被提議作為新的加密貨幣ETF的資產。在短短一個多月的時間裡，美國加密貨幣市場從面臨荒謬的阻塞到荒謬的荒謬。

While I can scarcely imagine a financial advisor telling me, “You’re slightly under-allocated in $TRUMP coin,” the reality is that these new currencies could be valid assets for an ETF. Another view is that they are completely useless. A more generous view is that they are a form of creative expression. They’re not a symphony by Mozart, sure, but these coins - $BONK, $PENGU - clearly have some cultural value. I can see why some investors, retail and otherwise, would be interested in an ETF of this kind.

儘管我幾乎無法想像一位財務顧問告訴我：“您在$ trump硬幣中有點不足”，但現實是，這些新貨幣可能是ETF的有效資產。另一個觀點是它們完全沒有用。一個更慷慨的觀點是它們是一種創造性表達的形式。當然，他們不是莫扎特的交響曲，但是這些硬幣 - $ bonk，$ pengu-顯然具有一些文化價值。我明白了為什麼一些零售和其他零售投資者會對這種ETF感興趣。

This brings us to Solana, which is now essentially the 3rd largest asset in terms of market cap and by far the largest in terms of network usage. Bitcoin, while initially envisioned as a kind of digital cash, has emerged as a digital store of value. And Solana has taken the mantle of a blockchain smart contract with its unique Proof of History having the potential to defer all kinds of blockchain based applications. It’s time for a Solana ETF.

這將我們帶到了Solana，這本質上是市值的第三大資產，並且在網絡使用方面是最大的資產。比特幣最初被設想為一種數字現金，但已成為價值的數字商店。索拉納（Solana）以其獨特的歷史證明有可能推遲各種基於區塊鏈的應用程序，從而獲得了區塊鏈智能合約的披風。現在是時候了。

Read More: How Solana Is Competing With Ethereum for Institutional Interest

閱讀更多：Solana如何與以太坊競爭機構利益

The groundwork is there. It took 10 long years and a lawsuit for the Bitcoin ETF to be approved. After more challenges, an Ethereum ETF was also approved - with an asterisk. Every issuer that included providing “staking” rewards in their applications had to strike it. By doing so, the SEC effectively said that the issuers (and the investors) couldn't participate in the governance of these blockchains, but could invest in them.

基礎工作在那裡。它花了10年的時間，比特幣ETF批准了訴訟。經過更多的挑戰，還批准了一個以太坊ETF - 帶有星號。每個在申請中提供“積分”獎勵的發行人都必須對其進行打擊。通過這樣做，SEC有效地表示，發行人（和投資者）無法參與這些區塊鏈的治理，而是可以投資於這些區塊鏈。

As a result, every investor who has bought into an Ethereum ETF since last May has missed the opportunity to earn yield on their asset - yield that comes directly from supporting the security of the blockchain itself. If, instead of ETF shares, these investors bought the same amount of Ethereum and staked it (for example, with Coinbase), they could earn, say, 2-4% APY, in return for letting their ETH be used to keep the blockchain secure. Whatever your politics, and however you feel about cryptocurrencies, the truth is that this puts American investors at a disadvantage. European investors already have ETPs for other currencies, and they also have access to staking rewards through them, too.

結果，自去年5月以來，每個購買以太坊ETF的投資者都錯過了獲得其資產收益率的機會 - 直接支持區塊鏈本身的安全性。如果這些投資者不用ETF股票購買了相同數量的以太坊並將其放置（例如，使用Coinbase），則可以賺取2-4％的APY，以換取讓他們的ETH使用ETH來確保區塊鏈安全。無論您的政治，無論您如何看待加密貨幣，事實都是使美國投資者處於不利地位。歐洲投資者已經擁有其他貨幣的ETP，並且他們也可以通過它們獲得積分獎勵。

And yet, in the U.S., we are still waiting for a Solana ETF of any kind. And it certainly will not include staking to begin with, as the issuers learned from the Ethereum case not to include it. In my view, Europe’s approval of the staking ETPs should set the precedent for a staking ETF in the United States.

但是，在美國，我們仍在等待任何形式的solana ETF。正如發行人從以太坊案中學到的那樣，它肯定不會包括賭注。在我看來，歐洲對Sticking ETP的認可應為美國的Staking ETF樹立先例。

As for why that staking ETF should be for Solana, well - the fact that the president’s memecoin was released on Solana is no accident. It is a popular blockchain that can handle billions in transaction volume, even when it is unexpected. Its scalability and power will inevitably be applied to real-world assets in tradfi, and any other number of real-world use cases. Not giving investors access to invest in this technology through their traditional financial accounts is like if we limited investors to invest in Amazon or Google during their initial offerings. This is why a Solana ETF should be quickly approved: to give the broad retail and institutional investors access to the next biggest asset after Bitcoin and Ethereum.

至於為什麼要為索拉納（Solana）組成的ETF組成的原因 - 總統在索拉納（Solana）上釋放了總統的紀念物這一事實並不是偶然的。這是一個流行的區塊鏈，即使是出乎意料的，也可以處理數十億美元的交易量。它的可伸縮性和功率將不可避免地應用於TradFI中的現實世界資產，以及任何其他數量的實際用例。不讓投資者通過其傳統財務帳戶獲得投資對這項技術的投資，就像我們在初始產品期間限制投資者投資於亞馬遜或Google一樣。這就是為什麼應迅速批准的Solana ETF的原因：讓廣大的零售和機構投資者獲得繼承比特幣和以太坊的第二大資產。

In short: Solana is overdue for an ETF of its own, and I urge the new leadership at the SEC to approve the applications they have inherited from those including Grayscale, VanEck, 21Shares, Canary Capital, and Bitwise - and even encourage them reintegrate staking rewards into their proposals. (Canary’s application has reached a second stage of SEC review, indicating it could be approved in due course.)

簡而言之：Solana對自己的ETF逾期，我敦促SEC的新領導層批准他們從包括灰度，Vaneck，21shares，Canary Capital和Bitwise在內的人員那裡繼承的申請，甚至鼓勵他們將Stricgegration Rewards重新融合到他們的建議中。 （Canary的申請已達到SEC審查的第二階段，表明可以在適當的時候批准。）

It is still early, so we are yet to see the long term impacts of this administration’s approach to cryptocurrency. But it’s possible that it could push through a new, better framework for crypto-asset products. That would be worth the hype.

現在還很早，因此我們還沒有看到該政府加密貨幣的長期影響。但是，它可能會推動一個新的，更好的加密資產產品框架。那值得炒作。