美國證券交易委員會就現貨以太坊交易所交易基金徵求公眾意見

美國證券交易委員會 (SEC) 正在就 Grayscale、Fidelity 和 Bitwise 上市和交易現貨以太坊交易所交易基金 (ETF) 的擬議規則變更徵求公眾意見。這些提案將根據期貨和現貨 ETH 市場的相關性、現貨 ETH 市場的規模和流動性以及潛在風險和保護等因素進行審查。 SEC 的決定將受到公眾意見的影響，公眾意見在聯邦公報公佈後開放 21 天。

Securities and Exchange Commission Invites Public Input on Spot Ethereum Exchange-Traded Funds

美國證券交易委員會邀請民眾就現貨以太坊交易所交易基金提出意見

The Securities and Exchange Commission (SEC) has opened a public comment period on proposed rule changes filed by Cboe BZX and NYSE Arca to list and trade shares of spot Ethereum exchange-traded funds (ETFs) from Grayscale, Fidelity, and Bitwise.

美國證券交易委員會 (SEC) 已就 Cboe BZX 和 NYSE Arca 提交的擬議規則變更開放公眾意見徵詢期，以列出和交易 Grayscale、Fidelity 和 Bitwise 的現貨以太坊交易所交易基金 (ETF) 股票。

These proposals seek to provide investors with a regulated and accessible way to gain exposure to the cryptocurrency market through traditional investment vehicles. The SEC's evaluation of these proposals will consider various factors, including market correlation, fund custodianship, creation and redemption mechanisms, and sponsor fees.

這些提案旨在為投資者提供一種受監管且可訪問的方式，透過傳統投資工具進入加密貨幣市場。 SEC 對這些提案的評估將考慮多種因素，包括市場相關性、基金託管、創設和贖回機制以及保薦人費用。

Market Correlation and Spot Market Liquidity

市場相關性和現貨市場流動性

The proposed rule changes highlight the correlation between ETH futures and ETH spot markets, which is crucial in assessing the suitability of spot Ethereum ETFs. The SEC has previously approved futures ETH ETFs, and the correlation between these markets suggests the potential for similar regulatory treatment for spot ETFs.

擬議的規則變更凸顯了 ETH 期貨和 ETH 現貨市場之間的相關性，這對於評估現貨以太坊 ETF 的適用性至關重要。 SEC 先前已批准期貨 ETH ETF，這些市場之間的相關性表明現貨 ETF 可能受到類似的監管待遇。

NYSE Arca and Grayscale have cited an analysis by Coinbase demonstrating this correlation and indicating that fraud and manipulation are unlikely in the spot ETH market. They argue that the Investment Company Act of 1940 does not provide adequate protections to justify denying spot crypto ETFs, despite the SEC's earlier stance.

NYSE Arca 和 Grayscale 引用了 Coinbase 的一項分析，證明了這種相關性，並表明現貨 ETH 市場不太可能出現欺詐和操縱行為。他們認為，儘管美國證券交易委員會 (SEC) 先前曾表示立場，但 1940 年《投資公司法》並未提供足夠的保護來證明拒絕現貨加密 ETF 的合理性。

Cboe and Fidelity, in their filings, assert that their analysis shows the relevance of the spot ETH market's size, a factor supported by analysis provided by NYSE Arca and Bitwise.

Cboe 和 Fidelity 在其文件中聲稱，他們的分析顯示了 ETH 現貨市場規模的相關性，紐約證券交易所 Arca 和 Bitwise 提供的分析支持了這一因素。

Considerations for Fund Approval

基金審批的考慮因素

The SEC's review of these proposals will also encompass other considerations such as fund custodianship, which plays a vital role in safeguarding investor assets. The rule changes address the responsibilities and qualifications of custodians, who are entrusted with the safekeeping and administration of fund assets.

SEC 對這些提案的審查還將涵蓋其他考慮因素，例如基金託管，這在保護投資者資產方面發揮著至關重要的作用。規則變更涉及受委託保管和管理基金資產的託管人的責任和資格。

Creation and redemption mechanisms are another key aspect of ETF structure, ensuring orderly and efficient trading. The proposals outline the process for creating and redeeming fund shares, which allows investors to enter and exit their positions.

創設和贖回機制是ETF結構的另一個關鍵方面，確保交易有序且有效率。這些提案概述了創建和贖回基金份額的流程，允許投資者進入和退出其頭寸。

Sponsor fees are a critical element in determining the cost of investing in an ETF. The proposals specify the fees that will be charged by the fund sponsors, covering management, administrative, and other expenses.

保薦費是決定 ETF 投資成本的關鍵因素。該提案明​​確了基金發起人將收取的費用，包括管理、行政和其他費用。

Ethereum ETF Landscape

以太坊ETF格局

The call for public comments is part of the SEC's ongoing review of spot Ethereum ETFs. The proposals from Grayscale, Fidelity, and Bitwise represent a significant development in the cryptocurrency market, with major fund managers recognizing the growing demand for regulated Ethereum-based investment products.

徵求公眾意見是 SEC 對以太坊 ETF 現貨進行持續審查的一部分。 Grayscale、Fidelity 和 Bitwise 的提案代表了加密貨幣市場的重大發展，主要基金經理人認識到對受監管的基於以太坊的投資產品的需求不斷增長。

Following the SEC's approval of 11 Bitcoin ETFs in January, which have gained substantial traction and asset inflows, there is a strong appetite for similar regulatory approvals for Ethereum-based products.

繼 1 月 SEC 批准 11 隻比特幣 ETF 後，這些ETF獲得了巨大的吸引力和資產流入，人們對基於以太坊的產品獲得類似的監管批准有著強烈的興趣。

Coinbase has recently engaged in discussions with the SEC regarding Grayscale's Ethereum ETF proposal. Grayscale intends to convert its existing Ethereum Trust into a spot ETH ETF, a move publicly supported by Coinbase.

Coinbase 最近與 SEC 就 Grayscale 的以太坊 ETF 提案進行了討論。 Grayscale 打算將其現有的以太坊信託轉換為現貨 ETH ETF，此舉得到了 Coinbase 的公開支持。

Market Sentiment and Analyst Outlook

市場情緒與分析師展望

The push for Ethereum ETFs comes amid mixed market sentiments. While the SEC's approval of spot Bitcoin ETFs was a significant milestone, analysts hold varying perspectives on the prospects for Ethereum ETFs.

以太坊 ETF 的推動是在市場情緒複雜的情況下進行的。雖然美國證券交易委員會批准現貨比特幣 ETF 是一個重要的里程碑，但分析師對以太坊 ETF 的前景持有不同的看法。

Some speculate that the SEC may delay approval to create a temporal gap between Bitcoin and Ethereum products. However, entities like Standard Chartered remain optimistic, anticipating SEC approval by May.

有些人猜測美國證券交易委員會可能會推遲批准，以在比特幣和以太坊產品之間造成時間差距。然而，渣打銀行等實體仍持樂觀態度，預計 SEC 將於 5 月批准。

The SEC's decision on these spot Ethereum ETF proposals will have a profound impact on the cryptocurrency market and the broader investment landscape. The public comment period provides an opportunity for individuals and organizations to express their views and contribute to the regulatory framework for Ethereum-based financial products.

美國證券交易委員會對這些現貨以太坊 ETF 提案的決定將對加密貨幣市場和更廣泛的投資格局產生深遠影響。公眾意見徵詢期為個人和組織提供了表達觀點並為基於以太坊的金融產品的監管框架做出貢獻的機會。