現貨以太幣 ETF 會為其他山寨幣 ETF 打開大門嗎？

隨著美國證券交易委員會 (SEC) 批准現貨以太 ETF 的可能性突然上升，山寨幣投資者正在猜測可能會批准更多代幣。

With the SEC reportedly close to approving a spot ether ETF, could other altcoin ETFs follow suit?

據報道，美國證券交易委員會即將批准現貨以太 ETF，其他山寨幣 ETF 是否會跟進？

The Securities and Exchange Commission (SEC) is reportedly nearing approval of a spot ether ETF, a move that has sparked speculation among altcoin proponents about the possibility of further ETF approvals for other crypto assets.

據報道，美國證券交易委員會 (SEC) 即將批准現貨以太 ETF，此舉引發了山寨幣支持者對其他加密資產 ETF 進一步批准的可能性的猜測。

Currently, there are over a dozen trusts that trade on US stock exchanges and hold alternate crypto assets, including Litecoin (LTC), Chainlink (LINK), Basic Attention Token (BAT), Bitcoin Cash (BCH), Decentraland (MANA), Ethereum Classic (ETC), Filecoin (FIL), Polkadot (DOT), Horizon (ZEN), Stellar Lumens (XLM), Livepeer (LPT), Zcash (ZEC), and Solana (SOL).

目前，有十多家信託在美國證券交易所進行交易並持有替代加密資產，包括萊特幣（LTC）、Chainlink（LINK）、Basic Attention Token（BAT）、比特幣現金（BCH）、Decentraland（MANA )、以太坊Classic (ETC)、Filecoin (FIL)、Polkadot (DOT)、Horizo​​n (ZEN)、Stellar Lumens (XLM)、Livepeer (LPT)、Zcash (ZEC) 和 Solana (SOL)。

If the SEC approves a spot ether ETF, could it also pave the way for ETFs for other altcoins?

如果 SEC 批准以太幣現貨 ETF，是否也能為其他山寨幣 ETF 鋪路？

Altcoin proponents argue that non-ether spot altcoin ETFs could be approved by the SEC shortly after a spot ether ETF, using the following logic: If the SEC permitted Grayscale to convert its bitcoin trust into an ETF, why would commissioners deny trust sponsors of other crypto assets to convert into an ETF?

山寨幣支持者認為，非以太幣現貨山寨幣ETF 可能會在現貨以太幣ETF 之後不久獲得美國證券交易委員會(SEC) 的批准，其邏輯如下：如果美國證券交易委員會允許灰度將其比特幣信託轉換為ETF，那麼為什麼委員們會拒絕其他信託發起人的請求？

This argument may fail if the SEC claims that the crypto asset is an unregistered security. However, the SEC has not classified all crypto assets held in US public trusts as securities.

如果 SEC 聲稱加密資產是未註冊的證券，則該論點可能會失敗。然而，美國證券交易委員會並未將美國公共信託持有的所有加密資產歸類為證券。

Interestingly, many crypto trusts that trade on OTC Markets, a US stock exchange, explicitly hold SEC-designated unregistered securities, including SOL, MANA, and FIL. More crypto assets are rumored to be SEC-designated unregistered securities: ZEN, XLM, and ZEN.

有趣的是，許多在美國證券交易所 OTC Markets 上交易的加密信託明確持有 SEC 指定的未註冊證券，包括 SOL、MANA 和 FIL。據傳更多的加密資產是 SEC 指定的未註冊證券：ZEN、XLM 和 ZEN。

On the other hand, there are trusts that trade on US OTC Markets that do not hold SEC-designated unregistered securities, such as the DOT or ETC trusts. Perhaps if the SEC were to approve a spot ether ETF, commissioners might approve spot ETFs based on such possibly non-security crypto assets.

另一方面，有些信託在美國場外交易市場進行交易，但不持有 SEC 指定的未註冊證券，例如 DOT 或 ETC 信託。也許，如果 SEC 批准現貨以太 ETF，委員可能會批准基於此類可能非安全加密資產的現貨 ETF。

It’s important to note that just because the SEC hasn't classified a crypto asset as an unregistered security doesn't mean that it isn't. Congress didn’t task the SEC to proactively classify all assets. Instead, the SEC simply chooses to accept or reject applications that it receives, or file enforcement actions against illegal conduct on a case-by-case basis, as it has the time, money, staff, and resources.

值得注意的是，美國證券交易委員會沒有將加密資產歸類為未註冊的證券並不意味著它不是。國會沒有責成美國證券交易委員會主動將所有資產分類。相反，美國證券交易委員會只是根據具體情況選擇接受或拒絕其收到的申請，或對非法行為採取執法行動，因為它有時間、金錢、人員和資源。

Silence from commissioners doesn’t indicate non-designation.

委員們的沉默並不意味著不指定。

In related news, only bitcoin and ether have futures contracts listed on the Chicago Mercantile Exchange (CME). This CME market of significant size for ether alone might be a carrying reason for approving only a spot ether ETF and not any other altcoin.

相關消息稱，只有比特幣和以太坊有在芝加哥商品交易所（CME）上市的期貨合約。僅就以太幣而言，芝商所市場規模就很大，這可能是僅批准現貨以太幣 ETF 而不批准任何其他山寨幣的一個原因。

According to Bloomberg, Barron’s, and Wall Street Journal sources, the Trading and Markets Division at the SEC has requested amendments to an exchange and sponsor’s joint 19b-4 form — likely VanEck. This is a bullish sign for a possible spot ether ETF approval because, in the view of market observers, the SEC is typically silent or disinterested in 19b-4 filings if it intends to reject them.

據彭博社、《巴倫周刊》和《華爾街日報》消息來源稱，SEC 交易和市場部門已要求修改交易所和保薦人聯合 19b-4 表格（可能是 VanEck）。這對於現貨以太 ETF 可能獲得批准來說是一個看漲信號，因為在市場觀察人士看來，如果 SEC 打算拒絕 19b-4 申請，那麼它通常會保持沉默或不感興趣。

Because the SEC is asking for a reapplication, the reasoning goes, its interest is likely a positive development.

由於美國證券交易委員會正在要求重新申請，其理由是，它的興趣可能是一個積極的進展。

Many viewed the SEC’s stance toward a spot ether ETF as decidedly negative. ConsenSys, the blockchain company founded by Joe Lubin, even sued the SEC, claiming that commissioners had secretly categorized ether as an unregistered security.

許多人認為 SEC 對以太幣現貨 ETF 的立場絕對是負面的。 Joe Lubin 創立的區塊鏈公司 ConsenSys 甚至起訴了 SEC，聲稱委員們秘密將以太幣歸類為未註冊的證券。

Therefore, if the SEC is actually considering a possible approval of a spot ETF for Ethereum, it would be a marked change of tone.

因此，如果 SEC 實際上正在考慮可能批准以太坊現貨 ETF，那麼這將是一個明顯的基調變化。

Read more: ConsenSys says the SEC designated ETH a security but won’t say where

了解更多：ConsenSys 表示 SEC 將 ETH 指定為證券，但沒有透露具體位置

Amid all of these media reports, the price of ether has rallied by 29% over the past seven days — outperforming bitcoin’s 12% rally by an additional 17%.

在所有這些媒體報導中，以太幣的價格在過去 7 天內上漲了 29%，比比特幣 12% 的漲幅多了 17%。

Form 19b-4 asks applicants for the information necessary for the public to understand why the SEC should change its Section 19(b)(1) rules pursuant to the Securities Exchange Act of 1934. In this case, the exchange and an ETF sponsor must explain why the SEC should allow ether to be used as the sole asset of a spot ETF.

表格19b-4 要求申請人提供必要的信息，以便公眾理解為什麼SEC 應根據1934 年《證券交易法》更改其第19(b)(1) 條規則。人們必須解釋為什麼 SEC 應該允許以太幣作為現貨 ETF 的唯一資產。

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