現貨以太 ETF：在 SEC 審查中艱難攀登

美國證券交易委員會 (SEC) 正在考慮以太坊 (ETH) 的現貨交易所交易基金 (ETF) 申請，但由於對質押、以太作為證券的分類以及 SEC 立場的擔憂，人們對批准的前景持懷疑態度關於加密貨幣監管。

Spot Ether ETFs: An Upward Battle?

現貨以太 ETF：一場向上的戰鬥？

The Securities and Exchange Commission (SEC) has applications sitting on its desk for spot ether exchange-traded funds (ETFs). However, experts are skeptical about the likelihood of approval anytime soon. The SEC's concerns revolve around staking, the classification of ether, and the agency's persistent criticism of cryptocurrencies.

美國證券交易委員會 (SEC) 的辦公桌上有現貨以太幣交易所交易基金 (ETF) 的申請。然而，專家們對短期內獲得批准的可能性持懷疑態度。美國證券交易委員會的擔憂圍繞著質押、以太幣的分類以及該機構對加密貨幣的持續批評。

Staking: A Thorn in the SEC's Side?

質押：SEC 的眼中釘？

Staking is a process where ether holders stake their tokens as collateral to support the operation of the Ethereum blockchain, earning rewards in additional cryptocurrency. The SEC has previously clamped down on staking, levying a $30 million fine on Kraken and forcing Coinbase to discontinue its staking services.

質押是以太幣持有者將其代幣質押作為抵押品以支持以太坊區塊鏈運行的過程，從而獲得額外加密貨幣的獎勵。 SEC 先前曾嚴厲打擊質押，對 Kraken 處以 3,000 萬美元罰款，並迫使 Coinbase 停止其質押服務。

Industry watchers are concerned that the SEC's wariness towards staking could be a significant obstacle to Ether ETFs. Some issuers, like Fidelity and Grayscale, have amended their applications to include staking, raising questions about whether the funds are compliant with securities regulations.

產業觀察家擔心，美國證券交易委員會對質押的謹慎態度可能會成為以太坊 ETF 的重大障礙。富達（Fidelity）和灰階（Grayscale）等一些發行人已修改申請，將質押納入其中，引發了人們對這些基金是否符合證券法規的質疑。

Ether vs. Bitcoin: The Classification Conundrum

以太幣與比特幣：分類難題

Unlike bitcoin, which the SEC classifies as a commodity, the classification of ether remains uncertain. In March 2023, Bloomberg reported that the SEC is investigating the Ethereum Foundation, potentially paving the way for ether to be classified as a security.

與美國證券交易委員會將比特幣歸類為商品不同，以太坊的分類仍然不確定。 2023 年 3 月，彭博社報道 SEC 正在調查以太坊基金會，這可能為以太幣被歸類為證券鋪路。

Such a designation would have far-reaching implications. Ether would be subject to securities laws, and the SEC would gain greater regulatory authority over the cryptocurrency and its trading. It could also open the door for other crypto tokens to be classified as securities, inviting increased regulatory scrutiny.

這樣的指定將產生深遠的影響。以太幣將受到證券法的約束，美國證券交易委員會將對加密貨幣及其交易獲得更大的監管權。它也可能為其他加密代幣被歸類為證券打開大門，從而招致更嚴格的監管審查。

Insiders Remain Optimistic

業內人士保持樂觀

Despite the challenges, some industry insiders remain optimistic. Coinbase's chief legal officer, Paul Grewal, insists that the SEC has "no good reason" to deny Ether ETF applications. He points to the agency's past recognition of ether's commodity status.

儘管面臨挑戰，一些業內人士仍保持樂觀態度。 Coinbase 首席法律長 Paul Grewal 堅稱 SEC 「沒有充分的理由」拒絕 Ether ETF 申請。他指出該機構過去對以太幣商品地位的認可。

Grayscale's chief legal officer, Craig Salm, also expressed confidence. He drew parallels to the SEC's approval of spot bitcoin ETFs, arguing that the same issues have already been resolved.

Grayscale 首席法律長 Craig Salm 也表達了信心。他將 SEC 批准現貨比特幣 ETF 進行了類比，認為同樣的問題已經解決。

SEC Chair's Consistent Crypto Criticism

SEC 主席對加密貨幣的一貫批評

SEC Chair Gary Gensler has repeatedly expressed skepticism towards cryptocurrencies. He has described them as "rife with abuses and fraud." This negative sentiment could influence the SEC's decision on Ether ETFs.

美國證券交易委員會主席加里詹斯勒 (Gary Gensler) 多次表達了對加密貨幣的懷疑。他將其描述為“充滿了虐待和欺詐”。這種負面情緒可能會影響 SEC 對 ETH ETF 的決定。

No Clear Path Forward

沒有明確的前進道路

The SEC's decision on Ether ETFs remains uncertain. While industry insiders remain hopeful, the agency's wariness towards staking, the potential classification of ether as a security, and Chair Gensler's negative stance on cryptocurrencies all cast a long shadow over the approval prospects.

美國證券交易委員會對以太坊 ETF 的決定仍不確定。儘管業內人士仍抱有希望，但該機構對質押的謹慎態度、以太坊作為證券的潛在分類以及主席 Gensler 對加密貨幣的負面立場都給批准前景蒙上了長長的陰影。