隨著 SEC 擔憂加劇，現貨以太坊 ETF 批准前景黯淡

現貨以太坊 ETF 的批准前景仍不確定，因為 Polymarket 的可能性為 45%，自 3 月以來一直保持不變。儘管比特幣 ETF 獲得批准後最初出現了樂觀情緒，但 SEC 將加密貨幣歸類為證券的重點卻澆熄了人們的熱情。美國證券交易委員會最近就以太坊基金會交易向美國公司發出傳票，進一步削弱了市場情緒。申請人已修改其申請，但尚未做出決定。美國證券交易委員會已啟動公眾意見徵詢期，但其對批准機會的影響仍不清楚。

SEC Approval Prospects Dim for Spot Ethereum ETFs

SEC 批准現貨以太坊 ETF 的前景黯淡

Despite the optimism surrounding the approval of spot Ethereum exchange-traded funds (ETFs), recent developments indicate that the odds of regulatory approval on or before May 31 remain low.

儘管人們對現貨以太坊交易所交易基金 (ETF) 的批准持樂觀態度，但最近的事態發展表明，監管機構在 5 月 31 日或之前獲得批准的可能性仍然很低。

Polymarket Predicts Unfavorable Outlook

Polymarket 預測前景不佳

Data from Polymarket, a decentralized prediction market platform, suggests that the likelihood of spot Ethereum ETF approval remains stagnant at 45%. This lack of progress mirrors the sentiment expressed by market observers last month, with the odds remaining unchanged.

去中心化預測市場平台 Polymarket 的數據表明，現貨以太坊 ETF 獲得批准的可能性仍停滯在 45%。這種缺乏進展反映了市場觀察家上個月表達的情緒，但可能性保持不變。

SEC's Stringent Stance Dampens Confidence

美國證券交易委員會的嚴厲立場削弱了信心

Initially, the SEC's approval of spot Bitcoin ETFs in January fueled hopes for a similar outcome for Ethereum ETFs. However, the agency's recent stance on classifying underlying cryptocurrencies as securities has significantly dampened the enthusiasm for Ethereum ETFs.

最初，美國證券交易委員會在一月份批准現貨比特幣 ETF，引發了人們對以太坊 ETF 出現類似結果的希望。然而，該機構最近將基礎加密貨幣歸類為證券的立場大大削弱了人們對以太坊 ETF 的熱情。

Subpoenas and Legal Scrutiny

傳票和法律審查

The SEC's recent issuance of subpoenas to U.S. companies as part of an investigation into ETH has further eroded confidence. The agency's demand for documents and financial records related to interactions with the Ethereum Foundation has negatively impacted market sentiment.

作為對 ETH 調查的一部分，美國證券交易委員會 (SEC) 最近向美國公司發出傳票，這進一步削弱了人們的信心。該機構對與以太坊基金會互動相關的文件和財務記錄的要求對市場情緒產生了負面影響。

Ongoing Review and Public Comment Period

持續審查及公眾評議期

The SEC has initiated a public comment period for several proposed spot Ethereum ETFs, including the Fidelity Ethereum Fund, Bitwise Ethereum Fund, and Grayscale Ethereum Trust. While this move indicates the agency's ongoing review of these products, it has not significantly improved the odds of approval.

美國證券交易委員會 (SEC) 已針對多個擬議的以太坊 ETF 現貨啟動了公眾評議期，其中包括富達以太坊基金、Bitwise 以太坊基金和灰度以太坊信託。雖然此舉表明該機構正在對這些產品進行持續審查，但並沒有顯著提高批准的幾率。

Expert Perspectives and Historical Precedents

專家觀點和歷史先例

Experts and crypto enthusiasts initially expressed optimism for spot Ethereum ETF approval due to the SEC's earlier favorable action towards spot Bitcoin ETFs. However, the recent legal challenges and regulatory scrutiny have severely diminished their expectations.

由於 SEC 早些時候對現貨比特幣 ETF 採取了有利行動，專家和加密貨幣愛好者最初對現貨以太坊 ETF 的批准表示樂觀。然而，最近的法律挑戰和監管審查嚴重降低了他們的期望。

Implication for Investors

對投資者的影響

The low probability of spot Ethereum ETF approval in the near term raises concerns for investors who have anticipated their launch. The lack of regulatory clarity and the SEC's ongoing focus on securities classification pose significant barriers to the approval of these products.

以太坊 ETF 現貨在短期內獲得批准的可能性很低，這引起了預計其推出的投資者的擔憂。監管不明確以及美國證券交易委員會持續關注證券分類對這些產品的批准構成了重大障礙。

Conclusion

結論

Based on current market sentiment and expert analysis, the prospects for spot Ethereum ETF approval by May 31 appear unfavorable. The SEC's ongoing legal actions, coupled with its reluctance to acknowledge cryptocurrencies as non-securities, have significantly reduced the likelihood of these products receiving regulatory approval in the foreseeable future.

根據目前的市場情緒和專家分析，現貨以太坊 ETF 在 5 月 31 日之前獲得批准的前景似乎並不樂觀。美國證券交易委員會正在進行的法律行動，加上其不願承認加密貨幣為非證券，大大降低了這些產品在可預見的未來獲得監管批准的可能性。