現貨以太坊 ETF 在 SEC 加強審查中遇到障礙

由於最近的事態發展，以太坊現貨交易所交易基金（ETF）在 5 月獲得批准的可能性似乎不大。向加密貨幣公司發出的有關其與以太坊基金會關係的傳票以及 SEC 與 ETF 申請人的有限接觸使人們對 5 月的批准產生了懷疑。據猜測，SEC 可能會審查最初的以太坊 ICO，可能將其歸類為未註冊的證券發行，而不是只專注於二級 ETH 交易。

Uncertainty Looms Over Spot Ethereum ETFs as SEC Scrutiny Intensifies

隨著 SEC 加強審查，現貨以太坊 ETF 面臨不確定性

The prospects of spot Ethereum exchange-traded funds (ETFs) gaining approval by May are now deemed "extremely unlikely," according to a recent analysis by Alex Thorn, Head of Firmwide Research at Galaxy Digital.

根據 Galaxy Digital 全公司研究主管 Alex Thorn 最近的分析，現貨以太坊交易所交易基金 (ETF) 在 5 月獲得批准的前景現在被認為「極不可能」。

Thorn's assessment stems from recent reports indicating that the Securities and Exchange Commission (SEC) has issued subpoenas to crypto firms inquiring about their connections with the Ethereum Foundation. This development, coupled with the lack of substantial engagement by the SEC with ETF applicants just two months before the initial deadline, has raised significant doubts about the anticipated May approval.

索恩的評估源於最近的報告，該報告表明美國證券交易委員會（SEC）已向加密貨幣公司發出傳票，詢問它們與以太坊基金會的關係。這一事態發展，加上 SEC 在最初截止日期前兩個月缺乏與 ETF 申請人的實質接觸，引發了人們對 5 月預期批准的重大懷疑。

Ominously, Fortune reported this week that the SEC is actively pursuing a legal strategy to classify ether (ETH) as a security, citing investigations into U.S. companies that have received subpoenas. Additionally, The Block reported that the Ethereum Foundation voluntarily received a confidential inquiry from an unnamed state authority, prompting the removal of a "warrant canary" from its website.

不幸的是，《財富》雜誌本週報道稱，美國證券交易委員會正在積極尋求一項法律策略，將以太坊 (ETH) 歸類為證券，並援引了對收到傳票的美國公司的調查。此外，The Block 報導稱，以太坊基金會自願收到來自未具名國家機構的機密調查，促使其網站上刪除了「授權金絲雀」。

Thorn, a veteran of Fidelity Investments, speculates that the SEC's pursuit of information regarding crypto firms' dealings with the Ethereum Foundation may signal an exploration of whether the initial coin offering (ICO) in 2014 violated securities laws. He suggests that while the SEC may distinguish between the ICO and the current secondary trading of ETH, any enforcement action against the Ethereum Foundation over a decade later would be highly unusual.

富達投資(Fidelity Investments) 的資深人士索恩(Thorn) 推測，美國證券交易委員會(SEC) 追查有關加密貨幣公司與以太坊基金會打交道的信息，可能標誌著對2014 年首次代幣發行(ICO ) 是否違反證券法的探索。他表示，雖然 SEC 可能會區分 ICO 和當前的 ETH 二級交易，但十多年後針對以太坊基金會的任何執法行動都將是極不尋常的。

The question of whether ETH constitutes a security remains unanswered by SEC Chairman Gary Gensler. The SEC reportedly views Ethereum's 2022 "Merge" upgrade as increasing the likelihood that ETH may be classified as a security due to the network's transition from proof-of-work to proof-of-stake. However, the SEC authorized the launch of several futures-based Ethereum ETFs in 2023, a year after Ethereum implemented proof-of-stake.

SEC 主席 Gary Gensler 仍未回答 ETH 是否構成證券的問題。據報道，SEC 認為以太坊 2022 年的「合併」升級增加了 ETH 被歸類為證券的可能性，因為該網路從工作量證明過渡到股權證明。然而，在以太坊實施股權證明一年後，美國證券交易委員會 (SEC) 授權在 2023 年推出幾隻基於期貨的以太坊 ETF。

Thorn argues that any attempt by the SEC to assert securities violations against ETH or the Ethereum Foundation would be a legally precarious move, given established precedents and the industry's long-standing existence. Moreover, Thorn suggests that such enforcement actions could further strain the SEC's already challenged legal position in courts and on Capitol Hill.

索恩認為，考慮到既定先例和該行業的長期存在，美國證券交易委員會對 ETH 或以太坊基金會提出證券違規行為的任何嘗試在法律上都是不穩定的。此外，索恩表示，此類執法行動可能會進一步加劇美國證券交易委員會在法庭和國會山莊已經受到挑戰的法律地位。

Thorn's cautious outlook aligns with the skepticism expressed by other market analysts regarding the approval of a spot Ethereum ETF by May. Matt Hougan, CIO of Bitwise, recently stated that a delay in approval could be beneficial, allowing Wall Street to absorb and digest the recent spot Bitcoin ETFs before shifting focus to new products. He anticipates that a later approval could result in more significant asset inflows for spot Ethereum ETFs.

索恩的謹慎前景與其他市場分析師對 5 月以太坊 ETF 現貨獲得批准所表達的懷疑一致。 Bitwise 資訊長 Matt Hougan 最近表示，推遲批准可能是有益的，可以讓華爾街在將重點轉移到新產品之前吸收和消化最近的現貨比特幣 ETF。他預計，稍後的批准可能會導致更多的資產流入以太坊 ETF 現貨。

The heightened scrutiny from the SEC and the resulting uncertainties have cast a shadow over the prospects of spot Ethereum ETFs in the near future. The industry awaits further developments as the SEC continues its investigations and the May deadline rapidly approaches.

美國證券交易委員會（SEC）加強審查以及由此產生的不確定性為現貨以太坊 ETF 近期的前景蒙上了陰影。隨著美國證券交易委員會 (SEC) 的繼續調查以及 5 月最後期限的迅速臨近，該行業正在等待進一步的發展。