SEC 暫停以太幣 ETF 申請，為美國加密貨幣市場蒙上陰影

以太坊 ETF 申請人和美國證券交易委員會最近舉行的會議引發了人們對現貨以太坊 ETF 可能被拒絕的擔憂。內部人士稱，與先前關於比特幣 ETF 的討論相比，SEC 工作人員缺乏參與。市場分析師預測，由於監管環境“陰雲密布”，批准可能會延遲，彭博社的 ETF 分析師估計批准的可能性很低。同時，香港證券及期貨事務監察委員會批准了首個現貨比特幣和以太幣ETF，凸顯了全球加密貨幣監管方法的對比。

SEC Delays Ethereum ETF Applications, Raising Uncertainty in US Cryptocurrency Market

SEC 延後以太坊 ETF 申請，增加美國加密貨幣市場的不確定性

Yerevan, Armenia, April 25, 2024 - Recent discussions between the Securities and Exchange Commission (SEC) and applicants for spot Ethereum exchange-traded funds (ETFs) have encountered a significant setback, raising concerns about the prospects of Ethereum ETFs in the United States.

亞美尼亞埃里溫，2024 年4 月25 日－近期美國證券交易委員會(SEC) 與以太坊交易所交易基金(ETF) 現貨申請人之間的討論遭遇重大挫折，引發了人們對美國以太坊ETF前景的擔憂。

According to a Reuters report published on April 24, insiders close to the discussions anticipate the SEC to reject applications for spot Ether ETFs next month. This expectation stems from recent one-sided meetings involving four participants who chose to remain anonymous. The insiders revealed that SEC staff deliberately avoided discussing the substantive details of the proposed Ethereum ETF products, signaling a potential denial.

根據路透社 4 月 24 日發布的報道，知情人士預計 SEC 將於下個月拒絕以太坊 ETF 現貨申請。這項期望源自於最近四位選擇匿名的與會者的單邊會議。內部人士透露，SEC 工作人員故意避免討論擬議的以太坊 ETF 產品的實質細節，這表明其可能會否認。

This stance stands in stark contrast to the SEC's approach during discussions regarding Bitcoin ETFs in January. Prior to approving Bitcoin ETFs, the SEC engaged in extensive dialogues, marking a significant shift from its previous stance of consistently rejecting Bitcoin ETF applications for over a decade, until a pivotal court victory by Grayscale Investments in August 2023.

這一立場與 SEC 在 1 月討論比特幣 ETF 時的做法形成鮮明對比。在批准比特幣ETF 之前，SEC 進行了廣泛的對話，這標誌著其十多年來一直拒絕比特幣ETF 申請的立場發生了重大轉變，直到2023 年8 月Grayscale Investments 在法庭上取得了關鍵性勝利。

Analysts Predict Ethereum ETF Delays and Continued Uncertainty

分析師預測以太坊 ETF 延遲且持續存在不確定性

Market experts anticipate that the SEC will not expedite the approval of Ethereum ETFs. Todd Rosenbluth, an ETF data analyst at VettaFi, suggests that approval could be deferred until later in 2024 or beyond. He attributes this delay to a "cloudy" regulatory environment that complicates the immediate future of Ether ETFs.

市場專家預計 SEC 不會加快以太坊 ETF 的批准。 VettaFi 的 ETF 數據分析師 Todd Rosenbluth 建議，批准可能會推遲到 2024 年晚些時候或更長時間。他將這種延遲歸因於「陰雲密佈」的監管環境，這使得以太坊 ETF 的近期前景變得複雜。

Adding to the skepticism, Bloomberg's ETF analyst Eric Balchunas estimated the likelihood of approval in May to be a mere 35% back in March. Balchunas hinted that the SEC may be strategically withholding feedback from fund issuers.

彭博社 ETF 分析師 Eric Balchunas 在 3 月估計 5 月獲得批准的可能性僅為 35%，這加劇了人們的懷疑。巴爾丘納斯暗示，美國證券交易委員會可能會策略性地隱瞞基金發行人的回饋。

Furthermore, Balchunas highlighted the influence of SEC Chair Gary Gensler's personal views on Ether. Gensler has remained hesitant to clarify whether Ether qualifies as a security, creating uncertainty that could impact the SEC's decision-making process.

此外，Balchunas 也強調了 SEC 主席 Gary Gensler 對 ETH 的個人觀點的影響。 Gensler 對於澄清 Ether 是否符合證券資格仍猶豫不決，這造成了可能影響 SEC 決策過程的不確定性。

Contrasting Global Approaches

比較全球方法

While the US adopts a cautious approach, other jurisdictions are advancing more boldly. On April 24, the Securities and Futures Commission (SFC) of Hong Kong approved the first batches of spot Bitcoin and Ether ETFs. The approval encompasses three ETFs each for Bitcoin and Ether, launched by prominent firms such as China Asset Management, Harvest Global Investments, and Bosera. These ETFs are scheduled to commence trading on April 30, demonstrating Hong Kong's proactive stance towards cryptocurrency products.

儘管美國採取了謹慎的態度，但其他司法管轄區正在更加大膽地推進。 4月24日，香港證券及期貨事務監察委員會（證監會）批准了首批現貨比特幣和以太幣ETF。此次批准包括三隻比特幣和以太坊 ETF，由華夏基金、嘉實環球投資和博時等知名公司推出。這些ETF計劃於4月30日開始交易，反映了香港對加密貨幣產品的積極態度。

This contrast not only underscores the varying regulatory approaches to cryptocurrencies, but also highlights the global divergence in embracing cryptocurrency innovations. As the US hesitates, other parts of the world are forging ahead, setting a dynamic stage for the future of cryptocurrency investments.

這種對比不僅凸顯了加密貨幣監管方式的不同，也凸顯了全球在接受加密貨幣創新方面的分歧。在美國猶豫不決的同時，世界其他地區正在奮力向前，為加密貨幣投資的未來奠定了一個充滿活力的舞台。

Industry Awaits SEC Decision

行業等待 SEC 決定

The coming weeks hold critical significance for the future of cryptocurrency ETFs in the US. As the SEC deliberates its options, the global financial community observes with keen interest, anticipating how these decisions will shape the broader market and international regulatory trends.

未來幾週對於美國加密貨幣 ETF 的未來至關重要。當美國證券交易委員會審議其選擇時，全球金融界以濃厚的興趣進行觀察，預測這些決定將如何影響更廣泛的市場和國際監管趨勢。