SEC 對現貨以太 ETF 的立場不確定，灰階和 Galaxy Digital 提供了相反的觀點

儘管 SEC 聲稱對現貨以太 ETF 申請的參與度較低，但 Grayscale 的首席法律官表示，先前在現貨比特幣 ETF 批准期間的討論已經解決了與這兩種資產相關的關鍵細節。然而，Galaxy Digital 認為，由於 SEC 對以太坊基金會關係進行調查，今年 5 月不太可能批准現貨以太 ETF，而且 SEC 最近推遲了對 Grayscale 以太期貨 ETF 的決定最後期限。

SEC's Engagement on Spot Ether ETFs Remains Unclear, Grayscale and Galaxy Digital Offer Contrasting Views

SEC 對現貨以太 ETF 的參與仍不清楚，Grayscale 和 Galaxy Digital 提出了相反的觀點

Washington, D.C. - The Securities and Exchange Commission (SEC) has yet to provide a clear indication of its position on applications for spot ether exchange-traded funds (ETFs), leaving market participants in a state of uncertainty. However, Grayscale's Chief Legal Officer, Craig Salm, believes that the highly anticipated products "should be approved."

華盛頓特區 - 美國證券交易委員會 (SEC) 尚未明確表明其對以太幣現貨交易所交易基金 (ETF) 申請的立場，這讓市場參與者處於不確定狀態。然而，Grayscale 的首席法務官 Craig Salm 認為，備受期待的產品「應該獲得批准」。

In a series of posts on social media platform X, Salm outlined his rationale for optimism. He dismissed the notion that a perceived "lack of SEC engagement" necessarily signals a negative outcome for spot ether ETFs. He argued that many of the key details relevant to these products were already thoroughly discussed and resolved during the approval process for spot bitcoin ETFs.

在社交媒體平台 X 上的一系列帖子中，薩爾姆概述了他樂觀的理由。他否認了「缺乏 SEC 參與」必然預示著以太幣現貨 ETF 出現負面結果的觀點。他認為，在現貨比特幣 ETF 的審批過程中，與這些產品相關的許多關鍵細節已經得到了徹底的討論和解決。

"In the final months leading up to Bitcoin ETF approval, Grayscale and others received positive and constructive engagement from the SEC," Salm wrote. "We had thoughtful conversations and discussed the finer details of creation/redemption procedures, cash v. in-kind, APs, LPs, custody, etc."

Salm 寫道：“在比特幣 ETF 獲得批准之前的最後幾個月，Grayscale 和其他公司得到了 SEC 的積極和建設性參與。” “我們進行了深思熟慮的對話，討論了創造/贖回程序、現金與實物、AP、LP、託管等方面的細節。”

Salm contended that these same issues are largely identical for spot bitcoin and spot ether ETFs. "The only difference is rather than the ETF holding bitcoin, it holds ether," he said. "So in many ways, the SEC already has engaged and issuers simply have less to engage on this time."

Salm 認為，現貨比特幣和現貨以太 ETF 的這些問題在很大程度上是相同的。 「唯一的區別是 ETF 不是持有比特幣，而是持有以太幣，」他說。 “因此，在很多方面，美國證券交易委員會已經參與其中，而發行人這次參與的內容卻較少。”

However, Alex Thorn, head of firmwide research at Galaxy Digital, expressed a contrasting view. He stated that based on reports that the SEC issued subpoenas to crypto firms regarding their relationship with the Ethereum Foundation, a spot ether ETF approval in May seems "extremely unlikely." The SEC's actions have been interpreted by some as an indication that the agency may be considering classifying ether as a security.

然而，Galaxy Digital 全公司研究主管 Alex Thorn 表達了相反的觀點。他表示，根據 SEC 就加密貨幣公司與以太坊基金會的關係發出傳票的報道，以太坊 ETF 在 5 月獲得批准似乎「極不可能」。一些人將 SEC 的行動解讀為該機構可能正在考慮將以太幣歸類為證券。

Salm's comments come shortly after the SEC filed a document delaying its decision on Grayscale's ether futures ETF until May 30. The delay applies only to the ether futures ETF, not a spot ether ETF.

Salm 在發表此番言論之前不久，SEC 提交了一份文件，將其對Grayscale 以太坊期貨ETF 的決定推遲到5 月30 日。這一延遲僅適用於以太坊期貨ETF，不適用於現貨以太坊ETF 。

The SEC has faced criticism from some cryptocurrency advocates for its perceived slow and cautious approach to approving crypto-related products. However, the agency has consistently emphasized its commitment to ensuring investor protection and market integrity. It remains to be seen how the SEC will ultimately approach the question of spot ether ETFs.

美國證券交易委員會因其在批准加密相關產品方面緩慢而謹慎的態度而受到一些加密貨幣倡導者的批評。然而，該機構一直強調其對確保投資者保護和市場誠信的承諾。美國證券交易委員會最終將如何處理以太坊 ETF 現貨問題還有待觀察。