2025年，美國證券交易委員會（SEC）上空前的加密工業壓力支配

美國證券交易委員會（SEC）在2025年面臨前所未有的加密工業壓力。

The US Securities and Exchange Commission (SEC) faces a year of unprecedented pressure from the crypto industry, as highlighted by a recent analysis from analyst MartyParty.

正如分析師Martyparty的最新分析所強調的那樣，美國證券交易委員會（SEC）面臨著一年的前所未有的壓力。

As of Monday, a record 72 applications for crypto exchange-traded funds (ETFs) are pending approval by the SEC, covering a wide range of assets, from top altcoins like XRP and Solana to various meme coins and even leveraged tokens.

截至週一，Crypto Exchange交易基金（ETF）的創紀錄的72份申請正在待得到SEC的批准，涵蓋了各種資產，從XRP和Solana等頂級Altcoins到各種模因硬幣，甚至槓桿紀念日。

The applications come as the SEC is set to make a final decision on several spot Bitcoin ETF proposals by mid-August, with several filings from industry giants like BlackRock and Ark Invest already in the works since 2021.

申請是因為SEC將在8月中旬對幾個現場比特幣ETF提案做出最終決定，自2021年以來，Blackrock和Ark Invest等行業巨頭的幾份文件就已經進行了。

This follows the approval of the first-ever futures Bitcoin ETFs in October 2022, which sparked a wave of interest in crypto products from major financial institutions.

這是在2022年10月的有史以來第一個期貨比特幣ETF的批准之後，這引起了主要金融機構對加密產品的興趣。

However, despite the buzz around altcoin ETFs, it’s worth noting that the SEC has yet to approve any spot crypto ETFs other than Bitcoin and Ethereum.

然而，儘管Altcoin ETF嗡嗡作響，但值得注意的是，SEC尚未批准除了比特幣和以太坊以外的任何其他位置加密ETF。

The agency has faced criticism for its slow pace of action and for allegedly changing the goalposts on several occasions, leading to delays in the approval process.

該機構因其緩慢的行動步伐以及據稱多次改變門柱而面臨批評，導致批准過程中的延遲。

Earlier this year, the SEC also faced a setback in court as a judge ruled against the agency’s bid to block an ETF filing from asset management firm, Turtle Creek. The ruling could pave the way for more efficient approval procedures.

今年早些時候，SEC還面臨法庭上的挫折，法官裁定該機構旨在阻止來自Turtle Creek資產管理公司的ETF申請。該裁決可以為更有效的批准程序鋪平道路。

The Build-Up To A Critical Point

關鍵點的積累

The new SEC Chair, Paul Atkins, is now tasked with making this crucial decision on the fate of crypto ETFs. Given Atkins’ known deregulatory stance, his confirmation in June might lead to regulatory shifts.

新的SEC主席保羅·阿特金斯（Paul Atkins）現在負責對加密ETF的命運做出這一關鍵決定。鑑於阿特金斯（Atkins）已知的放鬆狀態，他在6月的確認可能會導致監管轉變。

Atkins will also need to decide how diverse crypto tokens might be structured, potentially as commodity-based trusts like the approved spot Bitcoin ETFs. His decisions on this could set critical precedents for future listings.

阿特金斯還需要決定如何將多樣化的加密代幣結構化，這可能是基於商品的信託（例如批准的現貨比特幣ETF）。他對此的決定可能會為將來的列表樹立關鍵先例。

As of mid-April, XRP and Solana appear to be leading the altcoin ETF race, likely fueled by interest from institutions.

截至4月中旬，XRP和Solana似乎領導了Altcoin ETF種族，這可能是由於機構的興趣所吸引的。

Specifically, there are ten applications for an XRP ETF, and five for a Solana ETF. In comparison, Litecoin and Dogecoin each have three applications.

具體而言，XRP ETF有十個應用，而solana ETF有5個應用。相比之下，Litecoin和Dogecoin分別有三種應用。

The list also includes unconventional funds, such as a leveraged Melania Trump token ETF from Turtle Capital. This Cayman Islands issuer filed ten leveraged crypto proposals total, highlighting how deeply crypto has become embedded in speculative and institutional finance.

該清單還包括非常規資金，例如來自Turtle Capital的槓桿式Melania Trump ETF。這位開曼群島發行人總共提出了十項槓桿加密提案，突出了加密貨幣的深刻含量已嵌入了投機和機構融資中。