XRP 和 SOL ETF 面臨監管障礙，可能在 2025 年獲得批准：彭博社

彭博社的 James Seyffart 分享了有關 XRP 和 SOL ETF 面臨的挑戰的見解，並預測到 2025 年可能會獲得批准。

Bloomberg analyst James Seyffart has provided updates on the challenges faced by XRP and SOL ETFs, anticipating potential approval by 2025.

彭博分析師 James Seyffart 提供了 XRP 和 SOL ETF 面臨的挑戰的最新信息，預計到 2025 年可能獲得批准。

As per Seyffart, the present regulatory landscape for cryptocurrency ETFs remains uncertain due to prior decisions by the SEC.

Seyffart 表示，由於 SEC 先前的決定，目前加密貨幣 ETF 的監管環境仍然不確定。

The approval of Bitcoin and Ethereum ETFs was largely attributed to their connection to the CME regulated futures markets. However, many altcoins, including SOL and XRP, do not have regulated futures markets, which may complicate the ETF approval process.

比特幣和以太坊 ETF 的批准很大程度上歸因於它們與 CME 監管的期貨市場的聯繫。然而，許多山寨幣，包括 SOL 和 XRP，沒有受監管的期貨市場，這可能會使 ETF 審批流程複雜化。

“Without a regulated market of significant size, the SEC has historically denied altcoin ETF applications,” explained Seyffart. He noted that the SEC's leadership could change these rules in 2025, but the approval timeline is still up in the air.

Seyffart 解釋說：“由於沒有規模較大的受監管市場，美國證券交易委員會歷來拒絕山寨幣 ETF 申請。”他指出，SEC 領導層可能會在 2025 年改變這些規則，但批准時間表仍懸而未決。

Despite the filings, Seyffart highlighted that the current regulations do not permit XRP ETFs. Several concerns must be addressed before these products can proceed, including market manipulation, custody, and regulatory issues.

儘管提交了這些文件，Seyffart 強調，現行法規不允許 XRP ETF。在這些產品投入使用之前，必須解決幾個問題，包括市場操縱、託管和監管問題。

Highlighting the recent XRP ETF filings, such as WisdomTree's “WisdomTree XRP Fund,” positive developments are emerging for alternative cryptocurrency exchange-traded funds (ETFs). The company is expected to file the official S-1 registration with the US SEC shortly after registering this fund in Delaware.

重點關注最近的 XRP ETF 文件，例如 WisdomTree 的“WisdomTree XRP 基金”，另類加密貨幣交易所交易基金 (ETF) 正在出現積極的發展。該公司預計在特拉華州註冊該基金後不久將向美國證券交易委員會提交正式的 S-1 註冊。

According to Bloomberg analyst James Seyffart, future exchange-traded funds may include staking for altcoins like Ethereum — and possibly others such as SOL and XRP. However, he noted that staking is not currently permitted within ETF structures.

彭博分析師 James Seyffart 表示，未來的交易所交易基金可能包括對以太坊等山寨幣進行質押，也可能包括 SOL 和 XRP 等其他貨幣。不過，他指出，目前 ETF 結構中不允許進行質押。

“If a more crypto-friendly US SEC administration takes charge, we may see staking allowed in 2025,” he added, suggesting that legalizing staking could drive demand for such products.

他補充說：「如果美國 SEC 政府對加密貨幣更加友好，我們可能會在 2025 年看到質押被允許。」他表示，質押合法化可能會推動此類產品的需求。

There are two main ways for exchange-traded funds (ETFs) to be filed, according to Bloomberg analyst James Seyffart: One is the 19b-4 rule filing with the SEC's Division of Trading Markets, which initiates a formal review phase with due dates, and the other is the S-1 prospectus, which does not have due dates.

彭博分析師 James Seyffart 表示，交易所交易基金 (ETF) 的備案方式主要有兩種：一種是向 SEC 交易市場部門提交 19b-4 規則備案，該部門啟動正式審查階段並規定截止日期，另一種是S-1 招股說明書，沒有截止日期。

The majority of altcoin ETFs have not yet completed the 19b-4 process, he noted, unlike Bitcoin and Ethereum. This indicates that the regulatory clock is not yet ticking on their approval.

他指出，與比特幣和以太坊不同，大多數山寨幣 ETF 尚未完成 19b-4 流程。這表明監管時鐘尚未批准。

“Even if altcoin ETF filings begin the 19b-4 process today, decisions could take until late 2025,” said Seyffart, highlighting the potential time frame for approvals.

Seyffart 表示：「即使山寨幣 ETF 申請今天開始進入 19b-4 流程，決策也可能要到 2025 年末才能做出。」他強調了潛在的批准時間框架。

The analyst also touched on the potential impact of upcoming SEC leadership changes. While the extent of the changes is unknown, a new US SEC chair with a pro-crypto administration would fast-track the approval process.

這位分析師還談到了即將到來的 SEC 領導層變動的潛在影響。雖然變化的程度尚不清楚，但美國證券交易委員會新任主席和支持加密貨幣的政府將加快審批流程。

James Seyffart, an analyst at Bloomberg, has also commented on the possibility of multi-asset index ETFs, such as those that invest in Bitcoin, Ethereum, and other cryptocurrencies like SOL and XRP. Products that have applied to become exchange-traded funds (ETFs) may face fewer regulatory hurdles; for instance, Bitwise's Crypto 10 Index and Grayscale's GDLC have a high exposure to Bitcoin and Ethereum.

彭博分析師 James Seyffart 也評論了多元資產指數 ETF 的可能性，例如投資比特幣、以太幣以及 SOL 和 XRP 等其他加密貨幣的指數 ETF。已申請成為交易所交易基金（ETF）的產品可能面臨較少的監管障礙；例如，Bitwise 的 Crypto 10 Index 和 Grayscale 的 GDLC 對比特幣和以太坊的曝險很高。

He explained how these smaller cryptocurrency holdings’ adherence to existing rules will likely determine whether the SEC approves these products for sale.

他解釋了這些規模較小的加密貨幣持有者對現有規則的遵守如何可能決定美國證券交易委員會是否批准出售這些產品。

On the approval of cryptocurrency ETFs, Seyffart remains optimistic but not entirely sure, as the incoming SEC administration will have the final say.

對於加密貨幣 ETF 的批准，Seyffart 仍然樂觀，但並非完全確定，因為即將上任的 SEC 政府將擁有最終決定權。

According to him, decisions on XRP, SOL, LTC, and HBAR ETFs might be made as early as 2025, but the frequency of these occurrences will depend on leadership changes and broader regulatory shifts.

據他介紹，有關 XRP、SOL、LTC 和 HBAR ETF 的決定最早可能會在 2025 年做出，但這些事件發生的頻率將取決於領導層變化和更廣泛的監管變化。