在启动XRP ETF之前

在新的唐纳德·特朗普（Donald Trump）政府的领导下，对加密货币友好的政策加剧了比特币（BTC）和Ether（Eth）（ETH）以外的ETF提交文件的激增。

A new administration, crypto-friendly policies, and an unyielding interest in exchange-traded funds (ETFs) have converged in 2024, setting the stage for an unprecedented surge in ETF filings, particularly in the realm of digital assets.

一项新的政府，对加密友好的政策以及对交易所买卖基金（ETF）的不屈不挠的兴趣，已于2024年汇聚，为ETF申请的前所未有的激增奠定了基础，尤其是在数字资产领域。

After a year where Bitcoin (BTC) and Ether (ETH) took center stage, the U.S. Securities and Exchange Commission (SEC) has seen a flurry of applications to list exchange-traded funds (ETFs) based on the fourth-largest cryptocurrency, XRP.

一年后，比特币（BTC）和Ether（ETH）占据了中心地位，美国证券交易委员会（SEC）看到了一系列申请，以列出基于第四大加密货币XRP的交易所交易基金（ETF）。

Earlier this week, Franklin Templeton, one of the largest asset managers, applied for an ETF that would track the price of XRP.

本周早些时候，最大的资产经理之一富兰克林·邓普顿（Franklin Templeton）申请了可以追踪XRP价格的ETF。

The move comes despite the fact that the world’s biggest asset manager, BlackRock, has yet to seek approval for an ETF based on the token promoted by Ripple.

尽管事实上，这一举动是世界上最大的资产经理贝莱德（Blackrock）尚未根据Ripple促进的代币寻求ETF的批准。

BlackRock, the issuer of the first Bitcoin and Ether ETFs in the U.S., has already secured approval for ETFs based on the world’s largest cryptocurrency and second-largest.

贝莱德（Blackrock）是美国第一比特币和以太ETF的发行人，已经根据世界上最大的加密货币和第二大的ETF获得了批准。

Both iShares BTC Trust ETF (IBIT) and iShares Ether ETF have seen billions of dollars flow in during the last year.

iShares BTC Trust ETF（IBIT）和Ishares Ether ETF在去年的流量中都有数十亿美元的流量。

The iShares BTC Trust ETF, iVOL, eventually matured enough for its assets under management to exceed those of the firm’s gold ETF.

Ishares BTC Trust ETF，IVOL最终成熟，以使其管理的资产超过公司黄金ETF的资产。

However, the asset management behemoth might not file for an XRP ETF until the SEC’s four-year-long lawsuit against Ripple is fully concluded, according to ETF Store president Nate Geraci.

但是，根据ETF商店总裁Nate Geraci的说法，资产管理庞然大物可能直到SEC针对Ripple的四年诉讼完全结束后，可能不会提出XRP ETF。

The prolonged battle over allegations of unregistered XRP sales may soon reach its conclusion.

关于未注册XRP销售的指控的长期斗争很快就会得出结论。

A Southern District of New York judge ruled in July that XRP is not a security when sold to retail investors, and the crypto firm will pay $100 million to settle charges of institutional sales of XRP without registering with the SEC.

纽约南部地区法官在7月裁定，XRP在出售给零售投资者时并不是安全，而加密货币公司将支付1亿美元，以解决未经SEC登记的XRP机构销售的指控。

District Judge Analisa Torres also slammed the SEC for failing to provide “fair notice” to cryptocurrency issuers of the legal framework for offering, sell, place, and advertise their tokens in the United States.

地方法院法官Analisa Torres还抨击了SEC，因为未向加密货币发行人提供“公正通知”，以提供在美国提供，出售，位置，放置和宣传其代币的法律框架。

The ruling came after a four-year legal spat, which began in December 2020, and saw the SEC sue cryptocurrency exchange Binance for operating without registering with the SEC and handling securities.

该裁决是在2020年12月开始的四年法律争吵之后进行的，并看到SEC Sue Cryptocurrency Exchange Binance在没有在SEC并处理证券的情况下运营。

The case reached a turning point with Judge Torres’ decision, which saw the regulator fined a further $25 million for violating federal rules on evidence presentation.

该案与托雷斯法官的裁决达到了一个转折点，该判决使监管机构另外罚款2500万美元，以违反联邦证据规定。

In the ruling, Judge Torres said:

托雷斯法官在裁决中说：

The SEC’s theory that XRP is an “undisclosed investment contract” is not supported by the evidence.

SEC关于XRP是“未公开的投资合同”的理论不受证据的支持。

After the ruling, the two parties began negotiating better terms, as the regulator adopts a more lenient regulatory stance under acting Chair Mark Uyeda.

裁决后，两党开始谈判更好的条件，因为监管机构在代理主席马克·乌耶达（Mark Uyeda）下采取了更宽容的监管立场。

One final issue being discussed is a comparison between XRP and Ether, according to a report by The Block.

根据该块的报告，讨论的最后一个问题是XRP和Ether之间的比较。

At the core is whether XRP continues to trade and have a utility that makes it more of a commodity than a security.

核心是XRP是否继续进行交易，并具有使其更像是商品而不是安全性的公用事业。

Geraci also predicts that Solana ETF could be filed with the SEC any day from now.

Geraci还预测，从现在起，可以随时向SEC提交SOLANA ETF。

He doesn’t think the $10 trillion asset manager will simply allow rivals to introduce ETFs based on XRP and SOL “without any sort of fight.”

他认为，10万亿美元的资产经理不会允许竞争对手“没有任何战斗”以XRP和SOL介绍ETF。

Meanwhile, Bloomberg Senior ETF Analyst Eric Balchunas has previously penciled in a 65% chance of XRP ETFs and a 70% chance of SOL ETFs securing a green light this year.

同时，彭博高级ETF分析师Eric Balchunas先前以65％的XRP ETF和今年获得绿光的机会为70％的机会。

However, he did not forecast the timing. Issuers must still contend with regulatory review, lawsuits, and public comment on the pending applications.

但是，他没有预测时机。发行人仍必须与有关待处理申请的监管审查，诉讼和公众评论。