加密市场继续与美国的监管不确定性发生冲突

尽管机构投资者预计随着以太坊ETF期权的引入，证券交易委员会（SEC）再次推迟了其决定。

The crypto market is still facing regulatory uncertainties in the United States. Institutional investors were expecting a major breakthrough with the introduction of Ethereum ETF options, but the Securities and Exchange Commission (SEC) has postponed its decision once again.

在美国，加密市场仍面临监管不确定性。机构投资者期望通过引入以太坊ETF期权将取得重大突破，但是美国证券交易委员会（SEC）再次推迟了其决定。

The choice reflects the caution of the financial authority, despite the precedent of Bitcoin ETF options already in place. Behind this delay, an entire segment of crypto finance remains suspended under still vague regulation, between growth potential and increased control by authorities.

尽管已经建立了比特币ETF选项的先例，但选择的选择反映了财务当局的谨慎。在这一延误的背后，在仍然模糊的法规，增长潜力和当局增加的控制之间，整个加密财务的整个部分仍被暂停。

A delay that prolongs uncertainty over Ethereum ETF

延长以太坊ETF的不确定性的延迟

The SEC announced that it was delaying its verdict regarding the approval of Ethereum ETF options. This decision comes in response to a request from Nasdaq ISE, which wishes to list options for the BlackRock iShares Ethereum Trust (ETHA). Initially filed in July 2024, this request will now have to wait until April 2025 for a definitive answer. A stance that reflects the regulator’s intention to take its time before allowing new financial instruments related to crypto.

SEC宣布，它将推迟有关以太坊ETF选项的批准的判决。这项决定是根据纳斯达克ISE的请求来回应的，该要求列出了贝莱德ishares以太坊信托（ETHA）的选项。该请求最初于2024年7月提起，现在必须等到2025年4月才能确定答案。这种立场反映了监管机构打算花时间在允许与加密货币相关的新金融工具之前抽出时间的立场。

In practice, the Ethereum ETF market has already shown considerable enthusiasm. Since their launch in July 2024, these products have attracted nearly $9 billion in net assets, confirming the growing interest of institutional investors in this type of financial vehicle. The authorization of options would have marked an additional step, allowing stakeholders to better manage their positions and explore more sophisticated strategies. But by postponing its decision, the SEC is slowing down this momentum and casting doubt on the future of crypto derivatives in the United States.

实际上，以太坊ETF市场已经表现出极大的热情。自2024年7月推出以来，这些产品吸引了近90亿美元的净资产，证实了机构投资者对这种类型的金融工具的不断增长。期权的授权将标志着一个额外的步骤，从而使利益相关者能够更好地管理自己的立场并探索更复杂的策略。但是，通过推迟其决定，SEC正在减慢这种势头，并对美国加密衍生物的未来产生怀疑。

An impact beyond Ethereum : issues and perspectives

以太坊之外的影响：问题和观点

This delay is part of a broader context, where the regulation of crypto financial products remains a highly strategic issue. By way of comparison, the introduction of Bitcoin ETF options in November 2024 sparked an immediate wave of interest, with nearly $2 billion in transactions on the first day for BlackRock’s iShares Bitcoin Trust (IBIT). A success that could have paved the way for similar instruments for Ethereum, but the SEC seems to want to delay before granting the same flexibility to ETH ETFs.

这种延迟是更广泛的环境的一部分，在该背景下，加密金融产品的监管仍然是一个高度战略性的问题。相比之下，2024年11月的比特币ETF选项引起了立即的兴趣，在贝莱德（BlackRock）的Ishares Bitcoin Trust（IBIT）的第一天，交易近20亿美元。可能为以太坊的类似工具铺平了成功的成功，但是SEC似乎想延迟在对ETH ETF赋予相同的灵活性之前。

The political stakes should not be overlooked. The current American administration, under the impetus of Donald Trump, exhibits a more favorable stance toward crypto, with appointments of regulators perceived as more open to the sector. This climate could influence future decisions, but it does not guarantee a rapid green light.

政治赌注不应被忽略。在唐纳德·特朗普（Donald Trump）的推动下，现任美国政府对加密货币的立场表现出更加有利的立场，任命监管机构对该部门更开放。这种气候可能会影响未来的决策，但不能保证快速的绿灯。

For the moment, the Ethereum ETF market will have to cope with this prolonged uncertainty, while institutional investors continue to demand suitable tools to optimize their exposure to these cryptos.

目前，以太坊ETF市场将不得不应对这种延长的不确定性，而机构投资者继续要求合适的工具来优化其对这些加密货币的接触。

The SEC’s delay once again illustrates the regulators’ caution in the face of the rise of crypto financial products. While Bitcoin ETF options have already demonstrated their potential, Ethereum remains in suspension, constrained by still hesitant regulatory frameworks. Between market expectations and political arbitrations, the future of crypto derivatives in the United States will depend on the next strategic choices of the SEC. By April 2025, the industry will have to adapt to this uncertainty, hoping for a clear signal on the direction that crypto regulation will take.

SEC的延误再次说明了面对加密金融产品兴起的监管机构的谨慎。尽管比特币ETF选项已经证明了其潜力，但以太坊仍处于悬浮状态，受到犹豫的监管框架的约束。在市场期望和政治仲裁之间，美国加密衍生品的未来将取决于SEC的下一个战略选择。到2025年4月，该行业将不得不适应这种不确定性，希望对加密法规采取的方向发出明确的信号。