以太坊 ETF：尽管加密货币繁荣，但仍面临障碍

面对加密货币热潮中的障碍，以太坊 ETF 成为人们关注的焦点。由于担心以太币被归类为证券，美国证券交易委员会 (SEC) 由加里·詹斯勒 (Gary Gensler) 领导的审查设置了障碍。尽管今年开局强劲，但以太坊 ETF 的批准仍存在不确定性。

Will Ether ETFs Join the Crypto Party?

以太坊 ETF 会加入加密派对吗？

After a stellar start to the year, Ether has captured attention in the crypto sphere. But before we pop the champagne, let's examine the obstacles that could hinder an ether ETF's approval.

在经历了今年的出色开局之后，以太币已经引起了加密领域的关注。但在我们开香槟之前，让我们先来看看可能阻碍以太坊 ETF 批准的障碍。

The SEC's Shadow Looms

美国证券交易委员会的影子迫在眉睫

The Securities and Exchange Commission (SEC), led by the crypto-skeptic Gary Gensler, has cast a long shadow over the industry. Recent investigations into U.S. companies' dealings with the Ethereum Foundation suggest that the agency may view ether as a security, not a commodity. This classification could spell trouble for an ether ETF.

由加密货币怀疑论者加里·詹斯勒 (Gary Gensler) 领导的美国证券交易委员会 (SEC) 给整个行业蒙上了很长的阴影。最近对美国公司与以太坊基金会交易的调查表明，该机构可能将以太币视为一种证券，而不是商品。这种分类可能会给以太 ETF 带来麻烦。

The SEC's argument rests on the foundation's issuance of tokens for development funding, founder allocations, and its active role in promoting and developing the Ethereum blockchain. These factors, they contend, indicate centralization and an investment contract.

SEC 的论点在于该基金会发行代币用于发展资金、创始人分配及其在促进和发展以太坊区块链方面的积极作用。他们认为，这些因素表明了集中化和投资合同。

Staked vs. Non-Staked Ether: A Double-Edged Sword

质押以太币与非质押以太币：一把双刃剑

Staking services offered by exchanges have fueled the SEC's security classification case. With average staking yields hovering around 4%, these services have enticed retail investors and institutional pools of capital seeking consistent returns.

交易所提供的质押服务推动了美国证券交易委员会的证券分类案件。由于平均质押收益率徘徊在 4% 左右，这些服务吸引了寻求稳定回报的散户投资者和机构资金池。

However, the appeal of staking also plays into the SEC's hands. Staked ETH involves centralization, profit-seeking efforts, and limited direct involvement, all characteristics that support a security classification. This could be another hurdle for an ether ETF approval.

然而，质押的吸引力也对美国证券交易委员会有利。质押的 ETH 涉及中心化、逐利行为和有限的直接参与，所有这些特征都支持安全分类。这可能是以太坊 ETF 获得批准的另一个障碍。

Bitcoin ETFs: A Catch-22

比特币 ETF：第 22 条军规

The success of Bitcoin ETFs has ignited a firestorm of criticism from policymakers. Concerns about energy consumption, tax proposals, and price volatility have reignited the debate over the need for more crypto ETFs.

比特币 ETF 的成功引发了政策制定者的猛烈批评。对能源消耗、税收提案和价格波动的担忧重新引发了关于是否需要更多加密 ETF 的争论。

The irony is that the very factors driving crypto's success are being used to undermine further progress. Higher prices, increased flows, and wider adoption are now seen as arguments against more crypto ETFs.

讽刺的是，推动加密货币成功的因素却被用来破坏进一步的进步。更高的价格、增加的流量和更广泛的采用现在被视为反对更多加密 ETF 的理由。

Conclusion: A Path to Approval or a Dead End?

结论：批准之路还是死胡同？

While the case for an ether ETF remains strong, the SEC's skepticism, the staking conundrum, and the success of Bitcoin ETFs pose significant challenges. The crypto industry has celebrated its 2024 successes, but these same triumphs may ultimately forestall the approval of an ether ETF.

尽管以太坊 ETF 的需求依然强劲，但 SEC 的怀疑、质押难题以及比特币 ETF 的成功构成了重大挑战。加密行业已经庆祝了 2024 年的成功，但这些同样的胜利可能最终会阻止以太 ETF 的批准。

Additional Questions to Ponder:

需要思考的其他问题：

• Will the SEC's investigations into Ethereum Foundation dealings be the nail in ether's ETF coffin?
• Can the industry find a way to mitigate the staking-as-security argument?
• Will the political headwinds against crypto ETFs continue to intensify?

美国证券交易委员会对以太坊基金会交易的调查是否会成为以太坊 ETF 棺材上的钉子？该行业能否找到一种方法来缓解“质押作为证券”的争论？针对加密 ETF 的政治阻力会继续加剧吗？