随着 SEC 为产品上市扫清道路，以太 ETF 更接近现实

（彭博社）——在美国证券交易委员会为最终推出第一只直接投资以太币的美国交易所交易基金铺平道路之后，加密货币行业更接近另一个里程碑。

The Securities and Exchange Commission has cleared the way for the eventual launch of the first US exchange-traded funds that will invest directly in the Ether token.

美国证券交易委员会已为最终推出第一只直接投资于以太币的美国交易所交易基金扫清了道路。

In a step that was still seen as unlikely as last week, the SEC signed off Thursday on a proposal by exchanges run by Cboe Global Markets Inc., Nasdaq and the New York Stock Exchange to list products tied to the second-biggest digital asset.

周四，美国证券交易委员会签署了由芝加哥期权交易所全球市场公司、纳斯达克和纽约证券交易所运营的交易所提出的一项提议，将与第二大数字资产相关的产品上市，这与上周一样被认为是不可能的。

Fund managers will still need a separate approval from the agency before they can launch products, for which the timeline is unclear. Assuming they get a green light, one key question is whether the Ether portfolios will generate anything like the demand stirred by the historic January debut of US spot-Bitcoin ETFs.

基金经理在推出产品之前仍需要获得该机构的单独批准，但具体时间尚不清楚。假设它们获得批准，一个关键问题是以太投资组合是否会产生类似于美国现货比特币 ETF 历史性 1 月份首次亮相所激发的需求。

The latter have sucked in $57 billion of assets, spurring issuers such as VanEck, ARK Investment Management, BlackRock Inc. and Fidelity Investments to jockey for first-mover advantage in the race to launch Ether vehicles.

后者吸纳了 570 亿美元的资产，促使 VanEck、ARK Investment Management、BlackRock Inc. 和 Fidelity Investments 等发行人在推出以太坊车辆的竞赛中争夺先发优势。

In a note of caution, Lara Crigger of data provider VettaFi said she doubts Ether ETFs can attract the same scale of inflow as Bitcoin products. “Although Ether has more use cases, it’s a much smaller market than Bitcoin, with lower awareness and name recognition among the general investing public,” she said.

数据提供商 VettaFi 的 Lara Crigger 表示，她怀疑以太 ETF 能否吸引与比特币产品相同规模的资金流入。 “尽管以太币有更多的用例，但它的市场比比特币小得多，普通投资大众的认知度和知名度较低，”她说。

Ether rose about 1% to $3,805 as of 6:15 a.m. Friday in London. The token is up 23% this week on bets that ETFs are coming — the digital coin’s best weekly performance since 2021, according to data compiled by Bloomberg. Wider crypto markets, including market-leader Bitcoin, were broadly steady.

截至伦敦周五上午 6:15，以太币上涨约 1% 至 3,805 美元。根据彭博社汇编的数据，由于押注 ETF 即将推出，该代币本周上涨了 23%，这是该数字货币自 2021 年以来最好的每周表现。更广泛的加密货币市场，包括市场领先者比特币，基本保持稳定。

Last week, companies expected the SEC to reject the Cboe plan — and potentially others — by Thursday’s deadline. Backers hope eventual listings will woo money from retail and institutional investors who are reassured by the ETF wrapper.

上周，公司预计美国证券交易委员会将在周四的最后期限前拒绝芝加哥期权交易所的计划以及其他可能的计划。支持者希望最终的上市能够吸引散户和机构投资者的资金，让他们对 ETF 包装感到放心。

The latest developments are a major milestone for crypto, said Rich Rosenblum, president of liquidity provider GSR Markets Ltd. Referring to the abrupt pivot toward approval, Rosenblum said “in the 12 years I’ve been trading this space, this is the most incredible thematic whipsaw I can remember.”

流动性提供商 GSR Markets Ltd 总裁 Rich Rosenblum 表示，最新进展是加密货币的一个重要里程碑。在谈到突然转向批准时，Rosenblum 表示“在我交易这个领域的 12 年来，这是最令人难以置信的”我记得主题的洗盘。”

The SEC’s order echoed the one it issued in January clearing exchanges to list Bitcoin ETFs, including a lengthy discussion of correlations between the Ether spot market and futures tracking it that are hosted by CME Group Inc. in Chicago. How closely the two markets move is a crucial point for regulators who want CME surveillance systems to spot trading anomalies before they spiral.

SEC 的命令与 1 月份发布的要求清算交易所列出比特币 ETF 的命令相呼应，其中包括对 Ether 现货市场与芝加哥 CME Group Inc. 托管的跟踪以太币的期货之间的相关性进行了长时间的讨论。对于希望 CME 监控系统在交易异常加剧之前发现交易异常的监管机构来说，两个市场走势的密切程度是一个关键点。

Coinbase Global Inc. proffered a study showing correlations among spot and futures markets for Ether were about 85% over one-minute intervals between March 2021 and January 2024, which it said was higher than the one cited in the Bitcoin review. The SEC said it replicated that and other studies and found they “provide empirical evidence that prices generally move in close (although not perfect) alignment” between the spot and CME Ether futures markets.

Coinbase Global Inc. 提供的一项研究显示，2021 年 3 月至 2024 年 1 月期间，以太坊现货和期货市场之间的相关性在一分钟内约为 85%，该公司称该相关性高于比特币评论中引用的相关性。美国证券交易委员会表示，它重复了这一研究和其他研究，发现它们“提供了经验证据，表明现货市场和 CME 以太期货市场之间的价格通常紧密（尽管不是完美）一致”。

Beyond ETFs, the latest developments may have wider policy implications. SEC Chair Gary Gensler has been ambiguous on whether Ether is a security, and crypto enthusiasts are worried about the token — and potentially projects based on the Ethereum blockchain — falling under the agency’s tough and costly rules.

除了 ETF 之外，最新进展可能会产生更广泛的政策影响。美国证券交易委员会 (SEC) 主席加里·詹斯勒 (Gary Gensler) 对于以太币是否是一种证券一直模棱两可，加密货币爱好者担心该代币（以及可能基于以太坊区块链的项目）会受到该机构严格且成本高昂的规则的约束。

The Commodity Futures Trading Commission, the US regulator with jurisdiction over derivatives, has signaled that it doesn’t view Ether as a security. The CFTC has for years allowed trading in CME Ether futures.

对衍生品拥有管辖权的美国监管机构商品期货交易委员会已表示，它并不将以太币视为一种证券。 CFTC 多年来一直允许 CME 以太期货交易。

Lee Reiners, policy director of the Duke Financial Economics Center at Duke University, said that exchange bids to list the products were based on Ether being a commodity and not a security. An SEC decision to green light the plan bolsters the view that the SEC still considers Ether not to be a security, he said.

杜克大学杜克金融经济中心政策总监 Lee Reiners 表示，交易所竞标列出这些产品是基于以太币是一种商品，而不是一种证券。他表示，美国证券交易委员会批准该计划的决定强化了美国证券交易委员会仍然认为以太币不是证券的观点。

The digital-asset industry has been recovering over the past year or so from a 2022 market rout and a spate of scandals, such as the huge fraud at Sam Bankman-Fried’s collapsed FTX exchange and his subsequent jailing. Demand for US Bitcoin ETFs helped drive the cryptocurrency to a record high in March.

数字资产行业在过去一年左右的时间里一直在从 2022 年的市场暴跌和一系列丑闻中恢复过来，例如 Sam Bankman-Fried 倒闭的 FTX 交易所的巨额欺诈以及随后的入狱。对美国比特币 ETF 的需求帮助推动加密货币在 3 月份创下历史新高。

Some of that rally is due to optimism that a US crackdown may be waning. The Republican-led House this week advanced sweeping crypto legislation despite opposition from the White House and Gensler. The Senate isn’t expected to approve the measure but it garnered some Democratic support in the House.

股市上涨的部分原因是人们对美国的镇压可能正在减弱感到乐观。尽管遭到白宫和詹斯勒的反对，共和党领导的众议院本周仍推进了全面的加密立法。预计参议院不会批准这项措施，但它在众议院获得了一些民主党的支持。

Asset managers have been making concessions to win SEC approval, notably on so-called staking — the process of earning rewards for blockchain maintenance. Fidelity said it will keep the Ether it buys as part of the ETF out of staking.

资产管理公司一直在做出让步以赢得美国证券交易委员会的批准，特别是在所谓的“质押”方面——即为区块链维护赚取奖励的过程。富达表示，将不会对作为 ETF 一部分购买的以太币进行质押。

Staking is a key issue for Ether because it raises questions about whether the token should be treated as a security. Last year, the SEC in a lawsuit accused Coinbase of breaking its rules by offering staking services.

质押是以太坊的一个关键问题，因为它引发了关于代币是否应该被视为证券的问题。去年，美国证券交易委员会 (SEC) 在一项诉讼中指控 Coinbase 提供质押服务违反了其规则。

The agency under Gensler is skeptical of the crypto industry and reluctantly acquiesced to spot-Bitcoin ETFs in the wake of a court reversal in 2023.

Gensler 领导的机构对加密行业持怀疑态度，并在 2023 年法院推翻裁决后勉强默许了现货比特币 ETF。