灰度以太坊 ETF 面临监管延迟，决策推迟至 5 月

SEC 延迟对 Grayscale 的以太坊 ETF 作出决定引发了监管机构的担忧。从 3 月推迟到 5 月，由于加密相关产品受到更广泛的监管审查，灰度以太坊 ETF 面临进一步的延迟。美国证券交易委员会的决定在社会上引起了轩然大波，引发了人们对推迟背后原因的质疑。

Grayscale Ethereum ETF: What's the Delay?

灰度以太坊 ETF：延迟是什么？

The SEC has hit the brakes again on Grayscale's Ethereum Futures Trust ETF, pushing the decision date from March 31 to May 30. This latest postponement has sent ripples through the crypto community, leaving many wondering what's behind the delay.

美国证券交易委员会 (SEC) 再次对 Grayscale 的以太坊期货信托 ETF 踩刹车，将决定日期从 3 月 31 日推迟到 5 月 30 日。这一最新的推迟在加密货币社区引起了轩然大波，让许多人想知道推迟背后的原因。

Regulatory Rollercoaster

监管过山车

The SEC's latest move comes amid a broader regulatory crackdown on crypto-related financial products, following the approval of several Bitcoin ETFs earlier this year. Grayscale's Ethereum ETF has been particularly scrutinized, with the SEC requesting more time to review the proposed rule change and address concerns.

继今年早些时候批准了几只比特币 ETF 后，美国证券交易委员会的最新举措正值对加密货币相关金融产品进行更广泛的监管打击。 Grayscale 的以太坊 ETF 受到了特别审查，美国证券交易委员会要求更多时间来审查拟议的规则变更并解决担忧。

Timeline of Delays

延误时间表

Grayscale's Ethereum ETF proposal has faced multiple setbacks. The SEC initially set a December 2023 decision deadline, but later extended it to gather public feedback. In January, the SEC extended the review period again, adding to the uncertainty surrounding the approval process.

灰度的以太坊 ETF 提案面临多重挫折。 SEC 最初设定了 2023 年 12 月的决策期限，但后来为了收集公众反馈而延长了期限。一月份，SEC 再次延长了审查期限，增加了审批流程的不确定性。

Impact on Grayscale and Crypto

对灰度和加密的影响

Experts believe that approval for Ethereum-based ETFs could boost Ethereum prices, positioning it as a serious competitor to Bitcoin. The SEC's decision is therefore seen as a pivotal moment for Grayscale and the crypto industry as a whole.

专家认为，基于以太坊的 ETF 的批准可能会推高以太坊的价格，使其成为比特币的有力竞争对手。因此，SEC 的决定被视为灰度和整个加密行业的关键时刻。

Spot Ethereum ETFs: A Separate Path

现货以太坊 ETF：一条独立的道路

In a separate development, the SEC has also met with applicants for spot Ethereum ETFs, which would provide direct exposure to the underlying asset. This meeting took place amid growing enthusiasm for spot Ethereum ETFs, following the successful launch of spot Bitcoin products.

在另一项进展中，美国证券交易委员会还会见了以太坊 ETF 现货申请人，这将提供对标的资产的直接投资。此次会议是在现货比特币产品成功推出后，人们对现货以太坊 ETF 的热情日益高涨而召开的。

Regulatory Hurdles for Spot ETFs

现货 ETF 的监管障碍

However, the SEC has not yet made any decisions on spot Ether-based offerings. VanEck's application is at the forefront of this regulatory journey, with other major players like BlackRock, Franklin Templeton Grayscale, and Invesco Galaxy also awaiting feedback.

然而，美国证券交易委员会尚未就基于以太币的现货产品做出任何决定。 VanEck 的应用处于这一监管过程的最前沿，贝莱德 (BlackRock)、富兰克林邓普顿灰度 (Franklin Templeton Grayscale) 和景顺银河 (Invesco Galaxy) 等其他主要参与者也在等待反馈。

SEC's Cautious Approach

SEC 的谨慎态度

The SEC's decision to delay until May has cast a shadow of uncertainty over the sector. VanEck's application is particularly important, as the SEC faces a May 23 deadline to approve or reject their proposal, setting a precedent for subsequent applications.

美国证券交易委员会 (SEC) 推迟至 5 月份的决定给该行业蒙上了不确定性的阴影。 VanEck 的申请尤为重要，因为 SEC 面临 5 月 23 日批准或拒绝其提案的最后期限，这为后续申请开创了先例。

Legal Challenges and Policy Climate

法律挑战和政策环境

Variant Fund's Chief Legal Officer, Jake Chervinsky, has expressed skepticism about the SEC approving spot Ethereum ETFs by the May deadline, citing legal challenges and the policy climate in Washington, D.C. He suggests that a denial or a request for withdrawal by the SEC is more likely.

Variant Fund 首席法务官 Jake Chervinsky 对 SEC 在 5 月截止日期前批准现货以太坊 ETF 表示怀疑，理由是法律挑战和华盛顿特区的政策环境。他认为 SEC 的拒绝或撤回请求更可能导致可能。

Gensler's Influence

詹斯勒的影响

SEC Chair Gary Gensler's cautious stance on cryptocurrencies adds another layer of complexity to the approval process. Gensler has repeatedly emphasized the speculative nature of crypto assets and the need for a consensus among commissioners.

美国证券交易委员会 (SEC) 主席加里·根斯勒 (Gary Gensler) 对加密货币的谨慎立场为审批流程增添了另一层复杂性。 Gensler 多次强调加密资产的投机性质以及委员之间达成共识的必要性。

Uncertain Future for Ether-Based ETFs

基于以太坊的 ETF 的未来不确定

Despite the strong demand for spot Ethereum ETFs, regulatory hurdles and ongoing discussions with applicants underscore the intricate factors shaping the future of Ether-based investment products in the marketplace.

尽管对现货以太坊 ETF 的需求强劲，但监管障碍以及与申请人的持续讨论凸显了影响市场上基于以太坊的投资产品未来的复杂因素。