在 SEC 挥之不去的担忧中，灰度对以太坊 ETF 的批准表现出乐观态度

Grayscale Investments 对 SEC 5 月份批准现货以太坊 ETF 保持乐观态度，理由是现货比特币 ETF 批准具有优先权。然而，彭博社分析师对 SEC 缺乏与申请人的接触表示担忧，从而将其批准的几率降低至 25%。 Grayscale 的首席法务官通过强调期货和现货产品之间的强大相关性以及最近批准的以太坊期货 ETF 来反驳这种怀疑。

Grayscale Exudes Optimism on Ethereum ETF Approval, but Concerns Linger

灰度对以太坊 ETF 批准表现出乐观态度，但仍存在担忧

Lucknow, India (CoinChapter.com) - Grayscale Investments, a preeminent New York-based investment management firm, expresses unwavering confidence in the imminent regulatory approval of spot Ethereum (ETH) exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in May. However, recent concerns have been raised regarding the SEC's perceived lack of engagement with applicants, casting a shadow over the potential outcome.

印度勒克瑙 (CoinChapter.com) - 总部位于纽约的杰出投资管理公司 Grayscale Investments 对美国证券交易委员会即将批准现货以太坊 (ETH) 交易所交易基金 (ETF) 表示坚定不移的信心委员会（SEC）五月。然而，最近人们对美国证券交易委员会缺乏与申请人的接触表示担忧，这给潜在结果蒙上了阴影。

Craig Salm, Grayscale's esteemed Chief Legal Officer, steadfastly believes in the imminent approval of the ETFs. In a March 25 Twitter post, he unequivocally stated: "I personally am not deterred by it and believe the ETFs should be approved."

Grayscale 受人尊敬的首席法务官 Craig Salm 坚信 ETF 即将获得批准。在 3 月 25 日的推特帖子中，他明确表示：“我个人并没有因此而却步，并且认为 ETF 应该获得批准。”

Salm's optimism is anchored in the premise that many of the issues typically associated with spot Ether ETFs were meticulously addressed during the approval process for spot Bitcoin ETFs. He elucidated that critical details concerning creation and redemption procedures, cash and in-kind models, asset protection, loss prevention, and custody "were figured out" during the Bitcoin ETF applications.

Salm 的乐观态度基于以下前提：在现货比特币 ETF 的审批过程中，许多通常与现货以太 ETF 相关的问题都得到了精心解决。他解释说，有关创建和赎回程序、现金和实物模型、资产保护、损失预防和托管的关键细节是在比特币 ETF 申请期间“弄清楚”的。

"So in many ways, the SEC already has engaged, and issuers simply have less to engage on this time," Salm asserted, emphasizing that "the case is just as strong as it was for spot #Bitcoin ETFs."

Salm 断言：“因此，从很多方面来说，美国证券交易委员会已经参与其中，而发行人这次的参与程度却有所降低。”他强调，“这个案例与#Bitcoin ETF 现货一样有力。”

Nevertheless, Salm acknowledged that ETF issuers seeking to incorporate staking into their spot Ether ETFs might encounter an additional hurdle that requires further deliberation with the SEC. This category includes prominent applicants such as Ark 21Shares, Fidelity, and Franklin Templeton.

尽管如此，Salm 承认，寻求将质押纳入现货 ETH ETF 的 ETF 发行人可能会遇到额外的障碍，需要与 SEC 进一步审议。此类别包括 Ark 21Shares、Fidelity 和 Franklin Templeton 等知名申请人。

Bloomberg Analysts Sound Alarm on Ethereum ETFs

彭博社分析师对以太坊 ETF 发出警报

Despite Grayscale's unwavering confidence, Bloomberg ETF analysts Eric Balchunas and James Seyffart recently expressed apprehension over the SEC's apparent "lack of engagement." Subsequently, they have downgraded their forecast for an approved spot Ether ETF in May to a "pessimistic 25%."

尽管 Grayscale 信心十足，但彭博 ETF 分析师 Eric Balchunas 和 James Seyffart 最近对 SEC 明显“缺乏参与”表示担忧。随后，他们将 5 月份批准的现货以太 ETF 的预测下调至“悲观的 25%”。

Balchunas posits that the SEC's lack of engagement appears "purposeful" rather than mere "procrastination."

巴尔丘纳斯认为，美国证券交易委员会缺乏参与似乎是“有目的的”，而不仅仅是“拖延”。

Salm countered this skepticism by drawing attention to the recent approval of Ether Futures ETFs and their regulation as commodity futures. He contends that this development places the spot Ether ETFs in a strong position for approval, given the "high correlation" between futures and spot products.

Salm 通过提请人们关注最近批准的以太坊期货 ETF 及其作为商品期货的监管来反驳这种怀疑。他认为，鉴于期货和现货产品之间的“高度相关性”，这一发展使现货以太坊 ETF 处于获得批准的有利地位。

Furthermore, Coinbase's Chief Legal Officer, Paul Grewal, and Brian Quintenz, a former commissioner of the Commodity Futures Trading Commission, expressed similar sentiments last week.

此外，Coinbase 首席法律官 Paul Grewal 和商品期货交易委员会前委员 Brian Quintenz 上周也表达了类似的观点。

Optimism vs. Skepticism

乐观与怀疑

However, there are compelling reasons to approach Grayscale's overconfidence with skepticism. To date, the SEC has not approved any spot crypto ETF beyond Bitcoin. Therefore, an Ethereum approval would represent an unprecedented step into a hitherto uncharted territory of crypto regulation.

然而，我们有充分的理由对灰度的过度自信表示怀疑。迄今为止，美国证券交易委员会尚未批准除比特币之外的任何现货加密 ETF。因此，以太坊的批准将代表着向迄今为止未知的加密货币监管领域迈出了前所未有的一步。

Moreover, SEC Chair Gary Gensler's recent comments questioning whether Ethereum's shift to proof-of-stake might violate the Howey test for investment contract securities have further cast doubt on the prospects of approval.

此外，SEC 主席加里·詹斯勒 (Gary Gensler) 最近质疑以太坊向权益证明的转变是否可能违反投资合约证券的 Howey 测试，这进一步让人们对批准的前景产生了怀疑。

Ultimately, while Grayscale presents logical arguments based on the approval trajectory for Bitcoin ETFs, their optimism may be excessive. The SEC has consistently maintained a highly cautious stance on crypto. Consequently, approving a spot Ethereum ETF amidst ongoing regulatory ambiguity would constitute a bold departure from this established approach.

最终，虽然 Grayscale 根据比特币 ETF 的批准轨迹提出了合乎逻辑的论据，但他们的乐观情绪可能有些过度。美国证券交易委员会一直对加密货币保持高度谨慎的立场。因此，在监管持续模糊的情况下批准现货以太坊 ETF 将构成对这一既定方法的大胆背离。

The SEC is expected to make a decision on VanEck's application by May 23. Analysts anticipate that all applicants will be notified of their respective fates on that date.

预计 SEC 将于 5 月 23 日对 VanEck 的申请做出决定。分析人士预计，所有申请人都将在该日收到各自命运的通知。