在监管不确定性的情况下，Grayscale 的法律负责人对以太坊 ETF 持谨慎乐观态度

Grayscale 的 CLO Craig Salm 认为，美国证券交易委员会认为缺乏对以太坊现货 ETF 的参与并不是批准的关键因素。他强调了 SEC 之前在比特币 ETF 审批过程中与发行人的接触以及比特币和以太坊之间的相似之处。

Grayscale's Legal Chief Expresses Cautious Optimism for Ethereum ETFs Amid Regulatory Uncertainty

在监管不确定性的情况下，Grayscale 的法律负责人对以太坊 ETF 表示谨慎乐观

In the evolving regulatory landscape surrounding cryptocurrency exchange-traded funds (ETFs), Grayscale Investments' Chief Legal Officer, Craig Salm, has provided insights into the potential approval of Ethereum ETFs by the United States Securities and Exchange Commission (SEC). Despite growing skepticism and delays in the approval process, Salm believes that the SEC's prior engagement with issuers during the Bitcoin ETF approval process could pave the way for Ethereum ETF approvals.

在围绕加密货币交易所交易基金 (ETF) 不断发展的监管环境中，Grayscale Investments 首席法务官 Craig Salm 就美国证券交易委员会 (SEC) 可能批准以太坊 ETF 提供了见解。尽管越来越多的怀疑和批准过程的拖延，Salm 认为 SEC 在比特币 ETF 批准过程中与发行人的事先接触可能为以太坊 ETF 的批准铺平道路。

Drawing Parallels with Bitcoin ETF Approval

与比特币 ETF 的批准相比较

Salm highlighted the SEC's thorough review of key issues during the approval of spot Bitcoin ETFs, including creation and redemption processes, cash versus in-kind transactions, and custody concerns. He emphasized that these issues are largely identical for Ethereum ETFs due to the similarities between Ethereum and Bitcoin.

Salm 强调了 SEC 在批准现货比特币 ETF 期间对关键问题的彻底审查，包括创建和赎回流程、现金与实物交易以及托管问题。他强调，由于以太坊和比特币之间的相似性，这些问题对于以太坊 ETF 来说基本上是相同的。

"All of these issues were figured out and are identical when comparing spot Bitcoin to Ethereum ETFs," Salm stated. "The only difference is rather than the ETF holding bitcoin, it holds ether. So in many ways, the SEC already has engaged and issuers simply have less to engage on this time."

Salm 表示：“在将现货比特币与以太坊 ETF 进行比较时，所有这些问题都得到了解决，并且是相同的。” “唯一的区别是 ETF 不是持有比特币，而是持有以太币。因此，在很多方面，美国证券交易委员会已经参与其中，而发行人这次参与的内容较少。”

Legal Arguments for Ethereum ETF Approval

以太坊 ETF 批准的法律依据

In support of the approval of spot Ethereum ETFs, Salm echoed arguments made by Coinbase's Chief Legal Officer, Paul Grewal. He noted the consistent and robust correlation between Ethereum futures and spot prices, which reinforces the rationale for ETF approval.

为了支持批准以太坊 ETF 现货，Salm 回应了 Coinbase 首席法务官 Paul Grewal 的论点。他指出，以太坊期货和现货价格之间存在一致且强劲的相关性，这强化了 ETF 批准的理由。

"Investors want and deserve access to Ethereum in the form of a spot Ethereum ETF and Grayscale believes the case is just as strong as it was for spot Bitcoin ETFs," Salm added.

Salm 补充道：“投资者希望并且应该以现货以太坊 ETF 的形式获得以太坊，Grayscale 认为这种情况与现货比特币 ETF 一样有力。”

Regulatory Skepticism and Uncertainty

监管怀疑和不确定性

Despite Salm's optimism, the path to Ethereum ETF approval faces challenges. In recent weeks, regulatory skepticism has grown due to the SEC's postponement of approval decisions for several issuers and minimal progress in the application review process.

尽管 Salm 很乐观，但以太坊 ETF 的批准之路仍面临挑战。最近几周，由于美国证券交易委员会推迟了对几家发行人的批准决定，并且申请审查过程进展甚微，监管怀疑情绪有所增加。

Moreover, the SEC's ongoing investigation into Ethereum's regulatory classification as either a security or a commodity adds further uncertainty to the approval prospects.

此外，美国证券交易委员会正在进行的对以太坊作为证券或商品的监管分类的调查进一步增加了批准前景的不确定性。

Conclusion

结论

While Salm's legal analysis provides a glimmer of hope for Ethereum ETF enthusiasts, the regulatory uncertainty surrounding these products persists. The SEC's continued scrutiny of Ethereum and the broader cryptocurrency market will likely shape the outcome of the ETF approval process in the coming months.

尽管 Salm 的法律分析为以太坊 ETF 爱好者带来了一线希望，但围绕这些产品的监管不确定性仍然存在。美国证券交易委员会对以太坊和更广泛的加密货币市场的持续审查可能会影响未来几个月 ETF 审批流程的结果。

Investors and market analysts will continue to monitor developments closely as the SEC navigates the complex legal and regulatory issues surrounding cryptocurrency ETFs.

随着 SEC 处理围绕加密货币 ETF 的复杂法律和监管问题，投资者和市场分析师将继续密切关注事态发展。