美国证券交易委员会不一致的立场引发了对以太坊 ETF 批准的质疑

在关于美国批准现货以太坊 (ETH) 交易所交易基金 (ETF) 的持续猜测中，Coinbase 总法律顾问 Paul Grewal 认为，美国证券交易委员会 (SEC) “没有充分的理由”拒绝此类申请。他引用了 SEC 之前的声明和法律先例，将 ETH 归类为商品，而不是证券。然而，存在不同的观点，一些人认为美国证券交易委员会最近对以太坊的调查以及向权益证明共识系统的转变可能会影响其决定。

SEC's Inconsistent Approach Raises Concerns Over Ethereum ETF Approvals

美国证券交易委员会不一致的做法引发了对以太坊 ETF 批准的担忧

Amidst fervent anticipation for the Securities and Exchange Commission (SEC) to approve spot Ethereum exchange-traded funds (ETFs), Coinbase General Counsel Paul Grewal has denounced the agency's apparent reluctance to grant these applications.

在人们热切期待美国证券交易委员会 (SEC) 批准现货以太坊交易所交易基金 (ETF) 的同时，Coinbase 总法律顾问 Paul Grewal 谴责该机构明显不愿批准这些申请。

In a forthright statement, Grewal decried the SEC's "no good reason" for denying ETF approvals, asserting that Ethereum (ETH) has been consistently classified as a commodity, not a security. He backed this assertion with evidence from both past and current SEC officials, including former Corporate Finance Director Bill Hinman and current Chairman Gary Gensler.

Grewal 在一份直言不讳的声明中谴责 SEC 拒绝 ETF 批准的“没有充分理由”，并声称以太坊 (ETH) 一直被归类为商品，而不是证券。他用过去和现任 SEC 官员的证据支持这一说法，其中包括前公司财务总监 Bill Hinman 和现任主席 Gary Gensler。

Grewal further highlighted the SEC's own legal precedents, the Commodity Futures Trading Commission's (CFTC) affirmation of ETH as a commodity, and the successful trading of ETH futures contracts regulated by the CFTC. These factors, he argued, unequivocally challenge any attempt to classify ETH as a security.

Grewal 进一步强调了 SEC 自身的法律先例、商品期货交易委员会 (CFTC) 对 ETH 作为商品的确认，以及受 CFTC 监管的 ETH 期货合约的成功交易。他认为，这些因素明确挑战了任何将 ETH 归类为证券的尝试。

Grewal countered the SEC's potential reliance on the Howey test, emphasizing that digital assets like ETH do not meet the criteria for "investment contracts" or "securities" due to their lack of ongoing contractual obligations related to a commercial enterprise.

Grewal 反驳了 SEC 对 Howey 测试的潜在依赖，强调像 ETH 这样的数字资产不符合“投资合同”或“证券”的标准，因为它们缺乏与商业企业相关的持续合同义务。

Ethereum Foundation's "Warrant Canary" Removal Sparks Speculation

以太坊基金会“权证金丝雀”移除引发猜测

Adding to the intrigue surrounding Ethereum's regulatory status, the Ethereum Foundation recently removed a "Warrant Canary" from its website following an unspecified legal inquiry. This action has sparked speculation that state authorities may be investigating the Foundation.

以太坊基金会最近在一项未具体说明的法律调查后从其网站上删除了“权证金丝雀”，这增加了围绕以太坊监管地位的阴谋。这一行动引发了人们的猜测，即国家当局可能正在调查该基金会。

Fortune reported that the SEC is pursuing an "aggressive legal campaign" to classify Ethereum as a security, citing subpoenas issued to crypto companies related to an Ethereum investigation. Notably, some of these subpoenas were issued after Ethereum's transition to a proof-of-stake (PoS) consensus system, raising questions about whether this move is part of a broader effort to clamp down on ETH.

《财富》杂志报道称，美国证券交易委员会正在发起一场“积极的法律行动”，将以太坊归类为证券，并援引向加密货币公司发出的与以太坊调查相关的传票。值得注意的是，其中一些传票是在以太坊过渡到权益证明 (PoS) 共识系统之后发出的，引发了人们的疑问：此举是否是更广泛的打压 ETH 行动的一部分。

Conflicting Views on Ethereum's Status

关于以太坊现状的相互矛盾的观点

Despite Grewal's assertions, others contend that the transition to PoS may have altered Ethereum's regulatory landscape. Gensler himself has indicated that tokens in a PoS system could be considered securities due to investors' reliance on the efforts of others.

尽管 Grewal 如此断言，但其他人认为向 PoS 的过渡可能改变了以太坊的监管格局。 Gensler 本人表示，由于投资者对其他人努力的依赖，PoS 系统中的代币可以被视为证券。

Crypto lawyer Preston Byrne suggested that the SEC's potential challenge to Ethereum's classification may hinge on the distribution of coins during the presale.

加密货币律师 Preston Byrne 表示，SEC 对以太坊分类的潜在挑战可能取决于预售期间代币的分配。

Diverging Opinions on Approval Prospects

对批准前景的不同意见

Following the Bitcoin ETF spot approval, Commissioner Hester Peirce expressed concerns about the SEC's inconsistent treatment of applications in this area. She warned that the agency's failure to follow standard procedures would damage its reputation.

在比特币 ETF 现货获得批准后，委员 Hester Peirce 对 SEC 对该领域申请的处理方式不一致表示担忧。她警告说，该机构不遵守标准程序将损害其声誉。

Former CFTC Commissioner Brian Quintenz pointed to the SEC's explicit recognition of ETH as a non-security asset when approving ETH futures ETFs. He argued that this decision, made well after Ethereum's transition to PoS, served as a clear indication of the agency's position on ETH's regulatory treatment.

CFTC 前委员 Brian Quintenz 指出，SEC 在批准 ETH 期货 ETF 时明确承认 ETH 为非安全资产。他认为，这一决定是在以太坊向 PoS 过渡很久之后做出的，清楚地表明了该机构对 ETH 监管待遇的立场。

Diminishing Optimism for ETF Approvals

对 ETF 批准的乐观情绪正在减弱

Bloomberg ETF analysts Eric Balchunas and James Seffart have lowered their expectations for ETH ETF spot approvals to 25% by May 23, the deadline for the SEC to rule on applications from Ark and 21Shares. They cited the SEC's lack of timely comments compared to the Bitcoin ETF approval process.

彭博 ETF 分析师 Eric Balchunas 和 James Seffart 将 5 月 23 日之前 ETH ETF 现货批准率的预期下调至 25%，即 SEC 对 Ark 和 21Shares 申请作出裁决的最后期限。他们指出，与比特币 ETF 审批流程相比，美国证券交易委员会缺乏及时的评论。

However, others remain more optimistic, with Bernstein analysts Gautam Chhugani and Mahika Sapra predicting a 50% probability of approval within the year. They cited the industry's determination to fight for ETH ETF approval and the parallels between Ethereum and the precedent set by the SEC's handling of the Grayscale Bitcoin ETF.

然而，其他人仍然更加乐观，伯恩斯坦分析师 Gautam Chhugani 和 Mahika Sapra 预测年内获得批准的可能性为 50%。他们引用了该行业争取 ETH ETF 批准的决心，以及以太坊与 SEC 处理灰度比特币 ETF 所设定的先例的相似之处。

SEC Postpones Decisions, Fidelity Adds Staking

SEC 推迟决定，富达增加质押

The SEC has delayed decisions on several Ethereum spot ETF applications, most recently extending the deadline for VanEck's application to May 23. Fidelity and Grayscale have amended their documents to include staking, indicating their continued pursuit of ETH ETF approval.

SEC 推迟了对多个以太坊现货 ETF 申请的决定，最近将 VanEck 申请的截止日期延长至 5 月 23 日。Fidelity 和 Grayscale 修改了他们的文件以包括质押，表明他们继续寻求 ETH ETF 批准。

Despite the delays, the future of Ethereum ETF approvals remains uncertain. The SEC's inconsistent approach, combined with the transition to PoS, has created a complex regulatory landscape that could prolong the approval process or even result in denials. As the May 23 deadline approaches, the industry awaits the SEC's next move with a mix of anticipation and trepidation.

尽管出现延误，以太坊 ETF 批准的未来仍然不确定。 SEC 不一致的做法，加上向 PoS 的过渡，造成了复杂的监管环境，可能会延长审批流程，甚至导致拒绝。随着 5 月 23 日最后期限的临近，业界怀着既期待又忐忑的心情等待 SEC 的下一步行动。