美国证券交易委员会对拟议的比特币期权交易规则变更进行彻底审查

美国证券交易委员会（SEC）正在审查一项拟议的规则变更，该变更将允许在比特币交易所交易基金（ETF）上进行期权交易。美国证券交易委员会就比特币期权交易对更广泛市场的潜在影响寻求公众意见，特别是在动荡时期。交易所已经提交了在最近批准的现货比特币 ETF 上列出期权的请求，促使 SEC 调查当前管理其独特特征的监督和执行机制是否充分。

SEC Embarks on Comprehensive Review of Proposed Bitcoin Options Trading Rule Change

美国证券交易委员会开始全面审查拟议的比特币期权交易规则变更

Washington, D.C., March 8, 2023 – The United States Securities and Exchange Commission (SEC) has initiated a comprehensive consultation process on a proposed rule change that would introduce options trading on Bitcoin exchange-traded funds (ETFs). This move marks a significant step in the regulatory oversight of the rapidly evolving cryptocurrency market.

华盛顿特区，2023 年 3 月 8 日——美国证券交易委员会 (SEC) 已就拟议的规则变更启动了全面的咨询流程，该规则变更将引入比特币交易所交易基金 (ETF) 的期权交易。此举标志着快速发展的加密货币市场的监管迈出了重要一步。

Reviewing the Market Impact of Bitcoin Options

回顾比特币期权的市场影响

The SEC's primary objective in this review is to assess the potential impact of Bitcoin options trading on the broader financial market, particularly during periods of heightened market volatility. The Commission will meticulously examine the adequacy of current surveillance and enforcement mechanisms employed by exchanges to manage the unique characteristics of Bitcoin options.

美国证券交易委员会此次审查的主要目标是评估比特币期权交易对更广泛的金融市场的潜在影响，特别是在市场波动加剧期间。委员会将仔细审查交易所采用的当前监控和执行机制是否足以管理比特币期权的独特特征。

Safeguarding Investors and Market Integrity

保护投资者和市场诚信

The SEC's paramount concern is to ensure that appropriate safeguards are in place to protect investors and maintain the integrity of the markets. This includes evaluating whether current regulations governing options trading on stocks adequately address the specific risks associated with Bitcoin options.

SEC 最关心的是确保采取适当的保障措施来保护投资者并维护市场的完整性。这包括评估当前管理股票期权交易的法规是否充分解决了与比特币期权相关的特定风险。

Public Input and Industry Perspectives

公众意见和行业观点

The SEC welcomes public input on the proposed rule change, providing an opportunity for all stakeholders to share their insights. Interested parties have 21 days from the official registration of the document to submit initial comments, with the final deadline set for May 15, 2024.

SEC 欢迎公众对拟议的规则变更提出意见，为所有利益相关者提供分享见解的机会。自文件正式注册起，感兴趣的各方有 21 天的时间提交初步意见，最终截止日期为 2024 年 5 月 15 日。

Asset management firms, such as Bitwise and Grayscale, have been actively pursuing regulatory clearance to list options on their Bitcoin ETFs. They argue that options trading on spot Bitcoin ETFs would provide investors with valuable risk management tools and hedging strategies.

Bitwise 和 Grayscale 等资产管理公司一直在积极寻求监管许可，以列出其比特币 ETF 期权。他们认为，比特币 ETF 现货期权交易将为投资者提供有价值的风险管理工具和对冲策略。

Balancing Innovation and Regulation

平衡创新与监管

The SEC faces the delicate task of balancing the potential benefits of Bitcoin options trading, such as increased liquidity and enhanced market efficiency, with the need for robust regulatory oversight. The Commission will carefully consider the potential risks and benefits before making a final decision on the proposed rule change.

美国证券交易委员会面临着平衡比特币期权交易的潜在好处（例如增加流动性和提高市场效率）与强有力的监管监督的需要之间的微妙任务。在对拟议的规则变更做出最终决定之前，委员会将仔细考虑潜在的风险和收益。

Delay in Decision-Making

决策延迟

The SEC has extended the review period for allowing options trading on Grayscale and Bitwise Bitcoin ETFs, with a new decision date set for May 29, 2024. This delay underscores the complexity of the issues under consideration.

美国证券交易委员会 (SEC) 延长了允许灰度和 Bitwise 比特币 ETF 期权交易的审查期，新的决定日期定为 2024 年 5 月 29 日。这一延迟凸显了所考虑问题的复杂性。

Regulatory Clearance and Industry Prospects

监管许可和行业前景

Asset management firms remain optimistic about the prospects for regulatory clearance of Bitcoin options trading on their ETFs. They draw parallels to the successful approval process for options on spot gold ETPs, which has bolstered the credibility of these products among investors.

资产管理公司对其 ETF 比特币期权交易的监管许可前景仍持乐观态度。它们与现货黄金 ETP 期权的成功审批流程相似，这增强了这些产品在投资者中的可信度。

Conclusion

结论

The SEC's consultation process represents a critical milestone in the regulatory evolution of the cryptocurrency market. The Commission's comprehensive review of the proposed Bitcoin options trading rule change is a testament to its commitment to investor protection, market integrity, and fostering innovation within the digital asset ecosystem. The outcome of this review will have significant implications for the future of Bitcoin trading and the broader financial landscape.

SEC 的咨询过程是加密货币市场监管演变的一个重要里程碑。委员会对拟议的比特币期权交易规则变更的全面审查证明了其对投资者保护、市场诚信和促进数字资产生态系统创新的承诺。此次审查的结果将对比特币交易的未来和更广泛的金融格局产生重大影响。