现在是美国数字资产的监管开放季节

现在，IT和其他模因被提议作为新的加密货币ETF的资产。

The regulatory open season for digital assets in the United States continues - and not just because the incoming president released a Solana memecoin on the eve of his inauguration. Now, it and other memecoins are being proposed as assets for a new slew of cryptocurrency ETFs. In just over a month, the U.S. crypto market went from facing an absurd amount of obstruction to an absurd amount of, well, absurdity.

美国数字资产的监管开放季节仍在继续 - 不仅是因为即将上任的总统在就职典礼前夕释放了索拉纳（Solana Memecoin）。现在，IT和其他模因被提议作为新的加密货币ETF的资产。在短短一个多月的时间里，美国加密货币市场从面临荒谬的阻塞到荒谬的荒谬。

While I can scarcely imagine a financial advisor telling me, “You’re slightly under-allocated in $TRUMP coin,” the reality is that these new currencies could be valid assets for an ETF. Another view is that they are completely useless. A more generous view is that they are a form of creative expression. They’re not a symphony by Mozart, sure, but these coins - $BONK, $PENGU - clearly have some cultural value. I can see why some investors, retail and otherwise, would be interested in an ETF of this kind.

尽管我几乎无法想象一位财务顾问告诉我：“您在$ trump硬币中有点不足”，但现实是，这些新货币可能是ETF的有效资产。另一个观点是它们完全没有用。一个更慷慨的观点是它们是一种创造性表达的形式。当然，他们不是莫扎特的交响曲，但是这些硬币 - $ bonk，$ pengu-显然具有一些文化价值。我明白了为什么一些零售和其他零售投资者会对这种ETF感兴趣。

This brings us to Solana, which is now essentially the 3rd largest asset in terms of market cap and by far the largest in terms of network usage. Bitcoin, while initially envisioned as a kind of digital cash, has emerged as a digital store of value. And Solana has taken the mantle of a blockchain smart contract with its unique Proof of History having the potential to defer all kinds of blockchain based applications. It’s time for a Solana ETF.

这将我们带到了Solana，这本质上是市值的第三大资产，并且在网络使用方面是最大的资产。比特币最初被设想为一种数字现金，但已成为价值的数字商店。索拉纳（Solana）以其独特的历史证明有可能推迟各种基于区块链的应用程序，从而获得了区块链智能合约的披风。现在是时候了。

Read More: How Solana Is Competing With Ethereum for Institutional Interest

阅读更多：Solana如何与以太坊竞争机构利益

The groundwork is there. It took 10 long years and a lawsuit for the Bitcoin ETF to be approved. After more challenges, an Ethereum ETF was also approved - with an asterisk. Every issuer that included providing “staking” rewards in their applications had to strike it. By doing so, the SEC effectively said that the issuers (and the investors) couldn't participate in the governance of these blockchains, but could invest in them.

基础工作在那里。它花了10年的时间，比特币ETF批准了诉讼。经过更多的挑战，还批准了一个以太坊ETF - 带有星号。每个在申请中提供“积分”奖励的发行人都必须对其进行打击。通过这样做，SEC有效地表示，发行人（和投资者）无法参与这些区块链的治理，而是可以投资于这些区块链。

As a result, every investor who has bought into an Ethereum ETF since last May has missed the opportunity to earn yield on their asset - yield that comes directly from supporting the security of the blockchain itself. If, instead of ETF shares, these investors bought the same amount of Ethereum and staked it (for example, with Coinbase), they could earn, say, 2-4% APY, in return for letting their ETH be used to keep the blockchain secure. Whatever your politics, and however you feel about cryptocurrencies, the truth is that this puts American investors at a disadvantage. European investors already have ETPs for other currencies, and they also have access to staking rewards through them, too.

结果，自去年5月以来，每个购买以太坊ETF的投资者都错过了获得其资产收益率的机会 - 直接支持区块链本身的安全性。如果这些投资者不用ETF股票购买了相同数量的以太坊并将其放置（例如，使用Coinbase），则可以赚取2-4％的APY，以换取让他们的ETH使用ETH来确保区块链安全。无论您的政治，无论您如何看待加密货币，事实都是使美国投资者处于不利地位。欧洲投资者已经拥有其他货币的ETP，并且他们也可以通过它们获得积分奖励。

And yet, in the U.S., we are still waiting for a Solana ETF of any kind. And it certainly will not include staking to begin with, as the issuers learned from the Ethereum case not to include it. In my view, Europe’s approval of the staking ETPs should set the precedent for a staking ETF in the United States.

但是，在美国，我们仍在等待任何形式的solana ETF。正如发行人从以太坊案中学到的那样，它肯定不会包括赌注。在我看来，欧洲对Sticking ETP的认可应为美国的Staking ETF树立先例。

As for why that staking ETF should be for Solana, well - the fact that the president’s memecoin was released on Solana is no accident. It is a popular blockchain that can handle billions in transaction volume, even when it is unexpected. Its scalability and power will inevitably be applied to real-world assets in tradfi, and any other number of real-world use cases. Not giving investors access to invest in this technology through their traditional financial accounts is like if we limited investors to invest in Amazon or Google during their initial offerings. This is why a Solana ETF should be quickly approved: to give the broad retail and institutional investors access to the next biggest asset after Bitcoin and Ethereum.

至于为什么要为索拉纳（Solana）组成的ETF组成的原因 - 总统在索拉纳（Solana）上释放了总统的纪念物这一事实并不是偶然的。这是一个流行的区块链，即使是出乎意料的，也可以处理数十亿美元的交易量。它的可伸缩性和功率将不可避免地应用于TradFI中的现实世界资产，以及任何其他数量的实际用例。不让投资者通过其传统财务帐户获得投资对这项技术的投资，就像我们在初始产品期间限制投资者投资于亚马逊或Google一样。这就是为什么应迅速批准的Solana ETF的原因：让广大的零售和机构投资者获得继承比特币和以太坊的第二大资产。

In short: Solana is overdue for an ETF of its own, and I urge the new leadership at the SEC to approve the applications they have inherited from those including Grayscale, VanEck, 21Shares, Canary Capital, and Bitwise - and even encourage them reintegrate staking rewards into their proposals. (Canary’s application has reached a second stage of SEC review, indicating it could be approved in due course.)

简而言之：Solana对自己的ETF逾期，我敦促SEC的新领导层批准他们从包括灰度，Vaneck，21shares，Canary Capital和Bitwise在内的人员那里继承的申请，甚至鼓励他们将Stricgegration Rewards重新融合到他们的建议中。 （Canary的申请已达到SEC审查的第二阶段，表明可以在适当的时候得到批准。）

It is still early, so we are yet to see the long term impacts of this administration’s approach to cryptocurrency. But it’s possible that it could push through a new, better framework for crypto-asset products. That would be worth the hype.

现在还很早，因此我们还没有看到该政府加密货币的长期影响。但是，它可能会推动一个新的，更好的加密资产产品框架。那值得炒作。