美国证券交易委员会 (SEC) 审查对 5 月份以太坊 ETF 现货的批准存疑

在最近的事态发展中，人们对 5 月份以太坊现货交易所交易基金 (ETF) 的批准表示怀疑。美国证券交易委员会向加密货币公司发出传票、对以太坊基金会进行调查以及美国证券交易委员会缺乏参与都引发了质疑。富达前高管索恩推测 SEC 对以太坊 ICO 的调查，考虑到其存在了十年之久，这可能是一种违规行为。尽管允许基于期货的 ETF，但美国证券交易委员会对 ETH 分类的不明确立场增加了不确定性。市场专家预计现货 ETF 的批准将被推迟，理由是该行业需要首先吸收现货比特币 ETF。

SEC Scrutiny Casts Doubt on May Approval of Spot Ethereum ETFs

美国证券交易委员会 (SEC) 审查对 5 月份以太坊现货 ETF 的批准提出质疑

Galaxy Digital's head of firmwide research, Alex Thorn, has expressed skepticism over the likelihood of spot Ethereum exchange-traded funds (ETFs) receiving approval by May. This skepticism stems from recent developments, including SEC subpoenas and a perceived lack of engagement by the regulatory body.

Galaxy Digital 全公司研究主管 Alex Thorn 对现货以太坊交易所交易基金 (ETF) 在 5 月份获得批准的可能性表示怀疑。这种怀疑源于最近的事态发展，包括美国证券交易委员会的传票以及监管机构认为缺乏参与。

In a Friday note, Thorn outlined concerns raised by SEC subpoenas issued to crypto firms regarding their ties to the Ethereum Foundation. These subpoenas, along with reports of a confidential inquiry from a state authority to the foundation, have heightened疑虑.

在周五的一份报告中，索恩概述了美国证券交易委员会向加密货币公司发出的传票所引发的担忧，这些传票涉及加密货币公司与以太坊基金会的关系。这些传票，以及国家当局向基金会进行秘密调查的报告，加剧了人们的疑虑。

Fortune's report highlights the SEC's active legal efforts to classify ether (ETH) as a security, citing subpoenas sent to U.S. companies as part of an investigation. The Block also reported that the Ethereum Foundation had removed the "warrant canary" from its website after receiving the confidential inquiry.

《财富》杂志的报告强调了 SEC 为将以太币 (ETH) 归类为证券而采取的积极法律行动，并援引了作为调查一部分向美国公司发出的传票。 The Block 还报道称，以太坊基金会在收到机密询问后已从其网站上删除了“权证金丝雀”。

Thorn, a veteran of Fidelity Investments, speculates that the SEC's focus on crypto firms' interactions with the Ethereum Foundation may stem from an inquiry into whether Ethereum's initial coin offering (ICO) in 2014 constituted an unregistered securities offering. While the SEC could potentially differentiate between the ICO and the current secondary trading of ETH, any enforcement action against the Ethereum Foundation nearly a decade later would be considered irregular.

富达投资资深人士 Thorn 推测，SEC 对加密货币公司与以太坊基金会互动的关注可能源于对 2014 年以太坊首次代币发行 (ICO) 是否构成未注册证券发行的调查。虽然 SEC 可能会区分 ICO 和当前的 ETH 二级交易，但近十年后针对以太坊基金会的任何执法行动都将被视为不正常。

SEC Chairman Gary Gensler has declined to comment on whether the agency views ETH as a security. However, reports indicate that the SEC regards Ethereum's 2022 "Merge" upgrade as potentially bolstering the argument for classifying ETH as a security due to the network's transition to proof-of-stake. Despite this view, the SEC approved several futures-based Ethereum ETFs in 2023, a year after Ethereum's PoS transition.

SEC 主席 Gary Gensler 拒绝就该机构是否将 ETH 视为证券发表评论。然而，报告表明，由于网络向权益证明的过渡，美国证券交易委员会认为以太坊 2022 年的“合并”升级可能会支持将 ETH 归类为证券的论点。尽管有这种观点，美国证券交易委员会还是在 2023 年（即以太坊 PoS 转型一年后）批准了几只基于期货的以太坊 ETF。

Thorn argues that if the SEC were to pursue allegations of securities violations against ETH or the Ethereum Foundation, it would navigate uncertain legal terrain and potentially impact an industry that has existed for over a decade.

索恩认为，如果 SEC 追究针对 ETH 或以太坊基金会的证券违规行为的指控，它将面临不确定的法律领域，并可能影响已经存在十多年的行业。

This perspective aligns with market experts' doubts about the approval of a spot Ethereum ETF by May. Bitwise CIO Matt Hougan has suggested that delaying approval could be beneficial, allowing Wall Street to digest spot bitcoin ETFs before focusing on new ones. He believes that a later approval could attract even more assets.

这一观点与市场专家对 5 月份以太坊 ETF 现货获得批准的疑虑一致。 Bitwise 首席信息官 Matt Hougan 表示，推迟批准可能是有益的，可以让华尔街先消化现货比特币 ETF，然后再专注于新的 ETF。他相信，稍后的批准可能会吸引更多的资产。

The SEC's recent actions, including subpoenas and inquiries, have thrown a wrench into the timeline for spot Ethereum ETF approvals. While the regulatory landscape remains fluid, it is clear that the SEC's scrutiny is casting doubt on the prospects of a May approval.

美国证券交易委员会最近的行动，包括传票和调查，给现货以太坊 ETF 的批准时间表造成了干扰。尽管监管环境仍然不稳定，但 SEC 的审查显然让人们对 5 月份批准的前景产生了怀疑。