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美国证券交易委员会 (SEC) 正在就 Grayscale、Fidelity 和 Bitwise 上市和交易现货以太坊交易所交易基金 (ETF) 的拟议规则变更征求公众意见。这些提案将根据期货和现货 ETH 市场的相关性、现货 ETH 市场的规模和流动性以及潜在风险和保护等因素进行审查。 SEC 的决定将受到公众意见的影响,公众意见在联邦公报公布后开放 21 天。
Securities and Exchange Commission Invites Public Input on Spot Ethereum Exchange-Traded Funds
美国证券交易委员会邀请公众就现货以太坊交易所交易基金提出意见
The Securities and Exchange Commission (SEC) has opened a public comment period on proposed rule changes filed by Cboe BZX and NYSE Arca to list and trade shares of spot Ethereum exchange-traded funds (ETFs) from Grayscale, Fidelity, and Bitwise.
美国证券交易委员会 (SEC) 已就 Cboe BZX 和 NYSE Arca 提交的拟议规则变更开放公众意见征询期,以列出和交易 Grayscale、Fidelity 和 Bitwise 的现货以太坊交易所交易基金 (ETF) 股票。
These proposals seek to provide investors with a regulated and accessible way to gain exposure to the cryptocurrency market through traditional investment vehicles. The SEC's evaluation of these proposals will consider various factors, including market correlation, fund custodianship, creation and redemption mechanisms, and sponsor fees.
这些提案旨在为投资者提供一种受监管且可访问的方式,通过传统投资工具进入加密货币市场。 SEC 对这些提案的评估将考虑多种因素,包括市场相关性、基金托管、创设和赎回机制以及保荐人费用。
Market Correlation and Spot Market Liquidity
市场相关性和现货市场流动性
The proposed rule changes highlight the correlation between ETH futures and ETH spot markets, which is crucial in assessing the suitability of spot Ethereum ETFs. The SEC has previously approved futures ETH ETFs, and the correlation between these markets suggests the potential for similar regulatory treatment for spot ETFs.
拟议的规则变更凸显了 ETH 期货和 ETH 现货市场之间的相关性,这对于评估现货以太坊 ETF 的适用性至关重要。 SEC 此前已批准期货 ETH ETF,这些市场之间的相关性表明现货 ETF 可能受到类似的监管待遇。
NYSE Arca and Grayscale have cited an analysis by Coinbase demonstrating this correlation and indicating that fraud and manipulation are unlikely in the spot ETH market. They argue that the Investment Company Act of 1940 does not provide adequate protections to justify denying spot crypto ETFs, despite the SEC's earlier stance.
NYSE Arca 和 Grayscale 引用了 Coinbase 的一项分析,证明了这种相关性,并表明现货 ETH 市场不太可能出现欺诈和操纵行为。他们认为,尽管美国证券交易委员会 (SEC) 此前曾表示立场,但 1940 年《投资公司法》并未提供足够的保护来证明拒绝现货加密 ETF 的合理性。
Cboe and Fidelity, in their filings, assert that their analysis shows the relevance of the spot ETH market's size, a factor supported by analysis provided by NYSE Arca and Bitwise.
Cboe 和 Fidelity 在其文件中声称,他们的分析显示了 ETH 现货市场规模的相关性,纽约证券交易所 Arca 和 Bitwise 提供的分析支持了这一因素。
Considerations for Fund Approval
基金审批的考虑因素
The SEC's review of these proposals will also encompass other considerations such as fund custodianship, which plays a vital role in safeguarding investor assets. The rule changes address the responsibilities and qualifications of custodians, who are entrusted with the safekeeping and administration of fund assets.
SEC 对这些提案的审查还将涵盖其他考虑因素,例如基金托管,这在保护投资者资产方面发挥着至关重要的作用。规则变更涉及受委托保管和管理基金资产的托管人的责任和资格。
Creation and redemption mechanisms are another key aspect of ETF structure, ensuring orderly and efficient trading. The proposals outline the process for creating and redeeming fund shares, which allows investors to enter and exit their positions.
创设和赎回机制是ETF结构的另一个关键方面,确保交易有序高效。这些提案概述了创建和赎回基金份额的流程,允许投资者进入和退出其头寸。
Sponsor fees are a critical element in determining the cost of investing in an ETF. The proposals specify the fees that will be charged by the fund sponsors, covering management, administrative, and other expenses.
保荐费是确定 ETF 投资成本的关键因素。该提案明确了基金发起人将收取的费用,包括管理、行政和其他费用。
Ethereum ETF Landscape
以太坊ETF格局
The call for public comments is part of the SEC's ongoing review of spot Ethereum ETFs. The proposals from Grayscale, Fidelity, and Bitwise represent a significant development in the cryptocurrency market, with major fund managers recognizing the growing demand for regulated Ethereum-based investment products.
征求公众意见是 SEC 对以太坊 ETF 现货进行持续审查的一部分。 Grayscale、Fidelity 和 Bitwise 的提案代表了加密货币市场的重大发展,主要基金经理认识到对受监管的基于以太坊的投资产品的需求不断增长。
Following the SEC's approval of 11 Bitcoin ETFs in January, which have gained substantial traction and asset inflows, there is a strong appetite for similar regulatory approvals for Ethereum-based products.
继 1 月份 SEC 批准 11 只比特币 ETF 后,这些ETF获得了巨大的吸引力和资产流入,人们对基于以太坊的产品获得类似的监管批准有着强烈的兴趣。
Coinbase has recently engaged in discussions with the SEC regarding Grayscale's Ethereum ETF proposal. Grayscale intends to convert its existing Ethereum Trust into a spot ETH ETF, a move publicly supported by Coinbase.
Coinbase 最近与 SEC 就 Grayscale 的以太坊 ETF 提案进行了讨论。 Grayscale 打算将其现有的以太坊信托转换为现货 ETH ETF,此举得到了 Coinbase 的公开支持。
Market Sentiment and Analyst Outlook
市场情绪和分析师展望
The push for Ethereum ETFs comes amid mixed market sentiments. While the SEC's approval of spot Bitcoin ETFs was a significant milestone, analysts hold varying perspectives on the prospects for Ethereum ETFs.
以太坊 ETF 的推动是在市场情绪复杂的情况下进行的。虽然美国证券交易委员会批准现货比特币 ETF 是一个重要的里程碑,但分析师对以太坊 ETF 的前景持有不同的看法。
Some speculate that the SEC may delay approval to create a temporal gap between Bitcoin and Ethereum products. However, entities like Standard Chartered remain optimistic, anticipating SEC approval by May.
一些人猜测美国证券交易委员会可能会推迟批准,以在比特币和以太坊产品之间造成时间差距。然而,渣打银行等实体仍持乐观态度,预计 SEC 将于 5 月批准。
The SEC's decision on these spot Ethereum ETF proposals will have a profound impact on the cryptocurrency market and the broader investment landscape. The public comment period provides an opportunity for individuals and organizations to express their views and contribute to the regulatory framework for Ethereum-based financial products.
美国证券交易委员会对这些现货以太坊 ETF 提案的决定将对加密货币市场和更广泛的投资格局产生深远影响。公众意见征询期为个人和组织提供了表达观点并为基于以太坊的金融产品的监管框架做出贡献的机会。
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