现货以太币 ETF 会为其他山寨币 ETF 打开大门吗？

随着美国证券交易委员会 (SEC) 批准现货以太 ETF 的可能性突然上升，山寨币投资者正在猜测可能会批准更多代币。

With the SEC reportedly close to approving a spot ether ETF, could other altcoin ETFs follow suit?

据报道，美国证券交易委员会即将批准现货以太 ETF，其他山寨币 ETF 是否会效仿？

The Securities and Exchange Commission (SEC) is reportedly nearing approval of a spot ether ETF, a move that has sparked speculation among altcoin proponents about the possibility of further ETF approvals for other crypto assets.

据报道，美国证券交易委员会 (SEC) 即将批准现货以太 ETF，此举引发了山寨币支持者对其他加密资产 ETF 进一步批准的可能性的猜测。

Currently, there are over a dozen trusts that trade on US stock exchanges and hold alternate crypto assets, including Litecoin (LTC), Chainlink (LINK), Basic Attention Token (BAT), Bitcoin Cash (BCH), Decentraland (MANA), Ethereum Classic (ETC), Filecoin (FIL), Polkadot (DOT), Horizon (ZEN), Stellar Lumens (XLM), Livepeer (LPT), Zcash (ZEC), and Solana (SOL).

目前，有十多家信托在美国证券交易所进行交易并持有替代加密资产，包括莱特币（LTC）、Chainlink（LINK）、Basic Attention Token（BAT）、比特币现金（BCH）、Decentraland（MANA）、以太坊Classic (ETC)、Filecoin (FIL)、Polkadot (DOT)、Horizo​​n (ZEN)、Stellar Lumens (XLM)、Livepeer (LPT)、Zcash (ZEC) 和 Solana (SOL)。

If the SEC approves a spot ether ETF, could it also pave the way for ETFs for other altcoins?

如果 SEC 批准以太币现货 ETF，是否也能为其他山寨币 ETF 铺平道路？

Altcoin proponents argue that non-ether spot altcoin ETFs could be approved by the SEC shortly after a spot ether ETF, using the following logic: If the SEC permitted Grayscale to convert its bitcoin trust into an ETF, why would commissioners deny trust sponsors of other crypto assets to convert into an ETF?

山寨币支持者认为，非以太币现货山寨币 ETF 可能会在现货以太币 ETF 之后不久获得美国证券交易委员会 (SEC) 的批准，其逻辑如下：如果美国证券交易委员会允许灰度将其比特币信托转换为 ETF，那么为什么委员们会拒绝其他信托发起人的请求？加密资产可以转换成ETF吗？

This argument may fail if the SEC claims that the crypto asset is an unregistered security. However, the SEC has not classified all crypto assets held in US public trusts as securities.

如果 SEC 声称加密资产是未注册的证券，则该论点可能会失败。然而，美国证券交易委员会并未将美国公共信托持有的所有加密资产归类为证券。

Interestingly, many crypto trusts that trade on OTC Markets, a US stock exchange, explicitly hold SEC-designated unregistered securities, including SOL, MANA, and FIL. More crypto assets are rumored to be SEC-designated unregistered securities: ZEN, XLM, and ZEN.

有趣的是，许多在美国证券交易所 OTC Markets 上交易的加密信托明确持有 SEC 指定的未注册证券，包括 SOL、MANA 和 FIL。据传更多的加密资产是 SEC 指定的未注册证券：ZEN、XLM 和 ZEN。

On the other hand, there are trusts that trade on US OTC Markets that do not hold SEC-designated unregistered securities, such as the DOT or ETC trusts. Perhaps if the SEC were to approve a spot ether ETF, commissioners might approve spot ETFs based on such possibly non-security crypto assets.

另一方面，有些信托在美国场外交易市场进行交易，但不持有 SEC 指定的未注册证券，例如 DOT 或 ETC 信托。也许，如果 SEC 批准现货以太 ETF，委员们可能会批准基于此类可能非安全加密资产的现货 ETF。

It’s important to note that just because the SEC hasn't classified a crypto asset as an unregistered security doesn't mean that it isn't. Congress didn’t task the SEC to proactively classify all assets. Instead, the SEC simply chooses to accept or reject applications that it receives, or file enforcement actions against illegal conduct on a case-by-case basis, as it has the time, money, staff, and resources.

值得注意的是，美国证券交易委员会没有将加密资产归类为未注册的证券并不意味着它不是。国会没有责成美国证券交易委员会主动对所有资产进行分类。相反，美国证券交易委员会只是根据具体情况选择接受或拒绝其收到的申请，或对非法行为采取执法行动，因为它有时间、金钱、人员和资源。

Silence from commissioners doesn’t indicate non-designation.

委员们的沉默并不意味着不指定。

In related news, only bitcoin and ether have futures contracts listed on the Chicago Mercantile Exchange (CME). This CME market of significant size for ether alone might be a carrying reason for approving only a spot ether ETF and not any other altcoin.

相关消息称，只有比特币和以太坊有在芝加哥商品交易所（CME）上市的期货合约。仅就以太币而言，芝商所市场规模就很大，这可能是仅批准现货以太币 ETF 而不批准任何其他山寨币的一个原因。

According to Bloomberg, Barron’s, and Wall Street Journal sources, the Trading and Markets Division at the SEC has requested amendments to an exchange and sponsor’s joint 19b-4 form — likely VanEck. This is a bullish sign for a possible spot ether ETF approval because, in the view of market observers, the SEC is typically silent or disinterested in 19b-4 filings if it intends to reject them.

据彭博社、《巴伦周刊》和《华尔街日报》消息来源称，SEC 交易和市场部门已要求修改交易所和保荐人联合 19b-4 表格（可能是 VanEck）。这对于现货以太 ETF 可能获得批准来说是一个看涨信号，因为在市场观察人士看来，如果 SEC 打算拒绝 19b-4 申请，那么它通常会保持沉默或不感兴趣。

Because the SEC is asking for a reapplication, the reasoning goes, its interest is likely a positive development.

由于美国证券交易委员会正在要求重新申请，其理由是，它的兴趣可能是一个积极的进展。

Many viewed the SEC’s stance toward a spot ether ETF as decidedly negative. ConsenSys, the blockchain company founded by Joe Lubin, even sued the SEC, claiming that commissioners had secretly categorized ether as an unregistered security.

许多人认为 SEC 对以太币现货 ETF 的立场绝对是负面的。 Joe Lubin 创立的区块链公司 ConsenSys 甚至起诉了 SEC，声称委员们秘密将以太币归类为未注册的证券。

Therefore, if the SEC is actually considering a possible approval of a spot ETF for Ethereum, it would be a marked change of tone.

因此，如果 SEC 实际上正在考虑可能批准以太坊现货 ETF，那么这将是一个明显的基调变化。

Read more: ConsenSys says the SEC designated ETH a security but won’t say where

了解更多：ConsenSys 表示 SEC 将 ETH 指定为证券，但没有透露具体位置

Amid all of these media reports, the price of ether has rallied by 29% over the past seven days — outperforming bitcoin’s 12% rally by an additional 17%.

在所有这些媒体报道中，以太币的价格在过去 7 天里上涨了 29%，比比特币 12% 的涨幅多了 17%。

Form 19b-4 asks applicants for the information necessary for the public to understand why the SEC should change its Section 19(b)(1) rules pursuant to the Securities Exchange Act of 1934. In this case, the exchange and an ETF sponsor must explain why the SEC should allow ether to be used as the sole asset of a spot ETF.

表格 19b-4 要求申请人提供必要的信息，以便公众理解为什么 SEC 应根据 1934 年《证券交易法》更改其第 19(b)(1) 条规则。在这种情况下，交易所和 ETF 发起人必须解释为什么 SEC 应该允许以太币作为现货 ETF 的唯一资产。

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