现货以太 ETF：在 SEC 审查中艰难攀登

美国证券交易委员会 (SEC) 正在考虑以太坊 (ETH) 的现货交易所交易基金 (ETF) 申请，但由于对质押、以太作为证券的分类以及 SEC 立场的担忧，人们对批准的前景持怀疑态度关于加密货币监管。

Spot Ether ETFs: An Upward Battle?

现货以太 ETF：一场向上的战斗？

The Securities and Exchange Commission (SEC) has applications sitting on its desk for spot ether exchange-traded funds (ETFs). However, experts are skeptical about the likelihood of approval anytime soon. The SEC's concerns revolve around staking, the classification of ether, and the agency's persistent criticism of cryptocurrencies.

美国证券交易委员会 (SEC) 的办公桌上有现货以太币交易所交易基金 (ETF) 的申请。然而，专家们对短期内获得批准的可能性持怀疑态度。美国证券交易委员会的担忧围绕着质押、以太币的分类以及该机构对加密货币的持续批评。

Staking: A Thorn in the SEC's Side?

质押：SEC 的眼中钉？

Staking is a process where ether holders stake their tokens as collateral to support the operation of the Ethereum blockchain, earning rewards in additional cryptocurrency. The SEC has previously clamped down on staking, levying a $30 million fine on Kraken and forcing Coinbase to discontinue its staking services.

质押是以太币持有者将其代币质押作为抵押品以支持以太坊区块链运行的过程，从而获得额外加密货币的奖励。 SEC 此前曾严厉打击过质押，对 Kraken 处以 3000 万美元罚款，并迫使 Coinbase 停止其质押服务。

Industry watchers are concerned that the SEC's wariness towards staking could be a significant obstacle to Ether ETFs. Some issuers, like Fidelity and Grayscale, have amended their applications to include staking, raising questions about whether the funds are compliant with securities regulations.

行业观察人士担心，美国证券交易委员会对质押的谨慎态度可能会成为以太坊 ETF 的重大障碍。富达（Fidelity）和灰度（Grayscale）等一些发行人已修改其申请，将质押纳入其中，引发了人们对这些基金是否符合证券法规的质疑。

Ether vs. Bitcoin: The Classification Conundrum

以太币与比特币：分类难题

Unlike bitcoin, which the SEC classifies as a commodity, the classification of ether remains uncertain. In March 2023, Bloomberg reported that the SEC is investigating the Ethereum Foundation, potentially paving the way for ether to be classified as a security.

与美国证券交易委员会将比特币归类为商品不同，以太坊的分类仍然不确定。 2023 年 3 月，彭博社报道称 SEC 正在调查以太坊基金会，这可能为以太币被归类为证券铺平道路。

Such a designation would have far-reaching implications. Ether would be subject to securities laws, and the SEC would gain greater regulatory authority over the cryptocurrency and its trading. It could also open the door for other crypto tokens to be classified as securities, inviting increased regulatory scrutiny.

这样的指定将产生深远的影响。以太币将受到证券法的约束，美国证券交易委员会将对加密货币及其交易获得更大的监管权。它还可能为其他加密代币被归类为证券打开大门，从而招致更严格的监管审查。

Insiders Remain Optimistic

业内人士保持乐观

Despite the challenges, some industry insiders remain optimistic. Coinbase's chief legal officer, Paul Grewal, insists that the SEC has "no good reason" to deny Ether ETF applications. He points to the agency's past recognition of ether's commodity status.

尽管面临挑战，一些业内人士仍保持乐观态度。 Coinbase 首席法律官 Paul Grewal 坚称 SEC “没有充分的理由”拒绝 Ether ETF 申请。他指出该机构过去对以太币商品地位的认可。

Grayscale's chief legal officer, Craig Salm, also expressed confidence. He drew parallels to the SEC's approval of spot bitcoin ETFs, arguing that the same issues have already been resolved.

Grayscale 首席法律官 Craig Salm 也表达了信心。他将 SEC 批准现货比特币 ETF 进行了类比，认为同样的问题已经得到解决。

SEC Chair's Consistent Crypto Criticism

SEC 主席对加密货币的一贯批评

SEC Chair Gary Gensler has repeatedly expressed skepticism towards cryptocurrencies. He has described them as "rife with abuses and fraud." This negative sentiment could influence the SEC's decision on Ether ETFs.

美国证券交易委员会主席加里·詹斯勒 (Gary Gensler) 多次表达了对加密货币的怀疑。他将其描述为“充满了虐待和欺诈”。这种负面情绪可能会影响 SEC 对 ETH ETF 的决定。

No Clear Path Forward

没有明确的前进道路

The SEC's decision on Ether ETFs remains uncertain. While industry insiders remain hopeful, the agency's wariness towards staking, the potential classification of ether as a security, and Chair Gensler's negative stance on cryptocurrencies all cast a long shadow over the approval prospects.

美国证券交易委员会对以太坊 ETF 的决定仍不确定。尽管业内人士仍抱有希望，但该机构对质押的谨慎态度、以太坊作为证券的潜在分类以及主席 Gensler 对加密货币的负面立场都给批准前景蒙上了长长的阴影。