现货以太坊 ETF 在 SEC 加强审查中遇到障碍

由于最近的事态发展，以太坊现货交易所交易基金（ETF）在 5 月份获得批准的可能性似乎不大。向加密货币公司发出的有关其与以太坊基金会关系的传票以及 SEC 与 ETF 申请人的有限接触使人们对 5 月份的批准产生了怀疑。据猜测，SEC 可能会审查最初的以太坊 ICO，可能将其归类为未注册的证券发行，而不是仅仅关注二级 ETH 交易。

Uncertainty Looms Over Spot Ethereum ETFs as SEC Scrutiny Intensifies

随着 SEC 加强审查，现货以太坊 ETF 面临不确定性

The prospects of spot Ethereum exchange-traded funds (ETFs) gaining approval by May are now deemed "extremely unlikely," according to a recent analysis by Alex Thorn, Head of Firmwide Research at Galaxy Digital.

根据 Galaxy Digital 全公司研究主管 Alex Thorn 最近的分析，现货以太坊交易所交易基金 (ETF) 在 5 月份获得批准的前景现在被认为“极不可能”。

Thorn's assessment stems from recent reports indicating that the Securities and Exchange Commission (SEC) has issued subpoenas to crypto firms inquiring about their connections with the Ethereum Foundation. This development, coupled with the lack of substantial engagement by the SEC with ETF applicants just two months before the initial deadline, has raised significant doubts about the anticipated May approval.

索恩的评估源于最近的报告，该报告表明美国证券交易委员会（SEC）已向加密货币公司发出传票，询问它们与以太坊基金会的关系。这一事态发展，加上 SEC 在最初截止日期前两个月缺乏与 ETF 申请人的实质性接触，引发了人们对 5 月份预期批准的重大怀疑。

Ominously, Fortune reported this week that the SEC is actively pursuing a legal strategy to classify ether (ETH) as a security, citing investigations into U.S. companies that have received subpoenas. Additionally, The Block reported that the Ethereum Foundation voluntarily received a confidential inquiry from an unnamed state authority, prompting the removal of a "warrant canary" from its website.

不幸的是，《财富》杂志本周报道称，美国证券交易委员会正在积极寻求一项法律策略，将以太坊 (ETH) 归类为证券，并援引了对收到传票的美国公司的调查。此外，The Block 报道称，以太坊基金会自愿收到来自未具名国家机构的机密调查，促使其网站上删除了“授权金丝雀”。

Thorn, a veteran of Fidelity Investments, speculates that the SEC's pursuit of information regarding crypto firms' dealings with the Ethereum Foundation may signal an exploration of whether the initial coin offering (ICO) in 2014 violated securities laws. He suggests that while the SEC may distinguish between the ICO and the current secondary trading of ETH, any enforcement action against the Ethereum Foundation over a decade later would be highly unusual.

富达投资 (Fidelity Investments) 的资深人士索恩 (Thorn) 推测，美国证券交易委员会 (SEC) 追查有关加密货币公司与以太坊基金会打交道的信息，可能标志着对 2014 年首次代币发行 (ICO) 是否违反证券法的探索。他表示，虽然 SEC 可能会区分 ICO 和当前的 ETH 二级交易，但十多年后针对以太坊基金会的任何执法行动都将是极不寻常的。

The question of whether ETH constitutes a security remains unanswered by SEC Chairman Gary Gensler. The SEC reportedly views Ethereum's 2022 "Merge" upgrade as increasing the likelihood that ETH may be classified as a security due to the network's transition from proof-of-work to proof-of-stake. However, the SEC authorized the launch of several futures-based Ethereum ETFs in 2023, a year after Ethereum implemented proof-of-stake.

SEC 主席 Gary Gensler 仍未回答 ETH 是否构成证券的问题。据报道，SEC 认为以太坊 2022 年的“合并”升级增加了 ETH 被归类为证券的可能性，因为该网络从工作量证明过渡到股权证明。然而，在以太坊实施股权证明一年后，美国证券交易委员会 (SEC) 授权在 2023 年推出几只基于期货的以太坊 ETF。

Thorn argues that any attempt by the SEC to assert securities violations against ETH or the Ethereum Foundation would be a legally precarious move, given established precedents and the industry's long-standing existence. Moreover, Thorn suggests that such enforcement actions could further strain the SEC's already challenged legal position in courts and on Capitol Hill.

索恩认为，考虑到既定先例和该行业的长期存在，美国证券交易委员会对 ETH 或以太坊基金会提出证券违规行为的任何尝试在法律上都是不稳定的。此外，索恩表示，此类执法行动可能会进一步加剧美国证券交易委员会在法庭和国会山已经受到挑战的法律地位。

Thorn's cautious outlook aligns with the skepticism expressed by other market analysts regarding the approval of a spot Ethereum ETF by May. Matt Hougan, CIO of Bitwise, recently stated that a delay in approval could be beneficial, allowing Wall Street to absorb and digest the recent spot Bitcoin ETFs before shifting focus to new products. He anticipates that a later approval could result in more significant asset inflows for spot Ethereum ETFs.

索恩的谨慎前景与其他市场分析师对 5 月份以太坊 ETF 现货获得批准所表达的怀疑一致。 Bitwise 首席信息官 Matt Hougan 最近表示，推迟批准可能是有益的，可以让华尔街在将重点转移到新产品之前吸收和消化最近的现货比特币 ETF。他预计，稍后的批准可能会导致更多的资产流入以太坊 ETF 现货。

The heightened scrutiny from the SEC and the resulting uncertainties have cast a shadow over the prospects of spot Ethereum ETFs in the near future. The industry awaits further developments as the SEC continues its investigations and the May deadline rapidly approaches.

美国证券交易委员会（SEC）加强审查以及由此产生的不确定性给现货以太坊 ETF 近期的前景蒙上了阴影。随着美国证券交易委员会 (SEC) 的继续调查以及 5 月份最后期限的迅速临近，该行业正在等待进一步的发展。