质押提振以太坊 ETF 前景，但 SEC 批准尚不确定

以太坊 ETF 质押批准的不确定性提振了投资者的前景。 ETC Group 的 Chanchal Samadder 将质押视为一种类似于股息的机制，类似于股票市场股息。只有活跃的质押者才有资格获得以太坊的网络奖励。

Does Staking Enhance Ethereum ETF Prospects?

质押是否会增强以太坊 ETF 的前景？

The inclusion of staking in spot Ethereum exchange-traded funds (ETFs) has garnered attention as a pivotal development, according to Chanchal Samadder, head of product at ETC Group.

ETC 集团产品主管 Chanchal Samadder 表示，将质押纳入以太坊现货交易所交易基金 (ETF) 已作为一项关键发展而受到关注。

Ethereum Staking: A Dividend-Like Mechanism

以太坊质押：类似股息的机制

Samadder emphasizes that Ethereum's proof-of-stake (PoS) mechanism and the accompanying network rewards bear striking similarities to dividends in the equity market. However, only stakeholders who actively participate in the validation process are eligible for these rewards.

Samadder 强调，以太坊的权益证明（PoS）机制和附带的网络奖励与股票市场的股息有着惊人的相似之处。然而，只有积极参与验证过程的利益相关者才有资格获得这些奖励。

"We consider this a positive step," Samadder asserts. "Staking grants investors the full economic benefits of Ethereum, leading to enhanced returns."

“我们认为这是积极的一步，”萨马德断言。 “质押赋予投资者以太坊的全部经济利益，从而提高回报。”

SEC Approval: Uncertain Path Ahead

SEC 批准：前进的道路充满不确定性

Despite ETC Group's enthusiasm, Samadder acknowledges the uncertainty surrounding the Securities and Exchange Commission's (SEC) approval of spot Ethereum ETFs. He cites the inherent complexity and risks associated with staking products, which necessitate a profound understanding of the Ethereum blockchain.

尽管 ETC Group 热情高涨，但 Samadder 承认美国证券交易委员会 (SEC) 批准现货以太坊 ETF 存在不确定性。他列举了与质押产品相关的固有复杂性和风险，这需要对以太坊区块链有深刻的了解。

"Issuers with insufficient familiarity with the technical intricacies of Ethereum and ETPs may inadvertently jeopardize investor outcomes," Samadder warns.

Samadder 警告说：“发行人对以太坊和 ETP 的技术复杂性不够熟悉，可能会无意中危及投资者的利益。”

Rush to Amend ETF Applications

急于修改 ETF 申请

Spot Ethereum ETF applicants have recently expedited the amendment of their SEC filings to incorporate staking. Fidelity, a financial services behemoth, submitted a 19b-4 amendment on March 18, seeking authorization to stake a portion of its Ether (ETH) holdings.

现货以太坊 ETF 申请人最近加快了向 SEC 提交的文件的修改，以纳入质押。金融服务巨头富达 (Fidelity) 于 3 月 18 日提交了 19b-4 修正案，寻求授权质押其持有的部分以太坊 (ETH)。

Grayscale Investments, the manager of the largest spot Bitcoin (BTC) ETF by assets, proposed adding staking to its spot Ethereum ETF application on March 20. The preliminary proxy statement filed with the SEC outlines the fund's intention to stake ETH through a trust participating in a PoS validation protocol.

资产规模最大的现货比特币 (BTC) ETF 的管理公司 Grayscale Investments 于 3 月 20 日提议在其现货以太坊 ETF 申请中增加质押。向 SEC 提交的初步委托书概述了该基金打算通过参与的信托公司质押 ETH。 PoS 验证协议。

Reasons for Delay in Staking Inclusion

质押纳入延迟的原因

Samadder speculates that the absence of staking in previous ETF applications stemmed from its complexity, coupled with the SEC's stringent technical and analytical requirements.

Samadder 推测，之前的 ETF 申请中没有进行质押是因为其复杂性，以及 SEC 严格的技术和分析要求。

"Designing such a product is highly intricate, requiring an exceptional understanding of Ethereum protocol, ETP mechanics, and the intersection between crypto and traditional capital markets," Samadder explains. "This takes time."

Samadder 解释道：“设计这样的产品非常复杂，需要对以太坊协议、ETP 机制以及加密货币与传统资本市场之间的交叉点有深入的了解。” “这需要时间。”

He further suggests that the SEC may not have been adequately prepared to assess the risks associated with staking.

他进一步表示，美国证券交易委员会可能没有做好充分准备来评估与质押相关的风险。

Conclusion

结论

The addition of staking to spot Ethereum ETF applications has sparked optimism within the industry. However, the SEC's stance remains uncertain, and issuers must demonstrate a deep understanding of the underlying technology and regulatory landscape to mitigate risks for investors. The evolution of this market segment remains a closely watched development in the cryptocurrency space.

以太坊 ETF 现货应用的质押增加引发了行业内的乐观情绪。然而，美国证券交易委员会的立场仍然不确定，发行人必须表现出对基础技术和监管环境的深刻理解，以减轻投资者的风险。这一细分市场的演变仍然是加密货币领域备受关注的发展趋势。