SEC 暂停以太坊 ETF 申请，给美国加密货币市场蒙上阴影

以太坊 ETF 申请人和美国证券交易委员会最近举行的会议引发了人们对现货以太坊 ETF 可能被拒绝的担忧。内部人士称，与之前关于比特币 ETF 的讨论相比，SEC 工作人员缺乏参与。市场分析师预测，由于监管环境“阴云密布”，批准可能会延迟，彭博社的 ETF 分析师估计批准的可能性很低。与此同时，香港证券及期货事务监察委员会批准了首个现货比特币和以太币ETF，凸显了全球加密货币监管方法的对比。

SEC Delays Ethereum ETF Applications, Raising Uncertainty in US Cryptocurrency Market

SEC 推迟以太坊 ETF 申请，增加美国加密货币市场的不确定性

Yerevan, Armenia, April 25, 2024 - Recent discussions between the Securities and Exchange Commission (SEC) and applicants for spot Ethereum exchange-traded funds (ETFs) have encountered a significant setback, raising concerns about the prospects of Ethereum ETFs in the United States.

亚美尼亚埃里温，2024 年 4 月 25 日——近期美国证券交易委员会 (SEC) 与以太坊交易所交易基金 (ETF) 现货申请人之间的讨论遭遇重大挫折，引发了人们对美国以太坊 ETF 前景的担忧。

According to a Reuters report published on April 24, insiders close to the discussions anticipate the SEC to reject applications for spot Ether ETFs next month. This expectation stems from recent one-sided meetings involving four participants who chose to remain anonymous. The insiders revealed that SEC staff deliberately avoided discussing the substantive details of the proposed Ethereum ETF products, signaling a potential denial.

据路透社 4 月 24 日发布的报道，知情人士预计 SEC 将于下个月拒绝以太坊 ETF 现货申请。这一期望源于最近四位选择匿名的与会者的单边会议。内部人士透露，SEC 工作人员故意避免讨论拟议的以太坊 ETF 产品的实质性细节，这表明其可能会予以否认。

This stance stands in stark contrast to the SEC's approach during discussions regarding Bitcoin ETFs in January. Prior to approving Bitcoin ETFs, the SEC engaged in extensive dialogues, marking a significant shift from its previous stance of consistently rejecting Bitcoin ETF applications for over a decade, until a pivotal court victory by Grayscale Investments in August 2023.

这一立场与 SEC 在 1 月份讨论比特币 ETF 时的做法形成鲜明对比。在批准比特币 ETF 之前，SEC 进行了广泛的对话，这标志着其十多年来一直拒绝比特币 ETF 申请的立场发生了重大转变，直到 2023 年 8 月 Grayscale Investments 在法庭上取得了关键性胜利。

Analysts Predict Ethereum ETF Delays and Continued Uncertainty

分析师预测以太坊 ETF 延迟且持续存在不确定性

Market experts anticipate that the SEC will not expedite the approval of Ethereum ETFs. Todd Rosenbluth, an ETF data analyst at VettaFi, suggests that approval could be deferred until later in 2024 or beyond. He attributes this delay to a "cloudy" regulatory environment that complicates the immediate future of Ether ETFs.

市场专家预计 SEC 不会加快以太坊 ETF 的批准。 VettaFi 的 ETF 数据分析师托德·罗森布鲁斯 (Todd Rosenbluth) 建议，批准可能会推迟到 2024 年晚些时候或更长时间。他将这种延迟归因于“阴云密布”的监管环境，这使得以太坊 ETF 的近期前景变得复杂。

Adding to the skepticism, Bloomberg's ETF analyst Eric Balchunas estimated the likelihood of approval in May to be a mere 35% back in March. Balchunas hinted that the SEC may be strategically withholding feedback from fund issuers.

彭博社 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 在 3 月份估计 5 月份获得批准的可能性仅为 35%，这加剧了人们的怀疑。巴尔丘纳斯暗示，美国证券交易委员会可能会战略性地隐瞒基金发行人的反馈。

Furthermore, Balchunas highlighted the influence of SEC Chair Gary Gensler's personal views on Ether. Gensler has remained hesitant to clarify whether Ether qualifies as a security, creating uncertainty that could impact the SEC's decision-making process.

此外，Balchunas 还强调了 SEC 主席 Gary Gensler 对 ETH 的个人观点的影响。 Gensler 对于澄清 Ether 是否符合证券资格仍犹豫不决，这造成了可能影响 SEC 决策过程的不确定性。

Contrasting Global Approaches

对比全球方法

While the US adopts a cautious approach, other jurisdictions are advancing more boldly. On April 24, the Securities and Futures Commission (SFC) of Hong Kong approved the first batches of spot Bitcoin and Ether ETFs. The approval encompasses three ETFs each for Bitcoin and Ether, launched by prominent firms such as China Asset Management, Harvest Global Investments, and Bosera. These ETFs are scheduled to commence trading on April 30, demonstrating Hong Kong's proactive stance towards cryptocurrency products.

尽管美国采取了谨慎的态度，但其他司法管辖区正在更加大胆地推进。 4月24日，香港证券及期货事务监察委员会（证监会）批准了首批现货比特币和以太币ETF。此次批准包括三只比特币和以太坊 ETF，由华夏基金、嘉实环球投资和博时等知名公司推出。这些ETF计划于4月30日开始交易，体现了香港对加密货币产品的积极态度。

This contrast not only underscores the varying regulatory approaches to cryptocurrencies, but also highlights the global divergence in embracing cryptocurrency innovations. As the US hesitates, other parts of the world are forging ahead, setting a dynamic stage for the future of cryptocurrency investments.

这种对比不仅凸显了加密货币监管方式的不同，也凸显了全球在接受加密货币创新方面的分歧。在美国犹豫不决的同时，世界其他地区正在奋力向前，为加密货币投资的未来奠定了一个充满活力的舞台。

Industry Awaits SEC Decision

行业等待 SEC 决定

The coming weeks hold critical significance for the future of cryptocurrency ETFs in the US. As the SEC deliberates its options, the global financial community observes with keen interest, anticipating how these decisions will shape the broader market and international regulatory trends.

未来几周对于美国加密货币 ETF 的未来至关重要。当美国证券交易委员会审议其选择时，全球金融界以浓厚的兴趣进行观察，预测这些决定将如何影响更广泛的市场和国际监管趋势。