SEC 对现货以太 ETF 的立场不确定，灰度和 Galaxy Digital 提供了相反的观点

尽管 SEC 声称对现货以太 ETF 申请的参与度较低，但 Grayscale 的首席法律官表示，之前在现货比特币 ETF 批准期间的讨论已经解决了与这两种资产相关的关键细节。然而，Galaxy Digital 认为，由于 SEC 对以太坊基金会关系进行调查，今年 5 月不太可能批准现货以太 ETF，而且 SEC 最近推迟了对 Grayscale 以太期货 ETF 的决定最后期限。

SEC's Engagement on Spot Ether ETFs Remains Unclear, Grayscale and Galaxy Digital Offer Contrasting Views

SEC 对现货以太 ETF 的参与仍不清楚，Grayscale 和 Galaxy Digital 提出了相反的观点

Washington, D.C. - The Securities and Exchange Commission (SEC) has yet to provide a clear indication of its position on applications for spot ether exchange-traded funds (ETFs), leaving market participants in a state of uncertainty. However, Grayscale's Chief Legal Officer, Craig Salm, believes that the highly anticipated products "should be approved."

华盛顿特区 - 美国证券交易委员会 (SEC) 尚未明确表明其对以太币现货交易所交易基金 (ETF) 申请的立场，这让市场参与者处于不确定状态。然而，Grayscale 的首席法务官 Craig Salm 认为，备受期待的产品“应该获得批准”。

In a series of posts on social media platform X, Salm outlined his rationale for optimism. He dismissed the notion that a perceived "lack of SEC engagement" necessarily signals a negative outcome for spot ether ETFs. He argued that many of the key details relevant to these products were already thoroughly discussed and resolved during the approval process for spot bitcoin ETFs.

在社交媒体平台 X 上的一系列帖子中，萨尔姆概述了他乐观的理由。他否认了“缺乏 SEC 参与”必然预示着以太币现货 ETF 出现负面结果的观点。他认为，在现货比特币 ETF 的审批过程中，与这些产品相关的许多关键细节已经得到了彻底的讨论和解决。

"In the final months leading up to Bitcoin ETF approval, Grayscale and others received positive and constructive engagement from the SEC," Salm wrote. "We had thoughtful conversations and discussed the finer details of creation/redemption procedures, cash v. in-kind, APs, LPs, custody, etc."

Salm 写道：“在比特币 ETF 获得批准之前的最后几个月，Grayscale 和其他公司得到了 SEC 的积极和建设性参与。” “我们进行了深思熟虑的对话，讨论了创造/赎回程序、现金与实物、AP、LP、托管等方面的细节。”

Salm contended that these same issues are largely identical for spot bitcoin and spot ether ETFs. "The only difference is rather than the ETF holding bitcoin, it holds ether," he said. "So in many ways, the SEC already has engaged and issuers simply have less to engage on this time."

Salm 认为，现货比特币和现货以太 ETF 的这些问题在很大程度上是相同的。 “唯一的区别是 ETF 不是持有比特币，而是持有以太币，”他说。 “因此，在很多方面，美国证券交易委员会已经参与其中，而发行人这次参与的内容却较少。”

However, Alex Thorn, head of firmwide research at Galaxy Digital, expressed a contrasting view. He stated that based on reports that the SEC issued subpoenas to crypto firms regarding their relationship with the Ethereum Foundation, a spot ether ETF approval in May seems "extremely unlikely." The SEC's actions have been interpreted by some as an indication that the agency may be considering classifying ether as a security.

然而，Galaxy Digital 全公司研究主管 Alex Thorn 表达了相反的观点。他表示，根据 SEC 就加密货币公司与以太坊基金会的关系发出传票的报道，以太坊 ETF 在 5 月份获得批准似乎“极不可能”。一些人将 SEC 的行动解读为该机构可能正在考虑将以太币归类为证券。

Salm's comments come shortly after the SEC filed a document delaying its decision on Grayscale's ether futures ETF until May 30. The delay applies only to the ether futures ETF, not a spot ether ETF.

Salm 发表此番言论之前不久，SEC 提交了一份文件，将其对 Grayscale 以太坊期货 ETF 的决定推迟到 5 月 30 日。这一延迟仅适用于以太坊期货 ETF，不适用于现货以太坊 ETF。

The SEC has faced criticism from some cryptocurrency advocates for its perceived slow and cautious approach to approving crypto-related products. However, the agency has consistently emphasized its commitment to ensuring investor protection and market integrity. It remains to be seen how the SEC will ultimately approach the question of spot ether ETFs.

美国证券交易委员会因其在批准加密相关产品方面缓慢而谨慎的态度而受到一些加密货币倡导者的批评。然而，该机构一直强调其对确保投资者保护和市场诚信的承诺。美国证券交易委员会最终将如何处理以太坊 ETF 现货问题还有待观察。