2025年，美国证券交易委员会（SEC）上空前的加密工业压力支配

美国证券交易委员会（SEC）在2025年面临前所未有的加密工业压力。

The US Securities and Exchange Commission (SEC) faces a year of unprecedented pressure from the crypto industry, as highlighted by a recent analysis from analyst MartyParty.

正如分析师Martyparty的最新分析所强调的那样，美国证券交易委员会（SEC）面临着一年的前所未有的压力。

As of Monday, a record 72 applications for crypto exchange-traded funds (ETFs) are pending approval by the SEC, covering a wide range of assets, from top altcoins like XRP and Solana to various meme coins and even leveraged tokens.

截至周一，Crypto Exchange交易基金（ETF）的创纪录的72份申请正在待得到SEC的批准，涵盖了各种资产，从XRP和Solana等顶级Altcoins到各种模因硬币，甚至杠杆纪念日。

The applications come as the SEC is set to make a final decision on several spot Bitcoin ETF proposals by mid-August, with several filings from industry giants like BlackRock and Ark Invest already in the works since 2021.

申请是因为SEC将在8月中旬对几个现场比特币ETF提案做出最终决定，自2021年以来，Blackrock和Ark Invest等行业巨头的几份文件就已经进行了。

This follows the approval of the first-ever futures Bitcoin ETFs in October 2022, which sparked a wave of interest in crypto products from major financial institutions.

这是在2022年10月的有史以来第一个期货比特币ETF的批准之后，这引起了主要金融机构对加密产品的兴趣。

However, despite the buzz around altcoin ETFs, it’s worth noting that the SEC has yet to approve any spot crypto ETFs other than Bitcoin and Ethereum.

然而，尽管Altcoin ETF嗡嗡作响，但值得注意的是，SEC尚未批准除了比特币和以太坊以外的任何其他位置加密ETF。

The agency has faced criticism for its slow pace of action and for allegedly changing the goalposts on several occasions, leading to delays in the approval process.

该机构因其缓慢的行动步伐以及据称多次改变门柱而面临批评，导致批准过程中的延迟。

Earlier this year, the SEC also faced a setback in court as a judge ruled against the agency’s bid to block an ETF filing from asset management firm, Turtle Creek. The ruling could pave the way for more efficient approval procedures.

今年早些时候，SEC还面临法庭上的挫折，法官裁定该机构旨在阻止来自Turtle Creek资产管理公司的ETF申请。该裁决可以为更有效的批准程序铺平道路。

The Build-Up To A Critical Point

关键点的积累

The new SEC Chair, Paul Atkins, is now tasked with making this crucial decision on the fate of crypto ETFs. Given Atkins’ known deregulatory stance, his confirmation in June might lead to regulatory shifts.

新的SEC主席保罗·阿特金斯（Paul Atkins）现在负责对加密ETF的命运做出这一关键决定。鉴于阿特金斯（Atkins）已知的放松状态，他在6月的确认可能会导致监管转变。

Atkins will also need to decide how diverse crypto tokens might be structured, potentially as commodity-based trusts like the approved spot Bitcoin ETFs. His decisions on this could set critical precedents for future listings.

阿特金斯还需要决定如何将多样化的加密代币结构化，这可能是基于商品的信托（例如批准的现货比特币ETF）。他对此的决定可能会为将来的列表树立关键先例。

As of mid-April, XRP and Solana appear to be leading the altcoin ETF race, likely fueled by interest from institutions.

截至4月中旬，XRP和Solana似乎领导了Altcoin ETF种族，这可能是由于机构的兴趣所吸引的。

Specifically, there are ten applications for an XRP ETF, and five for a Solana ETF. In comparison, Litecoin and Dogecoin each have three applications.

具体而言，XRP ETF有十个应用，而solana ETF有5个应用。相比之下，Litecoin和Dogecoin分别有三种应用。

The list also includes unconventional funds, such as a leveraged Melania Trump token ETF from Turtle Capital. This Cayman Islands issuer filed ten leveraged crypto proposals total, highlighting how deeply crypto has become embedded in speculative and institutional finance.

该清单还包括非常规资金，例如来自Turtle Capital的杠杆式Melania Trump ETF。这位开曼群岛发行人总共提出了十项杠杆加密提案，突出了加密货币的深刻含量已嵌入了投机和机构融资中。