XRP 和 SOL ETF 面临监管障碍，可能在 2025 年获得批准：彭博社

彭博社的 James Seyffart 分享了有关 XRP 和 SOL ETF 面临的挑战的见解，并预测到 2025 年可能获得批准。

Bloomberg analyst James Seyffart has provided updates on the challenges faced by XRP and SOL ETFs, anticipating potential approval by 2025.

彭博社分析师 James Seyffart 提供了 XRP 和 SOL ETF 面临的挑战的最新信息，预计到 2025 年可能获得批准。

As per Seyffart, the present regulatory landscape for cryptocurrency ETFs remains uncertain due to prior decisions by the SEC.

Seyffart 表示，由于 SEC 之前的决定，目前加密货币 ETF 的监管环境仍然不确定。

The approval of Bitcoin and Ethereum ETFs was largely attributed to their connection to the CME regulated futures markets. However, many altcoins, including SOL and XRP, do not have regulated futures markets, which may complicate the ETF approval process.

比特币和以太坊 ETF 的批准很大程度上归因于它们与 CME 监管的期货市场的联系。然而，许多山寨币，包括 SOL 和 XRP，没有受监管的期货市场，这可能会使 ETF 审批流程复杂化。

“Without a regulated market of significant size, the SEC has historically denied altcoin ETF applications,” explained Seyffart. He noted that the SEC's leadership could change these rules in 2025, but the approval timeline is still up in the air.

Seyffart 解释说：“由于没有规模较大的受监管市场，美国证券交易委员会历来拒绝山寨币 ETF 申请。”他指出，SEC 领导层可能会在 2025 年改变这些规则，但批准时间表仍悬而未决。

Despite the filings, Seyffart highlighted that the current regulations do not permit XRP ETFs. Several concerns must be addressed before these products can proceed, including market manipulation, custody, and regulatory issues.

尽管提交了这些文件，Seyffart 强调，现行法规不允许 XRP ETF。在这些产品投入使用之前，必须解决几个问题，包括市场操纵、托管和监管问题。

Highlighting the recent XRP ETF filings, such as WisdomTree's “WisdomTree XRP Fund,” positive developments are emerging for alternative cryptocurrency exchange-traded funds (ETFs). The company is expected to file the official S-1 registration with the US SEC shortly after registering this fund in Delaware.

重点关注最近的 XRP ETF 文件，例如 WisdomTree 的“WisdomTree XRP 基金”，另类加密货币交易所交易基金 (ETF) 正在出现积极的发展。该公司预计在特拉华州注册该基金后不久将向美国证券交易委员会提交正式的 S-1 注册。

According to Bloomberg analyst James Seyffart, future exchange-traded funds may include staking for altcoins like Ethereum — and possibly others such as SOL and XRP. However, he noted that staking is not currently permitted within ETF structures.

彭博社分析师 James Seyffart 表示，未来的交易所交易基金可能包括对以太坊等山寨币进行质押，也可能包括 SOL 和 XRP 等其他货币。不过，他指出，目前 ETF 结构中不允许进行质押。

“If a more crypto-friendly US SEC administration takes charge, we may see staking allowed in 2025,” he added, suggesting that legalizing staking could drive demand for such products.

他补充道：“如果美国 SEC 政府对加密货币更加友好，我们可能会在 2025 年看到质押被允许。”他表示，质押合法化可能会推动此类产品的需求。

There are two main ways for exchange-traded funds (ETFs) to be filed, according to Bloomberg analyst James Seyffart: One is the 19b-4 rule filing with the SEC's Division of Trading Markets, which initiates a formal review phase with due dates, and the other is the S-1 prospectus, which does not have due dates.

彭博社分析师 James Seyffart 表示，交易所交易基金 (ETF) 的备案方式主要有两种：一种是向 SEC 交易市场部门提交 19b-4 规则备案，该部门启动正式审查阶段并规定截止日期，另一种是 S-1 招股说明书，没有截止日期。

The majority of altcoin ETFs have not yet completed the 19b-4 process, he noted, unlike Bitcoin and Ethereum. This indicates that the regulatory clock is not yet ticking on their approval.

他指出，与比特币和以太坊不同，大多数山寨币 ETF 尚未完成 19b-4 流程。这表明监管时钟尚未批准。

“Even if altcoin ETF filings begin the 19b-4 process today, decisions could take until late 2025,” said Seyffart, highlighting the potential time frame for approvals.

Seyffart 表示：“即使山寨币 ETF 申请今天开始进入 19b-4 流程，决策也可能要到 2025 年末才能做出。”他强调了潜在的批准时间框架。

The analyst also touched on the potential impact of upcoming SEC leadership changes. While the extent of the changes is unknown, a new US SEC chair with a pro-crypto administration would fast-track the approval process.

这位分析师还谈到了即将到来的 SEC 领导层变动的潜在影响。虽然变化的程度尚不清楚，但美国证券交易委员会新任主席和支持加密货币的政府将加快审批流程。

James Seyffart, an analyst at Bloomberg, has also commented on the possibility of multi-asset index ETFs, such as those that invest in Bitcoin, Ethereum, and other cryptocurrencies like SOL and XRP. Products that have applied to become exchange-traded funds (ETFs) may face fewer regulatory hurdles; for instance, Bitwise's Crypto 10 Index and Grayscale's GDLC have a high exposure to Bitcoin and Ethereum.

彭博社分析师 James Seyffart 也评论了多资产指数 ETF 的可能性，例如投资比特币、以太坊以及 SOL 和 XRP 等其他加密货币的指数 ETF。已申请成为交易所交易基金（ETF）的产品可能面临更少的监管障碍；例如，Bitwise 的 Crypto 10 Index 和 Grayscale 的 GDLC 对比特币和以太坊的敞口很高。

He explained how these smaller cryptocurrency holdings’ adherence to existing rules will likely determine whether the SEC approves these products for sale.

他解释了这些规模较小的加密货币持有者对现有规则的遵守如何可能决定美国证券交易委员会是否批准出售这些产品。

On the approval of cryptocurrency ETFs, Seyffart remains optimistic but not entirely sure, as the incoming SEC administration will have the final say.

对于加密货币 ETF 的批准，Seyffart 仍然乐观，但并不完全确定，因为即将上任的 SEC 政府将拥有最终决定权。

According to him, decisions on XRP, SOL, LTC, and HBAR ETFs might be made as early as 2025, but the frequency of these occurrences will depend on leadership changes and broader regulatory shifts.

据他介绍，有关 XRP、SOL、LTC 和 HBAR ETF 的决定最早可能会在 2025 年做出，但这些事件发生的频率将取决于领导层变化和更广泛的监管变化。