{"id":151541,"date":"2024-03-26T05:32:46","date_gmt":"2024-03-26T05:32:46","guid":{"rendered":"https:\/\/cn.cryptonews.com\/?p=151541"},"modified":"2024-03-26T05:32:46","modified_gmt":"2024-03-26T05:32:46","slug":"what-happens-if-the-sec-brands-eth-a-security","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/cn\/news\/what-happens-if-the-sec-brands-eth-a-security\/","title":{"rendered":"\u5982\u679cSEC\u5c06\u4ee5\u592a\u5e01\u5b9a\u6027\u4e3a\u8bc1\u5238\u4f1a\u53d1\u751f\u4ec0\u4e48\u4e8b\uff1f"},"content":{"rendered":"<p>\u4ee5\u592a\u5e01\u73b0\u8d27ETF\u7684\u8fdb\u7a0b\u5904\u4e8e\u4e0d\u786e\u5b9a\u4e4b\u4e2d\uff0c\u76ee\u524d\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5e76\u4e0d\u8ba4\u4e3aETH\u662f\u4e00\u79cd\u8bc1\u5238\uff0c\u4f46\u8fd9\u4e00\u5207\u90fd\u53ef\u80fd\u5f88\u5feb\u53d1\u751f\u6539\u53d8\u3002<\/p><p>\u4ee5\u592a\u5e01\u88ab\u89c6\u4e3a\u4e00\u79cd\u53bb\u4e2d\u5fc3\u5316\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u800c\u975e\u8bc1\u5238\u3002\u7136\u800c\uff0c\u50cfSEC\u8fd9\u6837\u7684\u76d1\u7ba1\u673a\u6784\u7ee7\u7eed\u76d1\u89c6\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\uff0c\u5e76\u53ef\u80fd\u5728\u672a\u6765\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u6307\u5bfc\u548c\u7a81\u7136\u7684\u53d8\u5316\uff0c\u6295\u8d44\u8005\u6301\u7eed\u66f4\u65b0\u76d1\u7ba1\u53d1\u5c55\u60c5\u51b5\u662f\u81f3\u5173\u91cd\u8981\u7684\u3002<\/p><p>\u636e\u5e7f\u6cdb\u62a5\u9053\uff0c\u8bb8\u591a\u7f8e\u56fd\u516c\u53f8\u5df2\u7ecf\u6536\u5230\u4f20\u7968\uff0c\u8bd5\u56fe\u5c06ETH\u6807\u8bb0\u4e3a\u4e00\u79cd\u8bc1\u5238\u3002<\/p><h2>SEC\u5c06\u4ee5\u592a\u5e01\u5f52\u7c7b\u4e3a\u8bc1\u5238\u7684\u53ef\u80fd\u6027\u6781\u4f4e<\/h2><p><span class=\"replacer\"><\/span><br>\nKenzi Wang \uff0dSymbolic Capital\u7684\u8054\u5408\u521b\u59cb\u4eba\u517c\u666e\u901a\u5408\u4f19\u4eba\uff0c\u5728\u63a5\u53d7\u91c7\u8bbf\u65f6\u8868\u793a\uff0cSEC\u5c06\u4ee5\u592a\u574a\u5f52\u7c7b\u4e3a\u8bc1\u5238\u7684\u53ef\u80fd\u6027\u6781\u4f4e\u3002\u4ed6\u89e3\u91ca\u8bf4\uff0cSEC\u73b0\u5728\u5c06ETH\u5f52\u7c7b\u4e3a\u8bc1\u5238\uff0c\u4e0d\u4ec5\u4f1a\u63a8\u7ffb\u591a\u5e74\u7684\u5148\u4f8b\uff0c\u800c\u4e14\u8fd8\u4f1a\u4e0e\u4ed6\u4eec\u7684\u5408\u4f5c\u76d1\u7ba1\u673a\u6784\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff08CFTC\uff09\u76f4\u63a5\u77db\u76fe\u3002\u201c\u867d\u7136SEC\u7ee7\u7eed\u5c31ETH\u7684\u6f5c\u5728\u8bc1\u5238\u72b6\u6001\u53d1\u8868\u6a21\u7cca\u58f0\u660e\uff0c\u4f46CFTC\u5df2\u7ecf\u660e\u786e\u8868\u793a\uff0c\u4ed6\u4eec\u5c06ETH\u89c6\u4e3a\u4e00\u79cd\u5546\u54c1\uff0c\u6700\u660e\u663e\u7684\u662f\u57282022\u5e74\u56f4\u7ed5FTX\/Alameda\u8c03\u67e5\u7684\u6587\u4ef6\u4e2d\u3002\u201d\u3002<\/p><h2>SEC\u57282023\u5e74\u6279\u51c6\u4e86ETH\u671f\u8d27ETFs<\/h2><p><span class=\"replacer\"><\/span><br>\nSEC\u57282023\u5e74\u665a\u6279\u51c6\u4e86\u5728\u53d7\u76d1\u7ba1\u4ea4\u6613\u6240\u8fdb\u884cETH\u671f\u8d27\u4ea4\u6613\u3002\u5728\u8fd9\u4e2a\u6279\u51c6\u8fc7\u7a0b\u4e2d\uff0cSEC\u6ca1\u6709\u91c7\u53d6\u4efb\u4f55\u884c\u52a8\u6539\u53d8CFTC\u5bf9ETH\u7684\u5546\u54c1\u5206\u7c7b\uff0cKenzi Wang\u89e3\u91ca\u9053\u3002\u201c\u8fd9\u4e24\u4e2a\u76d1\u7ba1\u673a\u6784SEC\u548cCFTC\u4e4b\u95f4\u7684\u4e0d\u4e00\u81f4\uff0c\u4e0d\u4ec5\u5bf9\u516c\u4f17\u6709\u5bb3\uff0c\u800c\u4e14\u4e5f\u662f\u6211\u4eec\u770b\u4e0d\u5230SEC\u63a8\u8fdb\u5c06ETH\u5f52\u7c7b\u4e3a\u8bc1\u5238\u7684\u4e3b\u8981\u539f\u56e0\u3002\u201d<\/p><h2>\u4ee5\u592a\u5e01\u73b0\u8d27ETF\u7533\u8bf7\u4f1a\u600e\u6837\u5462\uff1f<\/h2><p><span class=\"replacer\"><\/span><br>\n\u51e0\u4efd\u4ee5\u592a\u5e01\u73b0\u8d27ETF\u7684\u7533\u8bf7\u5df2\u7ecf\u63d0\u4ea4\u7ed9SEC\uff0c\u800c\u6279\u51c6\u6216\u62d2\u7edd\u8fd9\u4e9b\u4ea7\u54c1\u7684\u51b3\u5b9a\u5df2\u7ecf\u88ab\u63a8\u8fdf\uff0c\u8fd9\u4e0e\u5206\u6790\u5e08\u7684\u9884\u671f\u76f8\u7b26\u3002<\/p><p>SEC\u5c06\u57285\u670823\u65e5\u6216\u4e4b\u524d\uff0c\u63a5\u53d7\u6216\u62d2\u7eddVanEck\u7533\u8bf7\u7684\u4ee5\u592a\u5e01\u73b0\u8d27ETF\u7684\u7533\u8bf7\u3002<\/p><h2>SEC\u5c06\u95ee\u9898\u5ef6\u540e\u5904\u7406<\/h2><p><span class=\"replacer\"><\/span><br>\nHANetf\u7684\u521b\u59cb\u4eba\u517c\u5171\u540cCEO Hector McNeil\u544a\u8bc9Cryptonews\uff0cSEC\u5c06\u5229\u7528\u5ba1\u67e5ETH\u4f5c\u4e3a\u4e00\u79cd\u8bc1\u5238\u7684\u673a\u4f1a\u6765\u5ef6\u8fdf\u6279\u51c6ETH ETF\u7684\u51b3\u5b9a\uff0c\u901a\u8fc7\u201c\u5c06\u95ee\u9898\u5ef6\u540e\u5904\u7406\u201d\u7684\u624b\u6cd5\u62d6\u5ef6\u3002<\/p><p>CEC Capital\u7684\u8d1f\u8d23\u4ebaLaurent Kssis\u8868\u793a\uff1a\u201c\u5982\u679cSEC\u7ee7\u7eed\u5c06ETH\u91cd\u65b0\u5206\u7c7b\u4e3a\u8bc1\u5238\uff0c\u8fd9\u5c06\u7ec8\u6b62\u4efb\u4f55\u5f53\u524d\u5f62\u5f0f\u4e0b\u5305\u542bETH ETF\u7684SEC\u7533\u8bf7\uff0c\u4f60\u4e0d\u80fd\u4e00\u591c\u4e4b\u95f4\u5c06\u4e00\u79cd\u8d44\u4ea7\u4ece\u5546\u54c1\u6539\u53d8\u4e3a\u8bc1\u5238\uff0c\u56e0\u4e3aETH\u671f\u8d27\u88ab\u89c6\u4e3a\u5b9e\u9645\u4e0a\u7684\u975e\u8bc1\u5238\uff0c\u4e0d\u5c5e\u4e8eCFTC\u7684\u7ba1\u8f96\u8303\u56f4\uff0c\u4e5f\u4e0d\u5728\u5176\u76d1\u7ba1\u6846\u67b6\u5185\u3002\u201d<\/p><h2>\u90a3\u4e48\u4ec0\u4e48\u662f\u8bc1\u5238\u4ee3\u5e01\u5462\uff1f<\/h2><p><span class=\"replacer\"><\/span><br>\n\u201c\u8bc1\u5238\u662f\u5bf9\u67d0\u4e2a\u8d44\u4ea7\u6216\u516c\u53f8\u6240\u6709\u6743\u6216\u6743\u5229\u7684\u4e00\u90e8\u5206\u7684\u4ee3\u8868\u3002\u5c06\u67d0\u4e2a\u8d44\u4ea7\u7684\u6240\u6709\u6743\u8f6c\u79fb\u5230\u533a\u5757\u94fe\u4e0a\u5e76\u4e3a\u5176\u5206\u914d\u4e00\u4e2a\u4ee3\u5e01\u7684\u8fc7\u7a0b\u79f0\u4e3a\u4ee3\u5e01\u5316\uff0c\u201dLaurent Kssis\u89e3\u91ca\u8bf4\u3002<\/p><p>\u5c06\u8fd9\u4e24\u4e2a\u60f3\u6cd5\u7ed3\u5408\u8d77\u6765\uff0c\u5c31\u521b\u9020\u4e86\u8bc1\u5238\u4ee3\u5e01\uff0c\u8fd9\u662f\u5bf9\u5df2\u7ecf\u88ab\u4ee3\u5e01\u5316\u5e76\u5b58\u50a8\u5728\u533a\u5757\u94fe\u4e0a\u7684\u67d0\u4e2a\u8d44\u4ea7\u7684\u6240\u6709\u6743\u6216\u6743\u5229\u7684\u6570\u5b57\u8868\u793a\u3002\u4f5c\u4e3a\u4e00\u79cd\u6295\u8d44\u8d44\u4ea7\uff0c\u8bc1\u5238\u4ee3\u5e01\u662f\u4e00\u79cd\u4ee3\u8868\u6240\u6709\u6743\u6216\u5176\u4ed6\u6743\u5229\u7684\u6570\u5b57\u8d44\u4ea7\u3002\u5b83\u5c06\u67d0\u4e2a\u8d44\u4ea7\u6216\u4e00\u7ec4\u8d44\u4ea7\u7684\u4ef7\u503c\u8f6c\u79fb\u5230\u6301\u6709\u8be5\u4ee3\u5e01\u79c1\u94a5\u7684\u4eba\u624b\u4e2d\u3002<\/p><p>\u201c\u7b80\u5355\u6765\u8bf4\uff0c\u8bc1\u5238\u4ee3\u5e01\u662f\u4f20\u7edf\u6295\u8d44\u5982\u80a1\u7968\u548c\u503a\u5238\u7684\u6570\u5b57\u5f62\u5f0f\u3002\u5f53\u4ee3\u5e01\u6ee1\u8db3<a href=\"https:\/\/www.investopedia.com\/terms\/h\/howey-test.asp\">\u970d\u4f0a\u6d4b\u8bd5\uff08Howey test\uff09<\/a>\u8bbe\u5b9a\u7684\u6807\u51c6\u65f6\uff0c\u76d1\u7ba1\u673a\u6784\u89c6\u8fd9\u4e9b\u4ee3\u5e01\u4e3a\u8bc1\u5238\uff1b\u4e5f\u5c31\u662f\u8bf4\uff0c\u5b58\u5728\u91d1\u94b1\u6295\u8d44\u3001\u5171\u540c\u4f01\u4e1a\uff0c\u4ee5\u53ca\u901a\u8fc7\u4ed6\u4eba\u7684\u52aa\u529b\u5408\u7406\u9884\u671f\u83b7\u5229\u3002\u201d<\/p><p>\u4ee5\u592a\u574a\u7684\u539f\u751f\u4ee3\u5e01ETH\uff0c\u88ab\u5f00\u53d1\u7528\u4e8e\u652f\u4ed8\u4ee5\u592a\u574a\u7f51\u7edc\u5185\u7684\u4ea4\u6613\u8d39\u7528\uff0c\u56e0\u6b64ETH\u662f\u4e00\u79cd\u52a0\u5bc6\u8d27\u5e01\u3002\u7136\u800c\uff0c\u56e0\u4e3a\u5b83\u5728\u4ea4\u6613\u6240\u4e0a\u4ea4\u6613\u5e76\u4e14\u56e0\u5176\u4ef7\u503c\u589e\u52a0\u800c\u88ab\u6295\u8d44\u8005\u6301\u6709\uff0c\u6295\u8d44\u8005\u5c06\u5176\u89c6\u4e3a\u8bc1\u5238\u4ee3\u5e01\u3002\u8fd9\u4e9b\u4ee3\u5e01\uff0c\u50cf\u80a1\u7968\u4e00\u6837\uff0c\u5fc5\u987b\u5411SEC\u6ce8\u518c\u3002<\/p><p>\u5982\u679cSEC\u786e\u5b9e\u5c06ETH\u91cd\u65b0\u5206\u7c7b\u4e3a\u8bc1\u5238\uff0c\u8fd9\u5c06\u89e6\u53d1\u9000\u5e02\u3002<\/p><p>Panther\u7684\u8054\u5408\u521b\u59cb\u4eba\u517cCEO Oliver Gale\u89e3\u91ca\u8bf4\uff1a\u201cETH\u4e0d\u662f\u4e00\u79cd\u8bc1\u5238\uff0cICO\u662f\u4e00\u6b21\u8bc1\u5238\u9500\u552e\uff0c\u4ece\u957f\u8fdc\u6765\u770b\uff0c\u53bb\u4e2d\u5fc3\u5316\u548c\u5168\u7403\u7ade\u4e89\u4f1a\u53d6\u5f97\u80dc\u5229\u3002\u201d<\/p><p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>\u4ee5\u592a\u5e01\u73b0\u8d27ETF\u7684\u8fdb\u7a0b\u5904\u4e8e\u4e0d\u786e\u5b9a\u4e4b\u4e2d\uff0c\u76ee\u524d\uff0c\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5e76\u4e0d\u8ba4\u4e3aETH\u662f\u4e00\u79cd\u8bc1\u5238\uff0c\u4f46\u8fd9\u4e00\u5207\u90fd\u53ef\u80fd\u5f88\u5feb\u53d1\u751f\u6539\u53d8\u3002\u4ee5\u592a\u5e01\u88ab\u89c6\u4e3a\u4e00\u79cd\u53bb\u4e2d\u5fc3\u5316\u7684\u52a0\u5bc6\u8d27\u5e01\uff0c\u800c\u975e\u8bc1\u5238\u3002\u7136\u800c\uff0c\u50cfSEC\u8fd9\u6837\u7684\u76d1\u7ba1\u673a\u6784\u7ee7\u7eed\u76d1\u89c6\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\uff0c\u5e76\u53ef\u80fd\u5728\u672a\u6765\u63d0\u4f9b\u8fdb\u4e00\u6b65\u7684\u6307\u5bfc\u548c\u7a81\u7136\u7684\u53d8\u5316\uff0c\u6295\u8d44\u8005\u6301\u7eed\u66f4\u65b0\u76d1\u7ba1\u53d1\u5c55\u60c5\u51b5\u662f\u81f3\u5173\u91cd\u8981\u7684\u3002\u636e\u5e7f\u6cdb\u62a5\u9053\uff0c\u8bb8\u591a\u7f8e\u56fd\u516c\u53f8\u5df2\u7ecf\u6536\u5230\u4f20\u7968\uff0c\u8bd5\u56fe\u5c06ETH\u6807\u8bb0\u4e3a\u4e00\u79cd\u8bc1\u5238\u3002SEC\u5c06\u4ee5\u592a\u5e01\u5f52\u7c7b\u4e3a\u8bc1\u5238\u7684\u53ef\u80fd\u6027\u6781\u4f4e 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