{"id":176159,"date":"2025-12-04T12:00:00","date_gmt":"2025-12-04T12:00:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/?p=176159"},"modified":"2025-12-04T10:17:50","modified_gmt":"2025-12-04T10:17:50","slug":"sec-etf-crypto-3x-5x-recales","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/sec-etf-crypto-3x-5x-recales\/","title":{"rendered":"Alerte SEC : les ETF crypto 3x et 5x recal\u00e9s, le levier extr\u00eame stopp\u00e9 net aux \u00c9tats-Unis"},"content":{"rendered":"<p>La SEC vient de refroidir les ardeurs des amateurs de levier. Le r\u00e9gulateur am\u00e9ricain a envoy\u00e9 une s\u00e9rie de lettres \u00e0 plusieurs \u00e9metteurs d\u2019ETF. Elle leur demande de revoir ou retirer leurs projets de fonds \u00e0 effet de levier 3x et 5x. En ligne de mire, des produits sur indices actions, mais aussi sur le bitcoin et d\u2019autres actifs crypto.<\/p><h2 class=\"wp-block-heading\"><strong>La Rule 18f-4 ferme la porte au levier extr\u00eame<\/strong><\/h2><span class=\"replacer\"><\/span><p>Neuf \u00e9metteurs ont re\u00e7u le m\u00eame type de courrier. Parmi eux, des noms connus comme Direxion, ProShares, GraniteShares ou Tidal Financial. Tous travaillaient sur des ETF destin\u00e9s \u00e0 offrir des <strong>expositions 3x ou 5x \u00e0 des indices tr\u00e8s volatils.<\/strong> Y compris des paniers li\u00e9s aux actifs num\u00e9riques.<\/p><p>Dans ces lettres, la <a href=\"https:\/\/www.sec.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">SEC<\/a> s\u2019appuie sur la Rule 18f-4, la \u00ab Derivatives Rule \u00bb adopt\u00e9e en 2020. Ce texte limite la Value-at-Risk d\u2019un fonds \u00e0 200 % de celle d\u2019un portefeuille de r\u00e9f\u00e9rence d\u00e9fini comme \u00ab appropri\u00e9 \u00bb.<\/p><p>Les \u00e9quipes de supervision consid\u00e8rent que <strong>les montages envisag\u00e9s d\u00e9passent ce seuil<\/strong>, m\u00eame en jouant sur la d\u00e9finition du portefeuille de r\u00e9f\u00e9rence. Les ETF 3x et 5x ne peuvent donc pas \u00eatre valid\u00e9s dans leur forme actuelle.<\/p><p>Les produits purement crypto ne sont pas mis \u00e0 part. Des documents d\u00e9pos\u00e9s aupr\u00e8s de la SEC mentionnaient des <strong>ETF \u00e0 levier sur le bitcoin ou l\u2019ether<\/strong>. Voire sur des paniers d\u2019actifs num\u00e9riques. L\u2019id\u00e9e \u00e9tait de proposer du levier \u00ab cl\u00e9 en main \u00bb \u00e0 partir du cadre d\u00e9j\u00e0 pos\u00e9 par les ETF au comptant. La SEC demande d\u00e9sormais de ramener ces projets \u00e0 des expositions plus modestes, ou de les abandonner.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">BREAKING: SEC issues warning over leveraged ETF products \ud83d\udea8\ud83d\udea8\ud83d\udea8\ud83d\udea8.<br><br>The letters request that the fund managers formally withdraw their applications OR revise their investment strategies.<br><br>This is a victory for retail investors who have been warning about the dangers of these\u2026 <a href=\"https:\/\/t.co\/xEp1NhFwGN\">pic.twitter.com\/xEp1NhFwGN<\/a><\/p>&mdash; Reese Politics (@ReesePolitics) <a href=\"https:\/\/twitter.com\/ReesePolitics\/status\/1996190522453438577?ref_src=twsrc%5Etfw\">December 3, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\"><strong>Un plafond \u00e0 2x pour les ETF, pas pour le risque global<\/strong><\/h2><span class=\"replacer\"><\/span><p>Pour les \u00e9metteurs, le message est limpide. La SEC n\u2019interdit pas tout levier, mais <strong>trace une fronti\u00e8re nette autour de 2x<\/strong>.<\/p><p>En pratique, les soci\u00e9t\u00e9s de gestion qui esp\u00e9raient vendre des ETF 3x ou 5x au grand public doivent revoir leur copie. Elles peuvent d\u00e9poser de nouveaux dossiers align\u00e9s avec la Rule 18f-4. Ou se replier sur des produits classiques et des th\u00e8mes moins explosifs.<\/p><p>Pour le segment crypto, le coup est surtout <strong>symbolique<\/strong>, mais il compte. Les ETF spot sur le <a href=\"https:\/\/www.coingecko.com\/fr\/coins\/bitcoin\" target=\"_blank\" rel=\"noreferrer noopener\">bitcoin<\/a> et l\u2019ether avaient ouvert une porte vers un usage plus institutionnel de ces actifs. Les versions 3x ou 5x devaient pousser plus loin le m\u00eame r\u00e9cit, avec du levier sous emballage r\u00e9glement\u00e9.<\/p><p>Pour les traders am\u00e9ricains, l\u2019option ETF ultra-leverag\u00e9 dispara\u00eet, mais <strong>pas le levier lui-m\u00eame<\/strong>. Ceux qui veulent des expositions extr\u00eames peuvent toujours passer par des perp\u00e9tuels, des options ou des ETP \u00e9trangers. Le risque se d\u00e9place vers des plateformes parfois moins encadr\u00e9es. La SEC, elle, pr\u00e9f\u00e8re endosser <strong>un r\u00f4le de pare-feu<\/strong> sur les produits distribu\u00e9s dans le rayon ETF grand public.<\/p><p>Pour l\u2019\u00e9cosyst\u00e8me Bitcoin, cette d\u00e9cision ne remet pas en cause les <a href=\"https:\/\/cryptonews.com\/fr\/news\/bank-of-america-conseille-etf-bitcoin\/\">ETF au comptant d\u00e9j\u00e0 approuv\u00e9s<\/a>. Elle casse plut\u00f4t la narration d\u2019une mont\u00e9e en puissance automatique vers des gammes 5x, vendues comme des \u00ab turbo BTC \u00bb l\u00e9gitimes. L\u2019actif gagne sa place comme sous-jacent, mais l\u2019acc\u00e8s \u00e0 son risque le plus violent reste cantonn\u00e9 \u00e0 d\u2019autres circuits.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">BREAKING: The SEC is cracking down on highly-levered ETFs amid the recent surge in market volatility.<br><br>The SEC just issued multiple warning letters to ETF providers, effectively &quot;blocking&quot; the introduction of 3x-5x levered ETFs.<br><br>\u201cWe write to express concern regarding the\u2026 <a href=\"https:\/\/t.co\/KBRUVj6Hhx\">pic.twitter.com\/KBRUVj6Hhx<\/a><\/p>&mdash; The Kobeissi Letter (@KobeissiLetter) <a href=\"https:\/\/twitter.com\/KobeissiLetter\/status\/1996217766366400884?ref_src=twsrc%5Etfw\">December 3, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><h2 class=\"wp-block-heading\"><strong>Vers une finance crypto r\u00e9gul\u00e9e plus sobre<\/strong><\/h2><span class=\"replacer\"><\/span><p>\u00c0 court terme, les \u00e9metteurs devraient adopter <strong>une strat\u00e9gie d\u00e9fensive<\/strong>. Certains reviendront avec des produits 2x soigneusement calibr\u00e9s et mieux document\u00e9s c\u00f4t\u00e9 gestion des risques. D\u2019autres abandonneront purement l\u2019id\u00e9e de l\u2019ultra-levier pour le march\u00e9 am\u00e9ricain.<\/p><p>Aux \u00c9tats-Unis, les <a href=\"https:\/\/cryptonews.com\/fr\/news\/vanguard-ouvre-etf-btc-eth\/\">ETF crypto<\/a> devraient rester cantonn\u00e9s \u00e0 <strong>un levier mod\u00e9r\u00e9<\/strong>. En Europe et sur certaines bourses offshore, des ETP tr\u00e8s levieris\u00e9s sur le bitcoin existent d\u00e9j\u00e0, mais dans des cadres moins homog\u00e8nes. La fracture onshore \/ offshore pourrait donc se creuser, avec des r\u00e9gimes de protection tr\u00e8s diff\u00e9rents selon la place de cotation.<\/p><p>La SEC confirme que la crypto a gagn\u00e9 une partie de la bataille de la l\u00e9gitimit\u00e9. Elle montre aussi qu\u2019elle n\u2019acceptera pas tous les emballages marketing possibles autour d\u2019un actif aussi volatil.<\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Source : <a href=\"https:\/\/www.sec.gov\/\" target=\"_blank\" rel=\"noreferrer noopener\">SEC<\/a><\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Pour aller plus loin sur le sujet : <\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/bank-of-america-conseille-etf-bitcoin\/\">Bank of America ouvre les vannes : les ETF Bitcoin arrivent en agence<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/rebond-bitcoin-ethereum-decembre-vert-hausse-marche-bullrun\/\">Rebond sur bitcoin et ethereum : le mois de d\u00e9cembre dans le vert et retour du bullrun crypto<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/vanguard-ouvre-etf-btc-eth\/\">Vanguard ouvre enfin les ETF Bitcoin, ETH, XRP et Solana \u00e0 ses clients<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>La SEC vient de refroidir les ardeurs des amateurs de levier. Le r\u00e9gulateur am\u00e9ricain a envoy\u00e9 une s\u00e9rie de lettres \u00e0 plusieurs \u00e9metteurs d\u2019ETF. Elle leur demande de revoir ou retirer leurs projets de fonds \u00e0 effet de levier 3x et 5x. En ligne de mire, des produits sur indices actions, mais aussi sur le [&hellip;]<\/p>\n","protected":false},"author":697,"featured_media":176162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[42,1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-176159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alerte : la SEC bloque les ETF crypto \u00e0 effet de levier 3x et 5x<\/title>\n<meta name=\"description\" content=\"La SEC demande \u00e0 plusieurs \u00e9metteurs d\u2019ETF de revoir ou retirer leurs projets de fonds \u00e0 effet de levier 3x et 5x.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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