华夏时报（www.chinatimes.net.cn）记者 赵奕 胡金华 上海报道
Reporter of the Summer Times (www.chinatimes.net.cn)
美东时间8月29日，加密资产管理公司灰度（Grayscale Investments）在针对美国证券交易委员会（SEC）的一场关键诉讼中获胜。据法庭文件显示，华盛顿一个由三名法官组成的上诉小组推翻了SEC阻止灰度ETF的决定。法院称“拒绝灰度的提议是武断和反复无常的，因为SEC未能解释对类似产品的不同处理。”
According to court documents, an appellate panel of three judges in Washington overturned the SEC’s decision to stop the Greyscale ETF. The court stated that “the offer to reject Greyscale was arbitrary and capricious because the SEC failed to explain the different treatment of similar products.”
消息一出，比特币应声大涨。数据显示，今日凌晨比特币短时突破2.8万美元，最高涨幅超7%，以太坊也短时突破1.7万美元。截至发稿，比特币最新价格为27561.37美元，日内涨幅5.63%；以太坊最新价格为1715.05美元，日内涨幅3.82%，其他主流加密货币价格也都普遍上涨。美股区块链概念股也随之短线走高，Coinbase（COIN.O）涨超14%、Riot Platform（RIOT.O）涨超12%、嘉楠科技（CAN.O）涨6.5%、英伟达（NVDA.O）涨超3.4%。
The data show that Bitcoin broke short by $280,000 this morning, with a peak increase of over 7 per cent and a small break by $17,000 in the Pacific. By the time of publication, Bitcoin's latest price was $27561.37, with an increase of 5.63 per cent per day; Taicha's latest price was $1715.05, with an increase of 3.82 per cent per day, and the price of other mainstream encrypted currencies generally increased by 3.4 per cent. And so did the US stock chain concept unit, with Coinbase (COIN.O) rising by more than 14 per cent, Riot Platform (RIOT.O) by more than 12 per cent, Carna technology (CAN.O) by 6.5 per cent, and the NVDA.O by 3.4 per cent.
但突如其来的涨势也打了空头们一个措手不及，CoinGlass数据显示，最近24小时共有4.6万人被爆仓，爆仓总金额达1.69亿美元。
But the sudden upturn was a surprise, and CoinGlass data show that 46,000 people have been blown up in the last 24 hours, amounting to a total of $169 million.
“尽管法院不支持SEC，但SEC的态度可从多次驳回多家ETF现货申请看出。”针对本次比特币价格大涨，北京计算机学会数字经济专委会秘书长王娟向《华夏时报》记者表示，现货ETF需要对应实际的比特币，而不是只锚定价格，期货ETF则不需要实际持有，所以现货ETF利好比特币价格。
“Notwithstanding the Court's lack of support for SEC, the attitude of SEC can be seen in the repeated rejection of several ETF applications for spot prices.” In response to this sharp increase in the price of bitcoin, Wang Jun, Secretary-General of the Beijing Computer Institute's Commission on Digital Economy, told the Washington Times journalist that spot ETFs needed to correspond to actual bitcoins rather than just anchor prices, and future ETFs did not need to be held in real terms, so that spot ETFs were better than bitcoin prices.
灰度赢得针对SEC的诉讼
Greyscale won the litigation against SEC
记者梳理了解到，灰度于2021年10月首次申请将其GBTC封闭式基金转换为交易所交易基金即现货ETF。在此后的一段时间内，SEC多次拒绝了该申请。2021年11月，SEC以不符合1934年证券交易法（Exchange Act）的要求为由，驳回了该申请。2022年6月，SEC 再次拒绝灰度将其GBTC转换为比特币现货ETF的申请。SEC表示，该申请未能回答SEC有关防止欺诈和市场操纵等问题。
In November 2021, the SEC rejected the application on the ground that it did not meet the requirements of the Securities Exchange Act 1934. In June 2022, the SEC again rejected the application of the Greyscale to convert its GBTC into a Bitcoin spot ETF. The EC stated that the application failed to respond to SEC questions about the prevention of fraud and market manipulation.
在屡战屡败后，灰度决定反击。去年6月，灰度起诉SEC违反了行政程序法案。2022年10月12日，灰度已就SEC拒绝其申请现货比特币交易所交易基金的诉讼提交了开场简报。灰度首席法律负责人Craig Salm表示，现货ETF和期货ETF在比特币背景下没有区别，因为芝商所比特币期货的定价本身就低于现货比特币市场。简报中称，SEC未能证明为何会对比特币期货ETF和现货比特币ETF批准存在截然不同的处理方式，因此违反了美国《行政程序法》的最基本要求。
On October 12, 2022, Greyscale filed an opening briefing on the SEC's refusal to apply for a spot-based Bitcoin Exchange Trading Fund. Craig Salm, Chief Legal Officer of Greydo, said that the spot ETF and future ETF were no different in the bitcoin context, because the price of the bitcoin futures themselves was lower than the spot-based Bitcoin market. The briefing stated that the SEC had failed to prove that there was a very different way of processing compared to the approval of the spot-based ETF and the spot-based Bitcoin ETF, thus violating the most basic requirements of the U.S. Administrative Procedure Act.
本次诉讼以灰度获胜暂告一段落。SEC发言人表示，SEC正在审查法院对灰度比特币ETF问题的裁决，以确定下一步行动。该机构的律师有45天的时间要求华盛顿特区巡回上诉法院的全体法官重新考虑该决定，SEC还可以请求美国最高法院受理此案。
According to the SEC spokesman, the SEC is reviewing the court’s decision on the Greyscale Bitcoin ETF to determine the next steps. The agency’s lawyer has 45 days to ask all the judges of the Court of Appeals for the Circuit in Washington, D.C. to reconsider the decision, and the SEC can also apply to the U.S. Supreme Court to hear the case.
灰度CEO Sonnenshein则在其社交平台表示，针对华盛顿特区巡回法院作出有利于灰度的判决表示感谢，感谢投资者的支持与鼓励。此前，灰度曾透露，随着与SEC的诉讼接近尾声，其ETF团队正在扩大。
On its social platform, the Greyscale CEO Sonnensheein expressed his gratitude for the ruling in favour of Greyscale in Washington, D.C., and for investors’ support and encouragement. Previously, Greyscale had revealed that its ETF team was expanding as the litigation with SEC drew to a close.
灰度的法庭胜利刺激了GBTC的交易量，GBTC在二级交易中上涨近17%，达到20.56美元。根据 Coinglass 最新的数据显示，当前灰度基金的总持仓量约163亿美元，GBTC 负溢价已从昨日的25%收窄至17%，且负溢价幅度仍在持续收窄，较2022年12月时的最高负溢价率收回约31.62%。
The Greyscale Tribunal’s victory stimulated the transaction volume of the GBTC, which rose by almost 17% to $20.56 in second-tier transactions. According to the latest data from Coinglass, the current size of the Greyscale Fund is approximately $16.3 billion, the negative premium of the GBTC has narrowed from 25% yesterday to 17%, and the negative premium rate continues to narrow, recovering about 31.62% from the highest negative premium in December 2022.
针对本次诉讼的结果，彭博分析师James Seyffart在社交媒体表示，目前还不确定SEC是否会在未来几周或几个月内做出新决定，“在比特币期货ETF存在的情况下，SEC不能使用他们在过去拒绝信中使用的有关欺诈和操纵的论点来拒绝现货ETF，而是可能会基于之前未曾使用过的理由拒绝将GBTC转换为ETF，例如围绕比特币托管的潜在反对意见”。
In response to the outcome of the proceedings, the Bloomberg analyst, James Seyffart, stated in the social media that it was not yet certain that the SEC would take a new decision in the coming weeks or months: “In the case of the presence of the Bitcoin futures ETF, the SEC could not use the arguments of fraud and manipulation used in their previous refusal letters to reject the spot ETF, but might refuse to convert the GBTC to ETF on grounds that had not been used previously, such as potential objections surrounding the custody of the Bitcoin”.
Better Markets首席执行官Dennis Kelleher认为，法官对灰度和SEC的判决并没有改变比特币市场容易受到欺诈和操纵的事实，也没有改变ETF会对投资者构成严重威胁的事实，这就是SEC拒绝并且应该拒绝灰度的原因，SEC应考虑撤销之前对比特币期货ETF的无理批准。
According to the Chief Executive Officer of Better Markets, Dennis Kellerher, the judge's judgement on Greyscale and SEC did not change the fact that the Bitcoin market was susceptible to fraud and manipulation, nor did it change the fact that the ETF posed a serious threat to investors, that is why the SEC refused and should reject the Greyscale, and that the SEC should consider withdrawing the previous unjustified approval of the Bitcoin futures ETF.
Arca首席投资官Jeff Dorman则表示，将该裁决视为比特币持续上涨的灵丹妙药还为时过早，并强调，只有当贝莱德和其他公司开始在其文件中真正推销比特币时，真正的后续行动才会发生。
The Chief Investment Officer of Arca, Jeff Dorman, stated that it was too early to consider the award as a panacea for the continued growth of Bitcoin, and stressed that real follow-up would take place only when Belede and other companies began to market bitcoin in their documents.
比特币现货ETF曙光将现？
bitcoin spot ETF dawn?
灰度的胜利再次掀起了市场对比特币现货ETF的热情。王娟表示，实际上，同处北美的加拿大已有比特币现货ETF，只是其影响力显然与美元对应产品无法媲美。现货ETF的核心意义在于支持证券市场完全合法地购买比特币，这对加密市场来说，无疑是重大的身份认证。
The Greyscale victory rekindled the market’s current ETF in bitcoin. Wang Jun stated that, in fact, Canada, which is also in North America, already has a ETF in bitcoin, although its impact is clearly not comparable to that of the dollar’s counterpart.
根据统计，今年以来，SEC已收到包括贝莱德在内的8只比特币现货ETF的申请，具体产品包括：贝莱德iShares Bitcoin Trust、富达Wise Origin Bitcoin Trust、WisdomTree Bitcoin Trust、VanEck Bitcoin Strategy ETF、景顺Galaxy Bitcoin ETF、ARK 21Shares Bitcoin ETF等。在该轮申请热潮中，比特币的价格从2.5万美元上涨至3.1万美元，随后又在接二连三的利空消息中跌回2.6万美元。
According to statistics, since this year, SEEC has received eight applications from spot ETFs, including Belede, for specific products such as Beléd's iShares Bitcoin Trust, Fuda Wisee Origin Bitcoin Trust, WisdomTree Bitcoin Trust, Van Eck Bitcoin Strategy ETF, Gianxy Bitcoin ETF, ARK 21Shares Bitcoin ETF, etc. The price of Bitcoin rose from $25,000 to $31,000 in the heat wave, and then fell back to $260 million in two successive reports.
中关村物联网产业联盟副秘书长袁帅向《华夏时报》记者表示，现货ETF可以通过证券交易所进行买卖，投资者可以像买卖股票一样方便地进行交易，相比于直接购买和持有比特币来说更加简单和便捷。
The Deputy Secretary-General of the China-Korea Property Networking Industry Association, Yuan, told the Washington Times journalists that spot ETFs could be traded through a stock exchange and that investors could trade as easily as stock, and that it was easier and easier to buy and hold bitcoins directly than to buy and hold them directly.
“综合分析来看，与现有的ETF产品相比，比特币现货ETF的主要不同在于其所持有的资产是实际的比特币。其他ETF产品可能持有的是衍生品合约或其他金融工具，而比特币现货ETF持有的是实际的比特币。这使得比特币现货ETF更加直接的反映了比特币市场的价格表现。”袁帅如是说。
“A comprehensive analysis shows that the main difference between the current ETF of Bitcoin is that the assets it holds are real bitcoins. Other ETF products may hold derivative contracts or other financial instruments, while the ETF of Bitcoin holds actual bitcoins.
事实上，自2013年以来，美国SEC已经拒绝了多个比特币现货ETF的申请，截至目前，已经有超过22家机构的申请被SEC拒绝。
Indeed, since 2013, the United States SEC has rejected several Bitcoin spot ETF applications and, to date, more than 22 agencies have been denied applications by the SEC.
相较于美国，加拿大和欧洲加密货币市场均已经率先上线比特币现货ETF产品，但并未激起多大的水花。
Compared to the United States, both Canada and the European crypto-currency market have taken the lead in offline Bitcoin spot ETF products, but have not provoked much water.
8月15日，总部位于英国伦敦的资产管理公司Jacobi推出了投资产品Jacobi FT Wilshire Bitcoin ETF，并将其在阿姆斯特丹泛欧交易所上市，交易代码为BCOIN。根据EURONEXT数据，截至目前，该ETF报价为17.73美元，已跌破18美元的发行价格，而除了18日当天发生4122起交易后，交易量迅速下降，表现相当平淡，加密社区的讨论都较为稀少。
On August 15, Jacobi, an English-based London-based asset management company, launched the investment product Jacobi FT Wilshire Bitcoin ETF and listed it on the Pan-European Exchange in Amsterdam, with a trading code BCOIN. According to EURONEXT data, the ETF has so far offered $17.73, which has fallen below the distribution price of $18, and the volume of transactions has declined rapidly, with relatively low performance, except for the 4122 transactions that occurred on 18th day.
在此之前，早在2021年，加拿大投资管理公司Purpose Investment便推出了四类产品，根据购买货币以及风险对冲，可分为用加元购买的BTCC和BTCC.B，两者差异在于前者可对冲美元风险，后者则不能，以及用美元购买并允许投资者以美元持有比特币的BTCC.U还有碳中和理念的BTCC.J，由于这四类产品仅在多伦多证券交易所上市，且不对美国用户开放，受众相对有限。
Prior to that, as early as 2021, the Canadian investment management company Purpose Investment introduced four categories of products, divided into BTCC and BTCC.B, which could be purchased in Canadian dollars on the basis of currency and risk hedges, the difference being that the former could run a United States dollar risk while the latter could not, and the BTCC.U and carbon neutral BTCC.J, which were purchased in United States dollars and allowed investors to hold Bitcoin in United States dollars, had a relatively limited audience as these four types of products were only marketed on the Toronto Stock Exchange and were not open to United States users.
需要注意的是，投资比特币相关ETF依旧存在较大风险。财经评论员张雪峰向《华夏时报》记者表示，比特币市场价格波动大，投资者应意识到数字资产市场的不稳定性和风险，并准备承担可能的损失。此外，投资比特币ETF意味着将信任ETF的发行者和管理者，如果这些实体面临财务或安全问题，投资者可能面临损失。
It is important to note that investment in bitcoin remains a high risk associated with ETFs. The financial reviewer, Chee Feng Zhang, told the Washington Times that the price of the Bitcoins market is volatile, that investors should be aware of the volatility and risks of the digital asset market and be prepared to bear the potential losses.
袁帅也表示，比特币市场受到各国法律和监管政策的影响，不同国家对比特币的态度和政策可能会对投资者产生不利影响。 比特币作为一种数字货币，存在网络安全和技术风险，如黑客攻击、数据泄露等，这可能对比特币的价值和投资者的资产造成损害。
Yuan also said that the Bitcoin market is influenced by national laws and regulatory policies, and that the attitudes and policies of different countries may adversely affect investors. As a digital currency, Bitcoin has cyber security and technological risks, such as hacker attacks, data leaks, etc., that may harm the value of the bitcoin and the assets of investors.
责任编辑：徐芸茜 主编：公培佳
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