SEC 新标准公布,现货 ETF 获批潮即将上演?

深潮Published on 2025-07-30Last updated on 2025-07-31

Coinbase 或成最大赢家。

撰文:1912212.eth,Foresight News

7 月 29 日,美国证券交易委员会(SEC)宣布批准加密资产交易所交易产品(ETP)的实物创建和赎回机制,此前,加密 ETP 主要采用现金创建和赎回模式,这一变化,大大降低交易成本并提高了效率。除此之外,美 SEC 还公布现货 ETF 的上市标准,新标准的实施预计将于 2025 年 9 月或 10 月生效,旨在简化 ETF 的上市流程,并为更多加密资产打开主流金融大门。

需在 Coinbase 等主流交易所期货上市至少 6 个月

SEC 的新上市标准主要聚焦于加密 ETP 的资格要求和运营机制。首先,实物创建和赎回(in-kind creations and redemptions)被正式允许,这意味着授权参与者可以用实际加密资产而非现金交换 ETP 份额。这种模式可以降低税收负担、减少交易摩擦,并提升 ETF 的流动性。SEC 主席在声明中强调,这一决定旨在为加密 ETP 提供与传统 ETF 相似的待遇,同时维护市场完整性。此前,加密 ETP 被迫使用现金模式,导致更高的运营成本和潜在的操纵风险。

此外,SEC 制定了“通用上市标准”,要求加密资产必须在 Coinbase 等主要交易所期货上市至少 6 个月。该规定旨在确保资产有足够的流动性和市场深度,避免操纵。据 Phyrex 援引文件显示,对于没有期货的代币或者是 Meme 币(例如 Bonk 和 Trump 币等)的较新的山寨币进行 ETF 化,则需要通过 40 Act 。

哪些项目 ETF 可能获批

比特币和以太坊的现货 ETF 已分别于 2024 年和 2025 年获批,这些产品将继续受益于实物机制的优化。

据 SoSoValue 数据显示,截止 2025 年 7 月 31 日,美国比特币现货 ETF 已累计总净流入达到 551.1 亿美元。美以太坊现货 ETF 已实现累计总净流入 96.2 亿美元,且在挣脱萎靡期后增势迅猛。现货 ETF 的获批,无疑对其币价支撑上涨起到良好效果。

新标准为山寨币打开了大门。Solana(SOL)和 Ripple(XRP)被视为首批受益者。Cboe 的提案明确提到,SOL 和 XRP ETP 预计在 2025 年第四季度推出,并有活跃的期货市场。XRP 的期货合约在今年 4 月 22 日正式在 Coinbase 上线,XRP 的跨境支付应用也吸引了机构兴趣。分析师预测,这些 ETF 的批准概率都较高,可能在 2025 年底前实现。

其他潜在项目包括 Chainlink、Polkadot 和 Cardano 等,这些币种满足上市时长要求,并有新兴期货合约支持。不过,并非所有项目都能过关: DOGE 可能因缺乏期货历史而被排除,除非其市场成熟度提升。总体上,新标准预计将批准 10-15 个新 ETF,覆盖市值前 20 的加密资产,推动行业从投机向投资转型。

Coinbase 或成最大受益方

5 月 9 日,Coinbase 子公司 Coinbase Derivatives 上线美国首个受 CFTC 监管的比特币与以太坊杠杆期货 24/7 交易服务,覆盖零售与机构用户。这标志着美国衍生品市场首次实现全天候交易,用户可在任意时间对冲风险、捕捉市场机会。Coinbase 还计划引入 perpetual 合约,未来将提供更多合规衍生品。

Coinbase 作为美国最大的加密交易所,将从 SEC 新标准中显著受益。首先,标准直接引用 Coinbase 作为资格基准:在平台上交易 6 个月以上的币种有资格申请 ETP,这强化了 Coinbase 的监管影响力。 这意味着 Coinbase 上市的资产更容易转化为 ETF 产品,吸引更多发行人与其合作。例如,Coinbase 已担任多个比特币和以太坊 ETF 的托管人,2025 年第一季度其托管业务收入增长 30%。

其次,新标准将增加 Coinbase 的交易量和收入。实物赎回机制要求 ETF 发行人持有实际加密资产,这将推动机构通过 Coinbase 进行大宗交易。Bloomberg 分析师估计,这可能为 Coinbase 带来每年额外 10 亿美元的费用收入。 此外,随着更多 ETF 获批,散户投资者将转向 Coinbase 购买底层资产,形成正反馈循环。

今年 2 月 21 日,美 SEC 撤销对 Coinbase 的诉讼,且无任何罚款。政策上,Coinbase 已无大阻碍。新标准提升了 Coinbase 的合法性,使其从监管对手转向合作伙伴。

CFTC 对现货 ETF 审批权或被前置

美国商品期货交易委员会 CFTC 作为商品监管机构,在现货 ETF 领域的角色日益重要。加密资产如比特币被视为商品,因此现货 ETF 的监管涉及 SEC 与 CFTC 的协调。2025 年,白宫政策报告呼吁两者加强合作,包括建立“安全港”机制以避免监管重叠。 CFTC 的领导真空(主席职位空缺)已导致决策延迟,但这也为加密行业提供了机会:CFTC 倾向于更宽松的商品框架,可能加速现货 ETF 的衍生品创新。如果 CFTC 进一步将更多加密视为商品,现货 ETF 的批准将更快,减少 SEC 的证券审查负担。

目前监管部门似乎找到了平衡术,推特 KOL qianbafrank 就评论表示,美 SEC 新的上市标准意味着「SEC 对加密资产现货 ETF 的批审权前置到 CFCT 了(商品及期货委员会),因为 CFCT 是哪些资产可以拥有期货合约的主要决策审批监管机构。」

不过,CFTC 的影响力也带来挑战:如果加密期货市场操纵事件增多,CFTC 可能加强审查,间接拖累现货 ETF。报告显示,2025 年 CFTC 已处理多起加密欺诈案,这可能要求 ETF 发行人遵守更严格的报告标准。

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