加密 ETF 的「诺曼底时刻」:SEC 新规默许质押收益,Coinbase 成最大赢家

深潮TechFlowPubblicato 2025-07-30Pubblicato ultima volta 2025-07-31

Introduzione

新规将加速加密资产融入传统金融,而 Coinbase 的生态系统优势使其成为连接两大领域的关键枢纽。

撰文:Luke,火星财经


2024 年 1 月,比特币现货 ETF 的获批,是加密资产攻入传统金融堡垒的一次成功的「抢滩登陆」。然而,真正的「诺曼底时刻」——那场决定未来战局、成建制、大规模的「主力部队」登陆,正随着近期一份看似平淡的监管文件悄然开启。


近日,由 Cboe BZX 交易所和纳斯达克提交的规则变更提案(SR-CboeBZX-2025-104 等),正试图为山寨币(Altcoins)建立一条「通用上市标准」的快车道。这并非一次小规模的增援,而是一场精心策划的「制度化登陆」。其核心战术有二:一是开辟一条标准化的高速公路,让后续部队(山寨币 ETF)能源源不断地进入;二是在武器库中悄然加入了一项「新式武器」——被监管「默许」的质押收益(Staking Yields)。


而在这场波澜壮阔的金融变革图景中,当我们仔细审视「登陆场」的地理位置和「后勤补给线」的掌控者时,一个名字赫然浮现:Coinbase。这家美国最大的加密交易所,正凭借其无可比拟的生态系统优势,被这套新规不经意地推上了「最大赢家」的宝座。


从逐案审批到高速公路


此前,任何加密 ETF 的诞生都需经历 SEC 漫长而严苛的「逐案审批」,充满了不确定性。而新的「通用上市标准」彻底改变了游戏规则,其核心是:任何一个加密资产,只要其期货合约在 CFTC 监管下的市场(如 CME 或 Coinbase 衍生品交易所)稳定交易满六个月,其现货 ETF 就有资格通过「快车道」上市。


SEC 的意图是建立一套可扩展的监管框架,但客观上,这却将审批权的一部分「下放」了。新的权力中心,从华盛顿的 SEC 办公室,转移到了那些能够提供合规期货交易的平台门口。


虽然 CME 也是其中之一,但其更专注于比特币、以太坊等超大盘资产。对于广阔的山寨币世界而言,真正的「滩头堡」无疑是 Coinbase 衍生品交易所。它拥有上架更多元化山寨币期货的灵活性和意愿。因此,一个项目能否让自己的代币 ETF 化,其第一道、也是最关键的一道关卡,从游说 SEC 议员,变成了努力在 Coinbase Derivatives 上线其期货产品。


第一波登陆部队:候选名单已清晰可见


这套清晰的规则,让我们得以首次摆脱纯粹的猜测,能够基于一个明确的公式,直接锁定第一批「登陆部队」的名单。这些「先头部队」已经完成了在合规期货市场的「战前演练」,弹药充足,只待冲锋号吹响。


根据这一逻辑推断,首批最有可能获批的山寨币 ETF 候选名单已跃然纸上:


来自 Coinbase 阵营的选手包括:Avalanche (AVAX)、Chainlink (LNK)、Polkadot (DOT),甚至包括市场热度极高的 Shiba Inu (SHB)。这些代币的期货合约在 2024 年就已在 Coinbase Derivatives 备案或上线,到新规正式通过之时,其「服役」时间将远超六个月的硬性要求。

  • 来自 CME 阵营的重量级选手则是 Solana (SOL),其期货产品在机构云集的 CME 上早已稳定运行,具备极强的合规基础。
  • 因此,当市场还在热议「下一个获批的会是谁」时,答案其实已经隐藏在交易所的公开信息里。这批资产将是新规通过后,第一波冲击华尔街的 ETF 产品。紧随其后的,将是像 Cardano (ADA) 这样期货上线稍晚、构成「第二梯队」的资产。


Coinbase 为何是「天选之子」


如果说成为「准入闸口」是新规带来的战略优势,那么其中关于质押的条款,则直接指向了巨大的商业利益。当我们可以预见一只「附带质押收益的 Solana ETF」或「Polkadot ETF」的出现时,就能理解这一条款的威力。


新规 14.11(e)(4)(G) 条款精妙地规定,只要 ETF 发行商能确保有 85% 的资产可随时赎回,或为此建立完备的「流动性风险管理计划」,那么包含质押收益的 ETF 产品就是被允许的。这等于「默许」了将 DeFi 世界的原生收益机制,打包进华尔街最主流的金融产品中。


而谁是这项业务的最大受益者?依然是 Coinbase。作为全球最大、最受信任的机构级质押服务商之一,Coinbase Custody 几乎是所有 ETF 发行商的首选合作伙伴。无论是上述名单中的哪一个代币被 ETF 化并附带质押,Coinbase 都将通过提供托管和质押服务,赚取服务费和收益分成,其质押业务部门将迎来爆发式增长。


综合来看,SEC 的新规就像是为 Coinbase 的「全栈式」商业模式量身定做的一份大礼。它完美地串联起了 Coinbase 生态系统中的每一个环节,形成了一个强大的商业飞轮:

  • 期货市场(入口):Coinbase Derivatives 成为 ETF 的「资格认证中心」,吸引所有渴望被主流接纳的项目方前来「朝圣」,带来交易量和上币费。
  • 质押与托管(引擎):Coinbase Custody 成为质押型 ETF 的「核心基础设施」,为 AVAX、SOL、DOT 等未来 ETF 的底层资产提供服务。
  • 现货市场(基础):ETF 的申购与赎回机制将为 Coinbase 的现货市场带来海量的交易深度和手续费收入。
  • 监管合作(护城河):ETF 发行商必须与底层期货市场签订「监控共享协议」,这让 Coinbase 成为了贝莱德、富达等华尔街巨头在山寨币领域不可或缺的「监管科技」合作伙伴。

这一系列优势环环相扣,使 Coinbase 从一个加密行业的领军者,转变为连接加密世界与传统金融的「核心枢纽」。


结语:从「监视 SEC」到「关注 Coinbase」


正如「诺曼底登陆」标志着二战欧洲战场的转折,这次「通用上市标准」的提出,也标志着加密资产融入主流金融的转折点。它预示着一个新时代的到来:一个由清晰规则驱动、可大规模复制的山寨币 ETF 化时代。


而在这场宏大的历史进程中,SEC 通过一次巧妙的制度设计,在解决了自身监管难题的同时,也无意中「加冕」了新的王者。市场的焦点,或许将从日复一日地猜测 SEC 的态度,转向更加实际地关注 Coinbase 的下一步棋——因为它的每一次期货上币决策,都可能是在为下一只登陆华尔街的、名单已清晰可见的 ETF,吹响集结的号角。

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