比特币现货ETF发行方和SEC开会33次 这次在争论什么？距离发行还有多远？

比特币现货ETF的发行方与美国证监会（SEC）已经举行了33次会议，之前的讨论集中在比特币托管问题上，而现在的焦点转移到了ETF份额的生成和赎回方式上。

ETF份额的生成有两种方式，一是实物交换，二是现金买入。实物交换涉及授权参与者（AP）和做市商将比特币交给ETF发行方，然后发行方将ETF份额交给AP和做市商销售。这实际上是用比特币实物交换ETF份额，其中AP通常是指美国的大型银行。现金买入则是AP和做市商将现金交给ETF发行方，由发行方去购买比特币。这个在我昨天的文章里有详细解说，整个生成和赎回方式贝莱德最新提案——SEC更偏好的现金赎回模式的比特币现货ETF与实物赎回模式的区别。

这两种方式的主要区别在于谁来购买比特币。实物交换由做市商和AP购买比特币，而现金买入则由ETF发行方购买。尽管看似无关紧要，但在SEC看来，这两种方式的区别极为重要。在美国的3000多只ETF中，大多数都是通过实物交换方式生成份额的，只有少数几只是通过现金买入方式。然而这次SEC强烈要求比特币现货ETF的申请机构使用现金买入方式。哪怕目前多个比特币现货ETF发行方都不愿意采用现金买入方式，但在与SEC的密集会议后，他们也不得不修改招股说明书，以适应SEC的要求。像Invesco、Bitwise和Valkyrie首先接受了现金买入方式。12月18日，大牌明星木头姐和贝莱德在多次修改招股说明书后也接受了现金买入方式，现在他们只要求能获得批准就行。

对于实物交换方式，如果AP和做市商已经拥有比特币，或者从其他来源获得大量比特币，他们就不必在市场上大量购买。这些比特币可能来自于那些希望将来源不明的比特币换成干净美元的人。在这种情况下，AP和做市商在接收比特币时不需要调查每一枚比特币的来源。例如，灰度的GBTC在向私人用户开放时，可以接收比特币现货或现金，而在接收比特币现货时，不需要调查每一枚比特币的来源。

相比之下，现金买入方式要求AP和做市商将现金交给ETF发行方，然后由发行方去购买比特币。这种方式的交易都有明确记录，像贝莱德或木头姐等就不会在不受美国监管的交易平台购买比特币。

SEC需要监管许多事务，但也需要放手许多事务。因此，SEC划定了一条线，从这里开始，所有事务都需要清晰申报，以前的事情实在难以管理。

对ETF发行方和想购买比特币ETF的人来说，实物交换当然是最佳选择。AP和做市商购买比特币，这样ETF发行方就不需要成立专门部门来买卖比特币。在过去30年中，买卖底层资产的任务一直由AP和做市商负责，ETF发行方只负责行政工作，不参与实际交易。对于购买ETF的人来说，使用实物交换方式也会节省税款。

然而，SEC不允许比特币ETF的发行方使用实物交换方式，主要有两个原因：

除了昨天文章所说的现金赎回模式在操作上更为简便，使得监管过程更加直接和透明，便于监管机构进行有效监控和审计，也可以降低因大规模赎回或购买活动直接影响比特币市场价格的风险，从而减少市场操纵的可能性外：

• SEC认为这样做可能为洗钱提供途径。

  
  

  The issuer of bitcoin spot has held a meeting with the Securities and Futures Commission of the United States. The previous discussion focused on the custody of bitcoin, but now the focus has shifted to the generation and redemption of shares. There are two ways to generate shares: one is physical exchange, and the other is cash purchase physical exchange, which involves authorizing participants and market makers to hand over bitcoin to the issuer, and then the issuer will hand over the shares to the market makers for sale. This is actually a physical exchange of shares with bitcoin, which usually refers to large banks in the United States. Gold buying is the difference between the cash redemption mode preferred by BlackRock's latest proposal and the cash redemption mode which is explained in detail in my article yesterday. The main difference between these two modes is who will buy bitcoin. The physical exchange is between the market maker and the purchase of bitcoin, while the cash purchase is purchased by the issuer. Although it seems irrelevant, it seems that these two modes are very different. Most of the most important companies in the United States generate shares through physical exchange, and only a few of them only buy in cash. However, this time, the applicants for bitcoin spot are strongly required to use cash purchase. Even though many bitcoin spot issuers are unwilling to use cash purchase at present, they have to modify the prospectus to meet the requirements after intensive meetings with them, such as the big-name stars Mujie and BlackRock who accepted the cash purchase method first. After revising the prospectus, they also accepted the cash purchase method. Now they only need to get approval. For the physical exchange method, if they already own bitcoin with the market maker or get a lot of bitcoin from other sources, they don't have to buy a lot of bitcoin in the market. These bitcoins may come from those who want to change bitcoin from unknown sources into clean dollars. In this case, when receiving bitcoins, they don't need to investigate the source of each bitcoin, such as gray-scale private. Users can receive bitcoin spot or cash when they are open, but they don't need to investigate the source of each bitcoin when they receive bitcoin spot. In contrast, the cash purchase method requires that the market maker give cash to the issuer and then the issuer buys bitcoin. The transactions in this way are clearly recorded. For example, BlackRock or Mujie will not buy bitcoin on a trading platform that is not regulated by the United States, but they need to supervise many things, so a line has been drawn to start from here. Everything needs to be clearly declared. It is really difficult to manage the previous affairs. For issuers and people who want to buy bitcoin, physical exchange is of course the best choice. Market makers buy bitcoin, so issuers don't need to set up a special department to buy and sell bitcoin. In the past year, the task of buying and selling underlying assets has been handled by market makers. Issuers are only responsible for administrative work and do not participate in actual transactions. For buyers, using physical exchange will also save taxes. However, issuers of bitcoin are not allowed. There are two main reasons for using the physical exchange method, except that the cash redemption mode mentioned in yesterday's article is easier to operate, which makes the supervision process more direct and transparent, and facilitates the effective monitoring and auditing by the regulatory agencies. It can also reduce the risk of direct impact on the bitcoin market price due to large-scale redemption or purchase activities, thus reducing the possibility of market manipulation, and it is believed that this may provide a way for money laundering. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

• 根据现行法规，美国大型银行不被允许直接购买比特币

如果SEC允许实物交换方式，那就相当于默认允许银行直接购买比特币。如果允许实物交换，贝莱德和灰度将具有先发优势。例如，贝莱德去年8月与Coinbase达成协议，发行私人信托，帮助机构用户和高净值个人持有比特币。如果能够发行新的比特币现货ETF，贝莱德可能将已持有的比特币放入新ETF，从而扩大其管理规模。对于灰度的GBTC来说，如果能将其持有的62万枚比特币导入新的ETF，那么在管理规模上无人能及。但如果使用现金买入方式，灰度可能无法将以前的比特币导入新的ETF，这取决于SEC的规定。

批准后，他们还需要等待几天才能开始交易，这是不确定的，因为没有规定必须在几天后开始交易，尤其是采用现金买入方式的情况下。

另外ETF发行方需要时间来找人成立交易比特币的团队。对于想买ETF的人来说，这种方式是否会增加税负，目前还不敢百分之百肯定。无论是彭博社的顶级分析师还是税法律师，他们都说不清楚，因为美国历史上没有以大宗商品为底层资产的ETF采用现金买入方式生成份额，都是通过实物交换方式。

预计第一只比特币现货ETF最快什么时候发行？

话说回来SEC是否会在同一天批准GBDC和木头姐的ARKB，谁也说不清楚。但大概率这次讨论完，接下来可争论的点也就不多了，美国证监会（SEC）目前正审查13家公司提交的比特币现货ETF申请，第13家申请的时间比前12家晚。有希望SEC会一次性批准这12家公司的申请，这种期望源于SEC之前的审批模式。审批流程包括初期的45天，可能的三次延期（分别为45天、90天、60天），总计最长240天。前9家公司的必要流程已完成，第10家Global X的评论期将于12月22日结束；ARKB的最终截止日期为1月10日。HashDex和Franklin还处于评论期，该期限将在1月5日结束。SEC的时间安排表明，第一批12家公司的审批可能在1月8日至10日之间完成。

但这只是个人看法，并非确定的结果；SEC也可能不会批准任何一家。即便在灰度公司诉讼胜诉的情况下，法官也只能要求SEC重新考虑决定，而不能强制批准。

在加密行业，大家都处于探索阶段，如果SEC先批准现金买入方式，以后可能会逐渐转向批准实物交换方式。

SEC和ETF发行方的会议后，会公布会议时间和与会人员，如果有PPT演讲，也会公布PPT。但几个人面对面坐在那里，详细讨论了什么内容，争论了什么，这是不公开的。我们只能通过公开资料和各个ETF发行方的反应来了解情况，Aiying也会持续跟进。