Why is the issuance of Bitcoin ETF smooth in the United States, but the issuance of Ethereum ETF has been delayed again and again? ?
The main reason is regulatory disputes.
In the U.S. financial regulatory environment, is the digital asset ETH on Ethereum an ordinary asset or an unregistered security? There is still controversy over the determination of this issue. The root cause of the dispute over the nature of ETH is the game of regulatory power - if ETH is identified as an ordinary asset and belongs to a "digital commodity", it will be regulated by the U.S. Commodity Futures Trading Commission; if ETH is considered to have the same mode of earning income through on-chain staking as the nature of traditional financial "investment contracts", then it may be identified as a security and regulated by the U.S. SEC.
In the United States, the issuance of securities needs to be registered with the U.S. SEC. If ETH is identified as a security and is subject to the supervision of the U.S. SEC, it needs to be registered with the regulatory department before it can be issued and traded; if it is not registered, and the transaction of the issuer's issuance of securities does not meet the conditions for exemption from registration, this group of Ethereum ETF issuers may face enforcement actions or sanctions from regulators for "issuing unregistered securities" and non-compliant transactions.
However, the digital asset BTC on Bitcoin does not face such regulatory challenges because there is no on-chain pledge, and the certainty of asset positioning is relatively high, so it can be issued smoothly.
It is worth noting that the US SEC has not commented on the "qualification of ETH" and "whether the Ethereum ETF will be issued" so far, and has not issued any official opinions.
This is also one of the more important reasons at present!
