The success of Bitcoin and Ethereum ETFs in 2024 has been a transformative force in the cryptocurrency and traditional financial markets. With the election of President-elect Donald Trump, speculation is growing about the potential for Dogecoin (DOGE), the meme-inspired cryptocurrency, to follow suit with an exchange-traded fund (ETF) in 2025.

比特幣和以太幣 ETF 在 2024 年的成功成為加密貨幣和傳統金融市場的變革力量。隨著當選總統唐納德·川普當選，人們越來越猜測狗狗幣 (DOGE) 這種受迷因啟發的加密貨幣是否有可能在 2025 年追隨交易所交易基金 (ETF) 的腳步。

President-elect Trump has pledged to make the U.S. a leader in the cryptocurrency space, and his administration is taking shape with a pro-crypto stance. Notably, the creation of the Department of Government Efficiency (DOGE), spearheaded by Dogecoin enthusiast Elon Musk, reflects this stance.

當選總統川普承諾讓美國成為加密貨幣領域的領導者，他的政府正在以支持加密貨幣的立場組成。值得注意的是，由狗狗幣愛好者馬斯克主導成立的政府效率部（DOGE）就體現了這一立場。

Nate Geraci, President of ETF Store, believes the new administration may provide opportunities for clearer regulation and approval processes for crypto ETFs. "The hope is that the administration will swiftly clarify which crypto assets are considered securities," Geraci said. "Once that framework is established, the path to approval for more spot crypto ETFs should be more straightforward."

ETF Store 總裁 Nate Geraci 認為，新政府可能會為加密 ETF 提供更清晰的監管和審批流程的機會。 「希望政府能夠迅速澄清哪些加密資產被視為證券，」傑拉奇說。 “一旦該框架建立起來，批准更多現貨加密 ETF 的途徑應該會更加簡單。”

While fund managers are actively pursuing the potential for Solana ETFs, with expectations of approvals by mid-2025, the outlook for a DOGE ETF is less certain. "I am quite confident we will see a Solana ETF trading in the first half of 2025," said a crypto analyst with All-Star Charts. "DOGE is far less likely... Wall Street tends to favor assets that did not originate as memes."

儘管基金經理人正在積極挖掘 Solana ETF 的潛力，並預計在 2025 年中期獲得批准，但 DOGE ETF 的前景不太確定。全明星圖表的一位加密貨幣分析師表示：“我非常有信心我們將在 2025 年上半年看到 Solana ETF 交易。” “DOGE 的可能性要小得多……華爾街傾向於青睞那些並非起源於模因的資產。”

However, despite its memetic origins, Dogecoin has emerged as the sixth-largest cryptocurrency, trading at $0.40 with a market capitalization of $59 billion. Bloomberg's senior ETF analyst Eric Balchunas believes that "what was once a joke could become a serious investment option. Someone will try to create a DOGE ETF because... why not?" However, Dogecoin faces challenges in demonstrating fair market dynamics due to its highly concentrated ownership structure.

然而，儘管狗狗幣起源於迷因，但它已成為第六大加密貨幣，交易價格為 0.40 美元，市值為 590 億美元。彭博社的高級 ETF 分析師 Eric Balchunas 認為，“曾經的一個笑話可能會成為一個嚴肅的投資選擇。有人會嘗試創建 DOGE ETF，因為……為什麼不呢？”然而，由於其高度集中的所有權結構，狗狗幣在展示公平的市場動態方面面臨挑戰。

With the potential departure of SEC Chair Gary Gensler in early 2025, the crypto industry could face a more favorable regulatory environment. Former CFTC Chair Chris Giancarlo, a potential candidate for the proposed "Crypto Czar" role, may play a pivotal role in shaping the regulatory landscape.

隨著 SEC 主席 Gary Gensler 可能在 2025 年初離職，加密產業可能面臨更有利的監管環境。美國商品期貨交易委員會 (CFTC) 前主席 Chris Giancarlo 是擬議的「加密貨幣沙皇」角色的潛在候選人，他可能在塑造監管格局方面發揮關鍵作用。

Regardless of whether a DOGE ETF materializes, the Trump administration appears poised to foster an era of crypto-focused financial products.

無論 DOGE ETF 是否實現，川普政府似乎都準備好培育一個以加密貨幣為中心的金融產品時代。