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.

比特币和以太坊 ETF 在 2024 年的成功成为加密货币和传统金融市场的变革力量。随着当选总统唐纳德·特朗普当选，人们越来越猜测狗狗币 (DOGE) 这种受模因启发的加密货币是否有可能在 2025 年追随交易所交易基金 (ETF) 的脚步。

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.

当选总统特朗普承诺让美国成为加密货币领域的领导者，他的政府正在以支持加密货币的立场组建。值得注意的是，由狗狗币爱好者埃隆·马斯克牵头成立的政府效率部（DOGE）就体现了这一立场。

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 总裁 Nate Geraci 认为，新政府可能会为加密 ETF 提供更清晰的监管和审批流程的机会。 “希望政府能够迅速澄清哪些加密资产被视为证券，”杰拉奇说。 “一旦该框架建立起来，批准更多现货加密 ETF 的途径应该会更加简单。”

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."

尽管基金经理正在积极挖掘 Solana ETF 的潜力，并预计到 2025 年中期获得批准，但 DOGE ETF 的前景不太确定。全明星图表的一位加密货币分析师表示：“我非常有信心我们将在 2025 年上半年看到 Solana ETF 交易。” “DOGE 的可能性要小得多……华尔街倾向于青睐那些并非起源于模因的资产。”

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，尽管狗狗币起源于模因，但它已成为第六大加密货币，交易价格为 0.40 美元，市值为 590 亿美元。彭博社的高级 ETF 分析师 Eric Balchunas 认为，“曾经的一个笑话可能会成为一个严肃的投资选择。有人会尝试创建 DOGE ETF，因为……为什么不呢？”然而，由于其高度集中的所有权结构，狗狗币在展示公平的市场动态方面面临挑战。

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.

随着 SEC 主席 Gary Gensler 可能于 2025 年初离职，加密行业可能面临更有利的监管环境。美国商品期货交易委员会 (CFTC) 前主席克里斯·吉安卡洛 (Chris Giancarlo) 是拟议的“加密货币沙皇”角色的潜在候选人，他可能在塑造监管格局方面发挥关键作用。

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

无论 DOGE ETF 是否实现，特朗普政府似乎都准备好培育一个以加密货币为中心的金融产品时代。