{"id":10291,"date":"2024-05-24T15:00:00","date_gmt":"2024-05-24T15:00:00","guid":{"rendered":"https:\/\/virconlegal.com\/coindesk-turkiye-ethereum-etf-hukuki-altyapi\/"},"modified":"2026-05-14T06:12:26","modified_gmt":"2026-05-14T06:12:26","slug":"coindesk-turkiye-ethereum-etf-hukuki-altyapi","status":"publish","type":"post","link":"https:\/\/virconlegal.com\/tr\/coindesk-turkiye-ethereum-etf-hukuki-altyapi\/","title":{"rendered":"Ethereum ETF’leri Onayland\u0131, G\u00f6zler Hukuki Ad\u0131mlarda | CoinDesk T\u00fcrkiye Canl\u0131 Yay\u0131n"},"content":{"rendered":"

24 May\u0131s 2024’te CoinDesk T\u00fcrkiye<\/strong>‘nin Haftaya Bak\u0131\u015f<\/em> canl\u0131 yay\u0131n\u0131na ba\u011flanan Y\u00f6netici Orta\u011f\u0131m\u0131z Erdem M\u00fcmtaz Hac\u0131pa\u015fao\u011flu<\/a>, SEC’in spot Ethereum ETF ba\u015fvurular\u0131na verdi\u011fi 19b-4 onay\u0131n\u0131 ve \u00f6n\u00fcm\u00fczdeki d\u00f6nemde T\u00fcrkiye’deki kripto varl\u0131k tasla\u011f\u0131yla birlikte olu\u015facak hukuki \u00e7er\u00e7eveyi de\u011ferlendirdi.<\/p>\n

Yay\u0131n\u0131n merkezindeki tez netti: SEC’in 19b-4 onay\u0131, spot Ethereum ETF’leri i\u00e7in kap\u0131y\u0131 aralad\u0131 ama ticari ba\u015flang\u0131\u00e7 i\u00e7in S-1 ba\u015fvurular\u0131n\u0131n da onaylanmas\u0131 gerekiyor; bu arada T\u00fcrkiye’de TBMM’ye sunulan kripto varl\u0131k tasla\u011f\u0131, MiCA \u00e7izgisinde okunabilir bir mimari kurarak SPK’y\u0131 b\u00fct\u00fcn token t\u00fcrleri i\u00e7in bask\u0131n otorite konumuna getiriyor.<\/strong><\/p>\n

Ethereum ETF: iki a\u015famal\u0131 onay ve 10 g\u00fcnl\u00fck idari pencere<\/h3>\n

M\u00fcmtaz, Ethereum ETF onay\u0131n\u0131n iki a\u015famal\u0131 bir s\u00fcre\u00e7 oldu\u011funu vurgulad\u0131: 19b-4 onay\u0131<\/strong>, SEC’in \u00fcst kurulundan de\u011fil alt ekiplerden gelen, idari yetki devriyle verilen bir onay; s\u00fcre\u00e7 sonras\u0131 10 g\u00fcnl\u00fck bir idari pencere<\/strong> i\u00e7inde itiraz m\u00fcmk\u00fcn ve sonras\u0131nda S-1 ba\u015fvurular\u0131n\u0131n da onaylanmas\u0131<\/strong> gerekiyor. “Sevinmek i\u00e7in biraz erken” diyen M\u00fcmtaz, 9 g\u00fcn i\u00e7inde itiraz gelmemesi halinde ticari tarafta Ethereum ETF’lerinin g\u00f6r\u00fclece\u011fini ifade etti. Bitcoin ETF s\u00fcreciyle kar\u015f\u0131la\u015ft\u0131rma yap\u0131ld\u0131\u011f\u0131nda, Bitcoin ETF’lerinin onay\u0131n\u0131 engelleyici davalar nedeniyle \u00e7ok sanc\u0131l\u0131 ge\u00e7ti\u011fini, Ethereum’da ise araya giren bir davan\u0131n olmamas\u0131n\u0131n s\u00fcreci g\u00f6rece h\u0131zland\u0131rd\u0131\u011f\u0131n\u0131 aktard\u0131.<\/p>\n

Geleneksel finans ile kripto aras\u0131nda k\u00f6pr\u00fc<\/h3>\n

M\u00fcmtaz, kripto varl\u0131k ETF’lerinin geleneksel finans ile kripto aras\u0131nda \u00e7ok \u00f6nemli bir k\u00f6pr\u00fc kurdu\u011funu<\/strong> vurgulad\u0131: ETF’ler artt\u0131k\u00e7a geleneksel finans taraf\u0131ndaki yat\u0131r\u0131mc\u0131lar\u0131n kripto adaptasyonu h\u0131zlan\u0131yor, kurumsal fonlar taraf\u0131nda ETH al\u0131mlar\u0131 art\u0131yor ve genel halk i\u00e7in kriptoya eri\u015fim kolayla\u015f\u0131yor. Bu a\u00e7\u0131dan onay s\u00fcreci ekosistem i\u00e7in “g\u00fczel bir haber” olarak konumland\u0131.<\/p>\n

Se\u00e7im bask\u0131s\u0131 ve SEC’in hukuki ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131<\/h3>\n

Kas\u0131m’daki ABD se\u00e7imlerinin SEC \u00fczerindeki bask\u0131s\u0131 soruldu\u011funda M\u00fcmtaz, reg\u00fclat\u00f6rlerin hukuken merkez idareden ayr\u0131 konumland\u0131\u011f\u0131n\u0131, bizim hukukumuza g\u00f6re Amerika’da SEC’in \u00e7ok daha ba\u011f\u0131ms\u0131z oldu\u011funu hat\u0131rlatt\u0131; ancak siyasi r\u00fczgarlardan tam soyutlanman\u0131n pratikte m\u00fcmk\u00fcn olmad\u0131\u011f\u0131n\u0131<\/strong> belirtti. Trump’\u0131n kripto kar\u015f\u0131t\u0131 \u00e7izgiden kripto ba\u011f\u0131\u015f\u0131 toplayan ve ekosistemle yak\u0131nla\u015fan bir aday hatt\u0131na ge\u00e7i\u015fi, ekosistemin influencer’lar\u0131n\u0131n bask\u0131s\u0131, kripto varl\u0131klar\u0131n s\u0131n\u0131fland\u0131r\u0131lmas\u0131nda y\u0131llar \u00f6ncesinden kalma testlerin (Howey) h\u00e2l\u00e2 kullan\u0131l\u0131yor olmas\u0131<\/strong> ve giderek artan kurumsal etki \u2014 bunlar\u0131n hepsi SEC’in pozisyonunu \u00e7er\u00e7eveleyen de\u011fi\u015fkenler olarak de\u011ferlendirildi.<\/p>\n

Staking, security tart\u0131\u015fmas\u0131 ve sadele\u015fen tan\u0131mlar<\/h3>\n

M\u00fcmtaz, ETF ba\u015fvurular\u0131nda staking k\u0131sm\u0131n\u0131n kald\u0131r\u0131larak revize edilmesini, Ethereum’un uzun y\u0131llard\u0131r s\u00fcren menkul k\u0131ymet (security) tart\u0131\u015fmas\u0131yla birlikte ele ald\u0131. Proof of stake ile staking kavramlar\u0131n\u0131n reg\u00fclat\u00f6rler taraf\u0131ndan bile zaman zaman kar\u0131\u015ft\u0131r\u0131ld\u0131\u011f\u0131n\u0131<\/strong>, T\u00fcrkiye’deki kripto varl\u0131k yasa taraf\u0131nda da benzer izlerin g\u00f6r\u00fcld\u00fc\u011f\u00fcn\u00fc s\u00f6yledi. Yeni d\u00f6nemde Ethereum’un \u00e7ok daha anla\u015f\u0131l\u0131r bir hukuki kategoriye d\u00f6n\u00fc\u015fece\u011fini, kurumsalla\u015fma ve ETF s\u00fcreciyle birlikte tan\u0131mlar\u0131n sadele\u015fece\u011fini \u00f6ng\u00f6rd\u00fc; merkeziyetsiz cephenin geleneksel finansa \u00f6d\u00fcn verdi\u011fi bir trade-off’un y\u00f6netilmek zorunda oldu\u011funu vurgulad\u0131.<\/p>\n

Pandora’n\u0131n kutusu: di\u011fer projeler i\u00e7in ETF<\/h3>\n

Solana, Avalanche ve hatta PancakeSwap (CAKE) gibi tokenlar i\u00e7in ETF ba\u015fvurular\u0131n\u0131n da g\u00fcndeme geldi\u011fi tart\u0131\u015fmas\u0131nda M\u00fcmtaz, \u015fahsi g\u00f6r\u00fc\u015f\u00fcn\u00fcn “Pandora’n\u0131n kutusu a\u00e7\u0131ld\u0131”<\/strong> oldu\u011funu ifade etti. Bitcoin ve Ethereum sonras\u0131 eklenebilecek 5 farkl\u0131 token\u0131n da hi\u00e7 fena ilerlemedi\u011fini, emsal te\u015fkilinin di\u011fer projelerin onaylar\u0131n\u0131 \u00e7ok daha h\u0131zland\u0131raca\u011f\u0131n\u0131 s\u00f6yledi. Ancak y\u00fczeyin alt\u0131nda reg\u00fclat\u00f6rle aylar \u2014 hatta y\u0131llarca s\u00fcren lobi, ili\u015fki kurma ve kamuoyu in\u015fas\u0131 s\u00fcre\u00e7leri<\/strong> oldu\u011funu hat\u0131rlatt\u0131; bug\u00fcn ba\u015flayan bir projenin k\u0131sa vadede harekete ge\u00e7mesinin m\u00fcmk\u00fcn olmad\u0131\u011f\u0131n\u0131, orta-uzun vadede ise r\u00fczgar\u0131n a\u00e7\u0131k\u00e7a onaylar y\u00f6n\u00fcnde oldu\u011funu belirtti.<\/p>\n

T\u00fcrkiye kripto varl\u0131k tasla\u011f\u0131: MiCA \u00e7izgisinde, SPK’n\u0131n g\u00fc\u00e7lendirildi\u011fi bir mimari<\/h3>\n

TBMM’ye sunulan kripto varl\u0131k tasla\u011f\u0131n\u0131 “hukuk\u00e7u perspektifinden \u00f6ylesine yaz\u0131lm\u0131\u015f, kafadan at\u0131lm\u0131\u015f bir taslak”<\/strong> olmad\u0131\u011f\u0131n\u0131 s\u00f6yleyen M\u00fcmtaz, Kas\u0131m’dan beri yedi ana taslak de\u011fi\u015fikli\u011finin sonucunda ortaya \u00e7\u0131kan metnin, token s\u0131n\u0131fland\u0131rmas\u0131 itibariyle MiCA’n\u0131n (Avrupa’n\u0131n kripto varl\u0131k reg\u00fclasyonunun) okundu\u011funu ve anla\u015f\u0131lmaya \u00e7al\u0131\u015f\u0131ld\u0131\u011f\u0131n\u0131 g\u00f6sterdi\u011fini<\/strong> aktard\u0131. ABD modelinde menkul k\u0131ymet tokenlar SEC alt\u0131nda, di\u011fer tokenlar farkl\u0131 reg\u00fclat\u00f6rler alt\u0131nda konumlan\u0131rken T\u00fcrkiye’de \u00e7\u0131kard\u0131\u011f\u0131n\u0131z token ne olursa olsun (meme token dahil) SPK alt\u0131nda<\/strong> g\u00f6r\u00fcn\u00fcyor \u2014 bu y\u00f6n\u00fcyle g\u00fc\u00e7l\u00fc bir merkez\u00eele\u015ftirici d\u00fczenleme.<\/p>\n

\u0130\u00e7eride t\u00fcketiciyi koruma yakla\u015f\u0131m\u0131n\u0131n<\/strong> belirgin oldu\u011funu s\u00f6yleyen M\u00fcmtaz, y\u00f6netim kurulu sorumlulu\u011funun art\u0131r\u0131lmas\u0131n\u0131, olas\u0131 ihlallerde 5 y\u0131la kadar hapis cezas\u0131na varan yapt\u0131r\u0131mlar\u0131 ve y\u00fcksek idari para cezalar\u0131n\u0131 \u00f6ne \u00e7\u0131kard\u0131. KYC ve AML taraf\u0131n\u0131n \u00e7ok s\u0131k\u0131 d\u00fczenlendi\u011fini<\/strong>, ikincil d\u00fczenlemelerle birlikte etkilerinin daha belirgin g\u00f6r\u00fclece\u011fini ifade etti. Bununla birlikte lisans \u00fccretleri, sermaye yeterlili\u011fi, ge\u00e7i\u015f s\u00fcreci uzunlu\u011fu gibi pek \u00e7ok ba\u015fl\u0131kta b\u00fcy\u00fck bir belirsizlik<\/strong> oldu\u011funu, tasla\u011f\u0131n \u00e7\u0131k\u0131\u015f\u0131ndan itibaren bir ay i\u00e7inde ba\u015fvuru veya \u00fc\u00e7 ay i\u00e7inde kapatma karar\u0131 gerektiren k\u0131sa ge\u00e7i\u015f s\u00fcresinin sekt\u00f6r\u00fc h\u0131zl\u0131 konumlanmaya itti\u011fini belirtti.<\/p>\n

Konumlanmak i\u00e7in do\u011fru zaman<\/h3>\n

M\u00fcmtaz, ge\u00e7i\u015f s\u00fcrecinde reg\u00fclat\u00f6r\u00fcn halihaz\u0131rda mevcut oyuncularla farkl\u0131 bir ili\u015fki i\u00e7inde olaca\u011f\u0131n\u0131<\/strong>, dolay\u0131s\u0131yla onlara daha yumu\u015fak bakmak durumunda kalaca\u011f\u0131n\u0131 s\u00f6yledi. 1 Temmuz’da meclisin kapanmas\u0131yla birlikte yasan\u0131n Temmuz’a kalmadan hayata girece\u011fi \u00f6ng\u00f6r\u00fcs\u00fcn\u00fc payla\u015ft\u0131. Bu a\u00e7\u0131dan T\u00fcrkiye’de konumlanmak isteyen yerli ve yabanc\u0131 borsalar i\u00e7in “dakika say\u0131lan anlar”<\/strong> olarak \u00e7er\u00e7eveledi.<\/p>\n

Bu yay\u0131nda \u00f6ne \u00e7\u0131kanlar<\/h3>\n
    \n
  • \u0130ki a\u015famal\u0131 onay:<\/strong> 19b-4 + S-1 ve 10 g\u00fcnl\u00fck idari pencere<\/li>\n
  • K\u00f6pr\u00fc etkisi:<\/strong> ETF’ler geleneksel finansla kriptoyu yak\u0131nla\u015ft\u0131r\u0131yor<\/li>\n
  • Se\u00e7im bask\u0131s\u0131:<\/strong> SEC hukuken ba\u011f\u0131ms\u0131z ama siyasi r\u00fczgar\u0131n tam d\u0131\u015f\u0131nda de\u011fil<\/li>\n
  • Staking ve security:<\/strong> Tan\u0131mlar sadele\u015fiyor, merkeziyetsiz cephe \u00f6d\u00fcn veriyor<\/li>\n
  • Pandora’n\u0131n kutusu:<\/strong> Di\u011fer projelerin ETF onaylar\u0131n\u0131n \u00f6n\u00fc a\u00e7\u0131ld\u0131<\/li>\n
  • T\u00fcrkiye tasla\u011f\u0131:<\/strong> MiCA \u00e7izgisi, SPK’n\u0131n bask\u0131nl\u0131\u011f\u0131, t\u00fcketici korumas\u0131<\/li>\n
  • Konumlanma:<\/strong> Yasa Temmuz’dan \u00f6nce y\u00fcr\u00fcrl\u00fc\u011fe girecek, dakikalar say\u0131l\u0131<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    24 May\u0131s 2024’te CoinDesk T\u00fcrkiye‘nin Haftaya Bak\u0131\u015f canl\u0131 yay\u0131n\u0131na ba\u011flanan Y\u00f6netici Orta\u011f\u0131m\u0131z Erdem M\u00fcmtaz Hac\u0131pa\u015fao\u011flu, SEC’in spot Ethereum ETF ba\u015fvurular\u0131na verdi\u011fi 19b-4 onay\u0131n\u0131 ve \u00f6n\u00fcm\u00fczdeki d\u00f6nemde T\u00fcrkiye’deki kripto varl\u0131k tasla\u011f\u0131yla birlikte olu\u015facak hukuki \u00e7er\u00e7eveyi de\u011ferlendirdi. Yay\u0131n\u0131n merkezindeki tez netti: SEC’in 19b-4 onay\u0131, spot Ethereum ETF’leri i\u00e7in kap\u0131y\u0131 aralad\u0131 ama ticari ba\u015flang\u0131\u00e7 i\u00e7in S-1 ba\u015fvurular\u0131n\u0131n da […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[137,207,211,150],"tags":[],"ppma_author":[127],"class_list":["post-10291","post","type-post","status-publish","format-standard","hentry","category-blok-zinciri","category-etkinlikler","category-makaleler","category-news-tr"],"authors":[{"term_id":127,"user_id":4,"is_guest":0,"slug":"mumtaz","display_name":"Erdem M\u00fcmtaz Hac\u0131pa\u015fao\u011flu","avatar_url":"https:\/\/virconlegal.com\/wp-content\/uploads\/2026\/05\/mumtaz-hacipasaoglu-v2.jpg","author_category":"","first_name":"Erdem M\u00fcmtaz","last_name":"Hac\u0131pa\u015fao\u011flu","user_url":"","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/10291","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/comments?post=10291"}],"version-history":[{"count":1,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/10291\/revisions"}],"predecessor-version":[{"id":10575,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/posts\/10291\/revisions\/10575"}],"wp:attachment":[{"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/media?parent=10291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/categories?post=10291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/tags?post=10291"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/virconlegal.com\/tr\/wp-json\/wp\/v2\/ppma_author?post=10291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}