#趋势交易策略 #SEC ETF Approval The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while adjusting policies. Recently, the SEC announced the postponement of several applications, including those for Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, with the final decision deadline extended to October 2025. This decision continues the SEC's scrutiny logic regarding market manipulation, liquidity, and investor protection, especially in the context of the high volatility of cryptocurrencies, as regulators continue to require applicants to provide additional disclosure details.

However, there has been a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to develop a new approval framework aimed at shortening the review cycle and allowing compliant ETFs to list directly, with a draft possibly being released this month and implementation in September-October. Analysts point out that this framework could lead to the approval of mainstream token ETFs such as SOL and XRP in the fourth quarter of 2025, with approval probabilities generally exceeding 90%. In the long term, if spot ETFs are fully opened, it will accelerate institutional capital entry, but in the short term, the market still needs to cope with the volatility brought by policy uncertainty.