#SECETF Approval The U.S. Securities and Exchange Commission (SEC) is cautiously advancing and adjusting policies regarding the approval of cryptocurrency ETFs. Recently, the SEC announced that it would delay its decisions on multiple applications, including Franklin Templeton's SOL, XRP ETFs, and Grayscale's HBAR, DOGE ETFs, extending the final ruling deadline to October 2025. This decision continues the SEC's scrutiny regarding market manipulation, liquidity, and investor protection, especially in the context of high volatility in cryptocurrency, where regulators consistently 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, aiming to shorten the review period and allow qualifying ETFs to list directly, with a draft expected to be released this month and implemented in September-October. Analysts point out that this framework could facilitate the approval of mainstream token ETFs like SOL and XRP in the fourth quarter of 2025, with a general approval probability 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 uncertainties. $SOL