#SECETF审批 #SECETF审批 The U.S. Securities and Exchange Commission (SEC) is showing a cautious yet progressive approach towards the approval of cryptocurrency ETFs, along with policy adjustments. Recently, the SEC announced a delay in the decisions on several applications, including Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, extending the final decision deadline to October 2025. This decision continues the SEC's examination logic regarding market manipulation, liquidity, and investor protection, especially in the context of the high volatility of cryptocurrencies, where regulators consistently require applicants to provide additional disclosure details.

However, there has been a subtle shift in regulatory attitudes. 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. A draft may be released this month, with implementation expected in September-October. Analysts note that this framework could lead to the approval of mainstream token ETFs like 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; however, in the short term, the market still needs to deal with the volatility caused by policy uncertainties.