#SECETF审批 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while simultaneously adjusting policies. Recently, the SEC announced delays in several applications, including 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 against the backdrop of high volatility in cryptocurrencies, with regulators insisting that applicants provide additional disclosure details.

However, there is a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to develop a new approval framework aimed at shortening review periods and allowing compliant ETFs to list directly, with a draft potentially 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 the inflow of institutional funds, but in the short term, the market still needs to cope with the volatility brought by policy uncertainties.