#趋势交易策略 The U.S. Securities and Exchange Commission (SEC) is showing a cautious approach toward the approval of cryptocurrency ETFs while simultaneously adjusting policies. Recently, the SEC announced the postponement of multiple 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 continuously requiring applicants to 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, aiming to shorten review periods and allow compliant ETFs to be listed directly, with a draft expected to be released this month and implementation planned for 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 the influx of institutional funds, but in the short term, the market still needs to cope with volatility caused by policy uncertainties.