The SEC's delay in the proposal reflects a prudent attitude towards the risks in the cryptocurrency market, as well as deep concerns regarding altcoins (such as XRP and Dogecoin) — these assets have poor liquidity, significant regulatory disputes, and are prone to manipulation allegations. In contrast, Fidelity's Ethereum ETF is most likely to be approved: Ethereum, as a leader in smart contracts, accounts for over 10% of market capitalization, its staking function has been validated as compliant innovation, and the SEC's review framework for mainstream coins is more mature, allowing for adjustments to staking terms that could reduce regulatory uncertainty.