#SEC推迟多个现货ETF审批

The SEC's decision to delay the approval of cryptocurrency spot ETFs reflects the regulatory body's prioritization of financial stability and investor protection in the current environment, characterized by increased market volatility and compliance risks. The core logic behind this move is as follows: First, there are still legal disputes regarding the securities nature of tokens such as XRP and Solana (for example, the Ripple case has not been completely resolved), necessitating further clarification of their compliance boundaries to avoid potential litigation risks; secondly, the severe fluctuations in the crypto market (such as the halving of Ethereum's price and the decline of Bitcoin) and the continuous outflow of institutional funds (Bitfinex data shows that net outflows from Ethereum ETFs have reached a historical high) have prompted the SEC to adopt a "delay tactic" to observe market stabilization signals; finally, the uncertainty in the U.S. policy environment (such as the Trump administration's “strategic Bitcoin reserve” plan and the appointment process of the new SEC chairman) has also delayed the decision-making pace. In the short term, the delay in approval may exacerbate market selling pressure (for example, XRP and Dogecoin once fell more than 10%), but in the long term, it may pave the way for industry standardization—referencing the precedent of Bitcoin ETFs which were approved after multiple delays, if asset parties improve anti-manipulation mechanisms (such as on-chain monitoring tools) and wait for clearer regulatory frameworks, there may still be hope for a turnaround in the future $BTC