#SEC推迟多个现货ETF审批 Grayscale's Cardano (ADA) and Dogecoin (DOGE) ETF: Concerns from regulators regarding the market liquidity and anti-manipulation capabilities of smaller market cap assets.

◦ Franklin's Solana (SOL) and XRP ETF: Solana's legal status is unclear as the SEC has previously classified it as a potential security; XRP has partially won in the Ripple case, but compliance in the spot market still needs verification.

◦ Fidelity's Ethereum ETF staking feature: The SEC has yet to unify its regulatory framework for staking mechanisms, and the impact on investor risk needs to be assessed.

2. Timeline

◦ The final approval deadlines for most ETFs have been postponed to October-November 2025, for example, Franklin's XRP ETF deadline is November 5, and Grayscale's Hedera ETF is October 8.

◦ This pace continues the SEC's "phased review" model, which typically includes delays of 45 days, 90 days, 180 days, up to the statutory maximum of 240 days.