The U.S. Securities and Exchange Commission (SEC) has recently postponed the review schedule for multiple cryptocurrency spot ETF applications, once again raising investors' heightened concerns about the direction of market regulatory policies. In the early hours of March 12, the SEC made a delay decision on a series of spot ETF proposals, including Grayscale's proposed Cardano (ADA) and Dogecoin (DOGE) ETFs, Canary's filings for XRP, Solana, and Litecoin-related ETFs, as well as VanEck's ETF plans for Solana. At the same time, Grayscale's Ripple product and the Solana ETF application submitted to the Cboe BZX Exchange were also postponed until May. This series of actions has led to a cautious market sentiment, with external parties still holding a wait-and-see attitude towards the prospects of ETF approvals.