#SEC推迟多个现货ETF审批 The US SEC has postponed the approval of several cryptocurrency spot ETFs (such as Solana, Litecoin, Ethereum, etc.), mainly reflecting its cautious regulatory attitude and concerns about market risks:

1. Strict compliance review: The SEC is worried about issues such as cryptocurrency market manipulation and the security of asset custody, especially the unclear definition of the 'securities' attribute of non-Bitcoin tokens (such as Ethereum);

2. Regulatory framework to be improved: The current regulatory standards for cryptocurrency derivatives (such as futures ETFs) and spot ETFs have not been unified, and there is a need to balance market innovation and investor protection;

3. Market impact differentiation: In the short term, this may suppress the prices of related tokens (for example, Bitcoin fell after the postponement news), but in the long term, the SEC's caution may pave the way for compliant products, and the trend of institutional entry remains unchanged.

The SEC may be waiting for a more mature regulatory solution or changes in political direction (such as new commissioner appointments), and the probability of Ethereum spot ETF approval has dropped to 35%. This move highlights the complexity of the integration of crypto assets and traditional finance.