#SEC推迟多个现货ETF审批 SEC delays the approval of the spot Bitcoin ETF, reflecting the regulators' ongoing concerns about market manipulation risks and liquidity transparency. In the short term, market sentiment may be suppressed, and investors' expectations for institutional capital entry may cool, potentially triggering selling pressure. However, in the long term, the regulatory cautious attitude may compel exchanges to improve compliance structures (such as custody and pricing mechanisms), paving the way for eventual approval. If institutions like BlackRock successfully break through, it could open a gateway for billions of dollars in capital, becoming a new growth point in the crypto market. Currently, attention should be paid to the details of the reasons for the delay and the direction of subsequent hearings, as policy games may exacerbate market volatility.