兰亭-阿萍
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The unified framework for cryptocurrency ETFs released by the U.S. Securities and Exchange Commission (SEC) in early July 2025 marks a shift in the regulator's approach to the crypto asset market from passive response to proactive rule-making. This groundbreaking policy paves the way for the large-scale issuance of cryptocurrency ETFs by simplifying the approval process, clarifying entry standards, and shortening review periods. Its core content and market impact can be interpreted from the following dimensions:
Policy Breakthrough
The SEC is establishing a unified approval framework for cryptocurrency ETFs that will simplify the listing process, replacing the complex 19b-4 procedure. Eligible projects can directly submit S-1 applications, with the approval time reduced to 75 days. The framework is expected to release a draft in July and be officially implemented by the end of Q3.
Detailed Framework Analysis
Coverage and Opportunities
• First batch of beneficiaries: SOL, XRP, LTC, etc., have a 95% approval probability
• Second-tier asset expansion: Meme coins and altcoins like Dogecoin and Cardano are also expected to be included (90% probability)
• Key progress: The SEC has requested institutions to submit Solana ETF applications by the end of July
Market Impact
The regulatory shift signifies the U.S. seeking a balance between protection and innovation. Investors should pay attention to:
• Arbitrage opportunities between spot and derivatives price differentials
• Details of the market maker mechanism in the August framework draft
• Trends in multi-asset liquidity changes
This reform will accelerate the development of compliant infrastructure, promote product innovation, and may trigger a global regulatory resonance.
The implementation of this framework not only reflects the regulatory wisdom of the SEC but also serves as a critical turning point in the integration of traditional finance and the crypto world. With the countdown to the 75-day review period initiated, the crypto market stands at the historical threshold of large-scale institutional adoption, and each iteration of rules by regulators will redefine the future boundaries of the industry.
Policy Breakthrough
The SEC is establishing a unified approval framework for cryptocurrency ETFs that will simplify the listing process, replacing the complex 19b-4 procedure. Eligible projects can directly submit S-1 applications, with the approval time reduced to 75 days. The framework is expected to release a draft in July and be officially implemented by the end of Q3.
Detailed Framework Analysis
Coverage and Opportunities
• First batch of beneficiaries: SOL, XRP, LTC, etc., have a 95% approval probability
• Second-tier asset expansion: Meme coins and altcoins like Dogecoin and Cardano are also expected to be included (90% probability)
• Key progress: The SEC has requested institutions to submit Solana ETF applications by the end of July
Market Impact
The regulatory shift signifies the U.S. seeking a balance between protection and innovation. Investors should pay attention to:
• Arbitrage opportunities between spot and derivatives price differentials
• Details of the market maker mechanism in the August framework draft
• Trends in multi-asset liquidity changes
This reform will accelerate the development of compliant infrastructure, promote product innovation, and may trigger a global regulatory resonance.
The implementation of this framework not only reflects the regulatory wisdom of the SEC but also serves as a critical turning point in the integration of traditional finance and the crypto world. With the countdown to the 75-day review period initiated, the crypto market stands at the historical threshold of large-scale institutional adoption, and each iteration of rules by regulators will redefine the future boundaries of the industry.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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