#SECETF审批 The U.S. Securities and Exchange Commission (SEC) is showing a cautious advance in the approval of cryptocurrency ETFs alongside policy adjustments. Recently, the SEC announced a delay in decisions on multiple applications, including Franklin Templeton's SOL, XRP ETF and Grayscale's HBAR, DOGE ETFs, with the final ruling deadline extended to October 2025. This decision continues the SEC's review logic regarding market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrencies, with regulators continuing to require applicants to provide additional disclosure details.

However, there is a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to develop a new approval framework, intending to shorten the review cycle and allow qualified ETFs to list directly, with a draft expected to be released this month and implemented in September-October. Analysts indicate that this framework could facilitate the approval of mainstream token ETFs like SOL and XRP in the fourth quarter of 2025, with a general approval probability exceeding 90%. In the long term, if spot ETFs are fully opened, it will accelerate institutional capital entry, but in the short term, the market still needs to cope with the volatility brought about by policy uncertainty.