$BTC The U.S. Securities and Exchange Commission (SEC) is cautiously advancing and adjusting policies regarding the approval of cryptocurrency ETFs. Recently, the SEC announced a delay in the decision on multiple applications, including Franklin Templeton’s SOL and XRP ETFs, as well as Grayscale’s HBAR and DOGE ETFs, with the final ruling deadline extended to October 2025. This decision continues the SEC's scrutiny logic concerning market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrency, as regulators continue to require applicants to provide additional disclosure details.

However, there is a subtle shift in regulatory attitude. The SEC is working with exchanges to establish a new approval framework, aiming to shorten the review period and allow eligible ETFs to list directly, with a draft possibly being released this month and implementation planned for September-October. Analysts point out 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 inflow, but in the short term, the market still needs to cope with the volatility brought by policy uncertainty.