#SEC推迟多个现货ETF审批 1. The Core Reasons for SEC's Delay in Approval

Regulatory Compliance Review

The SEC has always had doubts about the risks of manipulation in the cryptocurrency market and issues related to investor protection. For example, the securities nature of tokens such as XRP and Solana remains legally disputed, and the lawsuit between Ripple Labs and the SEC has not completely concluded, directly affecting the approval process of related ETFs. In addition, the SEC requires issuers to provide stricter market monitoring measures to prove the resistance to manipulation of the underlying assets (such as introducing on-chain monitoring tools).

Uncertainty in the Policy Environment

The SEC is currently in a leadership transition period, and the formal appointment of the new chairman, Paul Atkins, has not yet been completed, leaving the policy direction unclear. At the same time, the “Strategic Bitcoin Reserve” plan promoted by the Trump administration has increased the regulatory complexity of non-Bitcoin assets, and the SEC needs to avoid conflicts with national strategies.

Market Volatility and Stability Considerations

Since the end of 2024, the cryptocurrency market has remained sluggish, with Ethereum prices falling over 53%, and Bitcoin retreating about 27% from its peak, causing the total market capitalization to shrink by 8% to $2.7 trillion. The SEC is concerned that introducing ETFs while the market has not stabilized may amplify selling pressure and volatility.

2. Market Reaction and Short-term Impact

Token Prices Under Pressure: Following the announcement of the SEC's delay, the prices of assets such as XRP and Dogecoin dropped by 10%-12% in the short term, but Bitcoin remained relatively stable due to institutional funding support.

Divergence in Investor Sentiment: Some investors chose to wait and see or shift to already approved Bitcoin and Ethereum ETFs; others, long-term holders, view it as an opportunity to accumulate at a low point.

Industry Calls for Clear Rules: Industry practitioners generally believe that the SEC needs to accelerate the establishment of unified approval standards to avoid lagging behind and hindering market innovation.