#空投发现指南 The U.S. Securities and Exchange Commission (SEC) has delayed the approval of several spot ETFs for the following main reasons:

• Market Maturity and Stability: Asset markets, such as cryptocurrencies, are relatively unstable, with significant price volatility and potential market manipulation risks. Although Bitcoin and others have existed for many years, the market is still not mature enough; the SEC needs more time to assess market maturity to ensure investor protection.

• Legal Compliance: The legal status of some crypto assets is unclear. For instance, Solana and XRP have been viewed by the SEC as potential securities, which increases the legal uncertainty surrounding related ETF applications. The SEC needs to ensure that approvals comply with legal regulations and supervisory requirements.

• Regulatory Policies and Risks: The cryptocurrency market has regulatory loopholes and risks related to money laundering and illegal activities. The SEC needs to improve regulatory policies to address these issues, protecting investors and maintaining market order.

• Internal Decision-Making Processes: The SEC's approval process is complex. According to public procedures, after an exchange submits a 19b-4 rule change application involving trading rule adjustments, the SEC has up to 240 days to review it. During this period, feedback is provided in phases, and the SEC may require resubmission due to insufficient application materials, extending the approval time.