The U.S. Securities and Exchange Commission (SEC) has once again postponed the approval of multiple spot ETFs (such as Ethereum ETFs), drawing market attention. This move reflects the regulatory body’s cautious attitude towards crypto assets, especially in the absence of a clear regulatory framework, leaning towards delaying decisions to avoid potential risks. Although the approval of Bitcoin spot ETFs earlier this year was seen as a breakthrough, this delay indicates that the SEC's acceptance of different crypto assets remains inconsistent. This uncertainty puts pressure on market sentiment and makes it difficult for investors to make long-term arrangements. However, in the long run, although the delay is disappointing, it may also signify that the SEC is actively researching and refining the relevant regulatory details. Once the system is sound, it will provide a stronger foundation of trust and financial support for the overall crypto industry. The market needs to be patient and wait for true regulatory clarity to arrive.