#SEC推迟多个现货ETF审批

The SEC habitually delays ETF approvals, which may be a political strategy or a consideration of more elements.

The SEC's decision to delay the approval of cryptocurrency spot ETFs reflects the regulatory body's prioritization of financial stability and investor protection in the current environment of heightened market volatility and compliance risks. The core logic of this initiative lies in: First, the SEC still faces legal disputes regarding the securities nature of tokens like XRP and Solana (as the Ripple case has not been fully resolved), requiring further clarification of their compliance boundaries to avoid potential litigation risks; secondly, the severe volatility in the crypto market (such as the halving of Ethereum prices and the decline of Bitcoin) and continuous outflows of institutional funds (Bitfinex data shows that net outflows for Ethereum ETFs have reached an all-time high) have prompted the SEC to adopt a "delay tactic" to observe signals of market stabilization; lastly, the uncertainty of the U.S. policy environment (such as the Trump administration's "strategic Bitcoin reserve" plan and the appointment process of the new SEC chairman) has also slowed the decision-making pace. In the short term, the delay in approval may exacerbate market selling pressure (for example, XRP and Dogecoin once fell more than 10%), but in the long term, it may pave the way for industry standardization—referring to the precedent of Bitcoin ETFs which were ultimately approved after multiple delays, if asset parties improve anti-manipulation mechanisms (such as on-chain monitoring tools) and wait for regulatory frameworks to be clarified, there is still hope for a turnaround in the future.