#SEC推迟多个现货ETF审批 According to the SEC announcement from March to April 2025, the approval of the following cryptocurrency spot ETFs has been postponed:
1. Grayscale: Cardano (ADA) ETF, Dogecoin (DOGE) ETF.
2. Canary: XRP ETF, Solana (SOL) ETF, Litecoin (LTC) ETF.
3. VanEck: Solana ETF.
4. Bitwise: Dogecoin ETF.
5. Franklin Templeton: XRP ETF, Solana ETF.
6. Grayscale: Hedera (HBAR) ETF.
7. Fidelity: Ethereum (ETH) staking-related ETF terms.
The final approval deadline for these ETFs has been extended to October to November 2025, and some cases may be further delayed.
II. Core Reasons for the Delay
1. Regulatory Compliance Disputes
◦ Securities Classification: The SEC has doubts about the securities classification of tokens such as XRP and SOL. For example, although Ripple partially won the lawsuit against the SEC, the compliance of XRP with financial institutions still needs clarification.
◦ Market Manipulation Risks: Due to shallow trading depth and ease of manipulation by 'whales', Dogecoin is regarded by the SEC as a high-risk asset.
◦ Custody and Liquidity: The average daily trading volume of XRP is only 1/10 that of Bitcoin, and the custody plan for staking-related ETFs has not yet met regulatory requirements.
2. Policy and Personnel Transition Period
◦ New SEC Chairman Paul Atkins has not yet officially taken office (April 2025), and there is no unified regulatory stance on cryptocurrencies within the agency.
◦ Trump Administration Policy Tendencies: Although a 'Strategic Bitcoin Reserve' plan has been proposed, the stance on other tokens (such as XRP and SOL) remains vague, and the SEC needs to balance innovation and risk.
3. Market Environment and Historical Experience
◦ Price Volatility: From December 2024 to March 2025, the price of Ethereum fell by over 53%, and Bitcoin dropped to $79,000, with the total market capitalization shrinking by 8%.
◦ Bitcoin ETF Approval Precedents: Bitcoin ETFs have experienced a 3-year delay, and the SEC tends to extend the review period to observe market maturity.
