#SEC推迟多个现货ETF审批 The U.S. Securities and Exchange Commission (SEC) has recently postponed the approval of multiple cryptocurrency spot ETFs, including XRP, Solana, Doge and other altcoin ETFs, as well as the physical redemption mechanism applications for Bitcoin and Ethereum. The main decision nodes have been postponed to June 2025 (such as Franklin XRP ETF postponed to June 17, Bitcoin/Ethereum physical ETF postponed to June 3). This move reflects the SEC's cautious attitude towards market stability and compliance, especially in the context of the current crypto market volatility and the regulatory framework has not yet been fully clarified.

**Core Reason Analysis**:

1. **Regulatory Game and Policy Coordination**: The SEC may be waiting for the official appointment of the new chairman Paul Atkins, whose crypto-friendly tendencies may accelerate approval, but it still takes time to evaluate market risks and compliance details.

2. **Classification disputes and legal obstacles**: The SEC has not yet relaxed its determination of the "securities" attributes of most tokens, especially XRP, Solana, etc., which are facing scrutiny on the degree of decentralization and market manipulation risks. Legislation is needed to clarify the non-securities attributes before a breakthrough can be made.

3. **Market strategy and institutional layout**: The SEC's delay may create opportunities for Wall Street funds to absorb funds at low prices. At the same time, the dispute over the physical redemption mechanism (tax efficiency and liquidity) still needs to be coordinated. Currently, only cash redemption is allowed.

**Market impact and outlook**: Short-term bearish sentiment has led to a drop in the prices of tokens such as XRP and Doge, but in the long run, the trend of ETF approval has not changed. If physical redemption or altcoin ETF is adopted at the key node in June, it will greatly increase liquidity and attract institutions to enter the market, becoming a catalyst for the bull market. The industry is promoting rule changes (such as expanding the scope of regulated trading platforms), but the SEC's cautious attitude may continue until legislation is clarified. Investors need to pay attention to policy turning points and the new chairman's movements, and lay out long-term opportunities in fluctuations.