#SEC推迟多个现货ETF审批 SEC delays the approval of the spot Bitcoin ETF, reflecting ongoing concerns from regulators about market manipulation risks and liquidity transparency. In the short term, market sentiment may be suppressed, and investors' expectations for institutional capital entry may cool, potentially triggering sell-off pressure. However, in the long term, the cautious regulatory attitude may compel exchanges to improve compliance frameworks (such as custody and pricing mechanisms), paving the way for eventual approval. If institutions like BlackRock successfully break through, it may open up a gateway for billions of dollars in capital, becoming a new growth point for the crypto market. Currently, attention should be paid to the details of the delay reasons and the subsequent hearing trends, as policy games may intensify market volatility.