#SECETF审批 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing approvals for cryptocurrency ETFs while simultaneously adjusting policies. Recently, the SEC announced the delay of several applications, including Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, extending the final decision deadline to October 2025. This decision continues the SEC's review logic concerning market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrencies, with regulators continuously requiring applicants to provide additional disclosure details.

However, there is a subtle shift in regulatory attitude. The SEC is working with exchanges to develop a new approval framework aimed at shortening review cycles and allowing compliant ETFs to list directly, with a draft expected to be released this month and implemented in September-October. Analysts point out that this framework could lead to the approval of mainstream token ETFs like SOL and XRP in the fourth quarter of 2025, with approval probabilities generally exceeding 90%. In the long run, if spot ETFs are fully opened, it will accelerate the influx of institutional funds; however, in the short term, the market still needs to deal with volatility caused by policy uncertainties.