#趋势交易策略 #SEC ETF Approval The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while simultaneously adjusting policies. Recently, the SEC announced a delay in its decisions on multiple applications, including Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, with the final decision deadline extended to October 2025. This decision continues the SEC's scrutiny logic regarding market manipulation, liquidity, and investor protection, especially in the context of high volatility in cryptocurrencies, as regulators continue to require applicants to provide additional disclosure details.

However, there is a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to develop a new approval framework aimed at shortening the review cycle and allowing compliant ETFs to list directly, with a draft expected to be released this month and implementation planned for September-October. Analysts point out that this framework may facilitate the approval of mainstream token ETFs like SOL and XRP in the fourth quarter of 2025, with an approval probability generally exceeding 90%. In the long term, if spot ETFs are fully opened, it will accelerate institutional capital inflow, but in the short term, the market still needs to cope with the volatility brought by policy uncertainty.