#突破交易策略 #SEC ETF Approval The approval of cryptocurrency ETFs by the U.S. Securities and Exchange Commission (SEC) is showing a cautious advancement alongside policy adjustments. Recently, the SEC announced a delay in several applications, including Franklin Templeton's SOL, XRP ETF and Grayscale's HBAR, DOGE ETF, with the final decision deadline extended to October 2025. This decision continues the SEC's logic of scrutinizing market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrencies, where regulators continue to require applicants to provide additional disclosure details. However, there has been a subtle shift in regulatory attitude. The SEC is working with exchanges to develop a new approval framework aimed at shortening the review period 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 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 term, if spot ETFs are fully opened, it will accelerate institutional capital entry, but in the short term, the market still needs to cope with the volatility brought by policy uncertainties.