#SECETF审批 #SECETF审批 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while adjusting its policies. Recently, the SEC announced a delay in its decisions regarding multiple applications, including Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, with the final ruling 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 the high volatility of cryptocurrencies, where regulators continue to require 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 periods and allowing ETFs that meet certain standards to list directly. A draft may be released this month, with implementation expected in September to October. Analysts point out that this framework may facilitate the approval of mainstream token ETFs such as 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.