#趋势交易策略 #SEC ETF Approval The approval of cryptocurrency ETFs by the U.S. Securities and Exchange Commission (SEC) shows a cautious advancement alongside policy adjustments. Recently, the SEC announced the postponement of several 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 against the backdrop of high volatility in the cryptocurrency market, where regulators continue to require applicants to provide additional disclosure details.

However, there has been a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to develop a new approval framework that aims to shorten the review period and allow eligible ETFs to list directly, with a draft expected to be released this month and implemented in September-October. Analysts point out that this framework may promote the approval of mainstream token ETFs like SOL and XRP in the fourth quarter of 2025, with a general approval probability exceeding 90%. In the long run, if spot ETFs are fully opened, it will accelerate institutional capital inflows; however, in the short term, the market still needs to cope with the volatility caused by policy uncertainty.