#SEC ETF Approval The U.S. Securities and Exchange Commission (SEC) is cautiously advancing and adjusting policies regarding the approval of cryptocurrency ETFs. Recently, the SEC announced a delay in decisions on several applications, including Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, pushing the final decision deadline to October 2025. This decision continues the SEC's scrutiny 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 collaborating with exchanges to develop a new approval framework, aiming to shorten the review process and allow 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 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 entry, but in the short term, the market still needs to cope with the volatility brought by policy uncertainty.
