#趋势交易策略 #SEC ETF Approval The U.S. Securities and Exchange Commission (SEC) is cautiously advancing and adjusting its policies regarding the approval of cryptocurrency ETFs. Recently, the SEC announced it would delay 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 amidst the high volatility in the cryptocurrency market, where regulators are continuously requiring 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 review periods and allowing compliant ETFs to list directly, with a draft expected to be released this month and implementation in 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 approval probabilities generally exceeding 90%. In the long term, if spot ETFs are fully opened, it will accelerate institutional capital entry; however, in the short term, the market still needs to cope with the volatility brought by policy uncertainties.