#SEC ETF Approval The U.S. Securities and Exchange Commission (SEC) is cautiously advancing and adjusting policies regarding cryptocurrency ETFs. Recently, the SEC announced a delay in several applications, including Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, extending the final decision deadline 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 cryptocurrency, 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 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 such as SOL and XRP in the fourth quarter of 2025, with a general approval probability 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 about by policy uncertainties.
