#趋势交易策略 #SEC ETF Approval The U.S. Securities and Exchange Commission (SEC) is cautiously moving forward with the approval of cryptocurrency ETFs while making policy adjustments. Recently, the SEC announced a delay in its decisions on several 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 logic of examining market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrencies, with regulators continuing to require 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, aiming to shorten the review period and allow qualifying ETFs to list directly, with a draft expected to be released this month and implementation planned for September to October. Analysts suggest that this framework could lead to 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 inflow, but in the short term, the market still needs to cope with the volatility caused by policy uncertainties.