#SECETF 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 delays in several applications, including Franklin Templeton's SOL and XRP ETFs and Grayscale's HBAR and DOGE ETFs, extending the final decision deadline to October 2025. This decision continues the SEC's review logic concerning market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrencies, as regulators continue to require applicants to provide additional disclosure details. However, there is 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 implemented 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 the entry of institutional funds, but in the short term, the market still needs to cope with the volatility caused by policy uncertainties. $SOL