#SECETF审批 #SECETF审批 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while making policy adjustments. Recently, the SEC announced a delay in multiple applications including Franklin Templeton's SOL and XRP ETFs, as well as Grayscale's HBAR and DOGE ETFs, with the final decision deadline extended to October 2025. This decision continues the SEC's scrutiny logic regarding market manipulation, liquidity, and investor protection, particularly against the backdrop of high volatility in cryptocurrencies, as regulators continuously require applicants to supplement 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 this month and implementation 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 a general approval probability exceeding 90%. In the long run, if spot ETFs are fully opened, it will accelerate institutional capital entry, but in the short term, the market still needs to cope with volatility caused by policy uncertainties.