#趋势交易策略 #SEC ETF Approval The approval of cryptocurrency ETFs by the U.S. Securities and Exchange Commission (SEC) presents a situation of cautious advancement alongside policy adjustments. Recently, the SEC announced a delay in its decision on multiple applications, including Franklin Templeton's SOL, 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 scrutiny logic regarding market manipulation, liquidity, and investor protection, especially against the backdrop of cryptocurrency's high volatility, with regulators continuously requiring applicants to supplement 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 eligible ETFs to list directly, with a draft expected to be released this month and implemented 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 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.