#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 the postponement of several 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 concerning market manipulation, liquidity, and investor protection, especially in the context of the high volatility of cryptocurrencies, with regulators continuously requiring applicants to provide additional disclosure details. However, the regulatory attitude has shown a subtle shift. The SEC is working with exchanges to develop a new approval framework that aims 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 may facilitate the approval of mainstream token ETFs like SOL and XRP in the fourth quarter of 2025, with an approval probability generally 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 by policy uncertainties. $SOL