$SOL The U.S. Securities and Exchange Commission (SEC) is cautiously advancing and adjusting policies regarding the approval of cryptocurrency ETFs. Recently, the SEC announced a delay in the review of multiple applications, including Franklin Templeton's SOL and XRP ETFs, as well as 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 the high volatility of cryptocurrencies, with regulators continuously demanding 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, aiming to shorten the review period and allow qualifying ETFs to list directly, with a draft expected to be released 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 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 brought about by policy uncertainties.