#SECETF审批 The U.S. Securities and Exchange Commission (SEC) is showing a cautious advancement in the approval of cryptocurrency ETFs while adjusting policies. Recently, the SEC announced a delay in decisions regarding multiple applications, including Franklin Templeton's SOL and 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 review logic concerning market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrencies, as regulators consistently require applicants to provide additional disclosure details.

However, there has been a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to create a new approval framework aimed at shortening review periods and allowing qualifying ETFs to list directly, with a draft expected to be released this month and implementation scheduled for September-October. Analysts point out that this framework could lead to the approval of mainstream token ETFs, such as 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 inflow, but in the short term, the market still needs to cope with volatility brought by policy uncertainty.