#SECETF审批 The U.S. Securities and Exchange Commission (SEC) is showing a cautious advancement in the approval of cryptocurrency ETFs alongside policy adjustments. Recently, the SEC announced a delay in the decision on multiple applications including Franklin Templeton's SOL, XRP ETFs, and Grayscale's HBAR, 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 in the context of the high volatility of cryptocurrencies, as regulators continue to require applicants to provide additional disclosure details.

However, there is a subtle shift in regulatory stance. The SEC is collaborating with exchanges to develop a new approval framework aimed at shortening the review cycle and allowing compliant 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 approval probabilities generally exceeding 90%. In the long term, if spot ETFs are fully opened, it will accelerate the influx of institutional funds, but in the short term, the market still needs to cope with the volatility brought about by policy uncertainties.