#SECETF审批 The U.S. Securities and Exchange Commission (SEC) is showing a cautious progression alongside policy adjustments 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 regarding market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrencies, where regulators continuously require 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 aimed at shortening the review period and allowing eligible 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 an approval probability generally exceeding 90%. In the long term, if spot ETFs are fully opened, it will accelerate institutional fund entry, but in the short term, the market still needs to cope with the volatility brought by policy uncertainty.