#日内交易策略 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing its approval of cryptocurrency ETFs while adjusting policies. Recently, the SEC announced a delay in the decisions on 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 scrutiny regarding market manipulation, liquidity, and investor protection, particularly in the context of the high volatility of cryptocurrencies, with regulators demanding additional disclosure details from applicants.

However, there is a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to develop a new approval framework aimed at shortening review periods and allowing compliant 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 such as 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 caused by policy uncertainties.