#突破交易策略 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while simultaneously adjusting policies. Recently, the SEC announced a delay in the decisions regarding multiple applications, including Franklin Templeton's SOL, XRP ETFs, and Grayscale's HBAR, DOGE ETFs, extending the final ruling deadline to October 2025. This decision continues the SEC's scrutiny of market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in the cryptocurrency market, with regulators continuing to require applicants to provide additional disclosure details.

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 qualifying ETFs to list directly, with a draft potentially being released this month and implementation planned for September-October. Analysts note that this framework could facilitate the approval of mainstream token ETFs such as 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 entry of institutional funds; however, in the short term, the market still needs to navigate the volatility caused by policy uncertainties.