#趋势交易策略 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs alongside policy adjustments. 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 review logic regarding market manipulation, liquidity, and investor protection, especially against the backdrop of high volatility in cryptocurrency, with regulators continuously requiring 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, aiming to shorten the review period and allow compliant ETFs to be listed directly, with a draft expected to be released this month and implemented in September-October. Analysts point out that this framework could potentially lead to 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 institutional capital entry, but in the short term, the market must still cope with the volatility brought about by policy uncertainty.