The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while adjusting policies. 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 in the context of the high volatility of cryptocurrencies, where regulators continue to require applicants to provide additional disclosure details. However, there has been a subtle shift in regulatory attitude. The SEC is collaborating 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 planned for September to 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 run, 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 brought by policy uncertainties. $BNB