$SOL The U.S. Securities and Exchange Commission (SEC) is cautiously advancing its approval process for cryptocurrency ETFs while adjusting its 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 regarding market manipulation, liquidity, and investor protection, especially in the context of the high volatility of cryptocurrencies, with regulators continuously requiring applicants to provide additional disclosure details.

However, the regulatory attitude has shown subtle shifts. The SEC is working with exchanges to establish a new approval framework that aims to shorten review periods and allow compliant ETFs to list directly. A draft may be released this month, with 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 a general approval probability exceeding 90%. In the long term, if spot ETFs are fully opened, it will accelerate the influx of institutional funds, but in the short term, the market still needs to cope with the volatility brought by policy uncertainties.