#SECETF审批 The U.S. Securities and Exchange Commission (SEC) is showing a cautious advance in the approval of cryptocurrency ETFs alongside policy adjustments. Recently, the SEC announced it would delay decisions on several 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 logic regarding market manipulation, liquidity, and investor protection, especially in the context of high volatility in cryptocurrencies, with regulators continuously requiring applicants to provide additional disclosure details.

However, there has been a subtle shift in regulatory attitude. The SEC is working with exchanges to develop a new approval framework aimed at shortening the review cycle and allowing eligible 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 institutional capital inflow, but in the short term, the market still needs to deal with the volatility brought by policy uncertainties.