$SOL The U.S. Securities and Exchange Commission (SEC) is cautiously advancing the approval of cryptocurrency ETFs while making policy adjustments. Recently, the SEC announced it would delay decisions on multiple applications, including Franklin Templeton's SOL and XRP ETFs and Grayscale's HBAR and DOGE ETFs, with the final ruling deadline extended to October 2025. This decision continues the SEC's scrutiny of market manipulation, liquidity, and investor protection, especially in the context of high volatility in cryptocurrencies, with regulators persistently 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 review periods and allowing compliant 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 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 the entry of institutional funds, but in the short term, the market still needs to cope with the volatility brought on by policy uncertainty.