#套利交易策略 The U.S. Securities and Exchange Commission (SEC) is cautiously advancing its approval of cryptocurrency ETFs while simultaneously adjusting policies. 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 review logic focusing on market manipulation, liquidity, and investor protection, especially in the context of the high volatility of cryptocurrencies, where regulators persistently require applicants to provide additional disclosure details.

However, there is a subtle shift in regulatory attitude. The SEC is collaborating with exchanges to establish a new approval framework aimed at shortening review periods and allowing eligible ETFs to list directly. A draft may be released this month, with implementation expected in September-October. Analysts indicate that this framework could facilitate the approval of mainstream token ETFs such as SOL and XRP in the fourth quarter of 2025, with approval probabilities generally exceeding 90%. In the long run, if spot ETFs are fully opened, it will accelerate the entry of institutional funds; however, in the short term, the market still needs to cope with the volatility brought about by policy uncertainties.