The U.S. Securities and Exchange Commission (SEC), under Chair Mark Uyeda, has delayed decisions on several altcoin exchange-traded funds (ETFs). These include proposals for Dogecoin (DOGE), Litecoin (LTC), Solana (SOL), and XRP.

美國證券交易委員會（SEC）（SEC）在主席馬克·烏耶達（Mark Uyeda）的主席下推遲了幾家Altcoin交易所交易基金（ETF）的決定。 其中包括關於Dogecoin（Doge），Litecoin（LTC），Solana（Sol）和XRP的建議。

This delay sparks questions about the SEC's continued reluctance to approve crypto-based financial products, despite growing market demand. However, experts remain optimistic about approval later this year. This article explores the reasons behind the delays and their implications for the future of crypto ETFs.

這種延遲引發了有關SEC仍不願批准基於加密貨幣的金融產品的問題，儘管市場需求不斷增長。 但是，專家對今年晚些時候的批准仍然樂觀。 本文探討了延遲背後的原因及其對加密ETF的未來的影響。

Seal of the U.S. Securities and Exchange Commission

SEC Delays Altcoin ETF Decisions

SEC延遲altcoin ETF決定

On March 11, 2025, the SEC announced delays for several prominent crypto ETF applications filed by firms including Grayscale, 21Shares, Canary Capital, and Bitwise. These filings covered well-known altcoins such as Dogecoin (DOGE), Litecoin (LTC), and XRP. While not unexpected—industry analysts consider this standard procedure—the delays are noteworthy.

2025年3月11日，SEC宣布了包括灰度，21shares，Canary Capital和Bitwise在內的公司提交的幾項著名的加密ETF申請延遲。 這些文件涵蓋了眾所周知的山寨幣，例如Dogecoin（Doge），Litecoin（LTC）和XRP。 雖然不是出乎意料的（行業分析師考慮此標準程序），但延誤值得注意。

A significant delayed filing is Grayscale's spot XRP ETF proposal, the first XRP ETF application acknowledged by the SEC. Although delayed, the SEC hasn't rejected the proposal, indicating a need for further analysis. This mirrors the SEC's handling of previous major crypto ETF filings.

灰度的XRP ETF提案是明顯的延遲歸檔，這是SEC確認的第一個XRP ETF應用程序。 儘管延遲了，但SEC並未拒絕該提案，這表明需要進一步分析。這反映了SEC處理以前主要的加密ETF文件。

Further delays affected Solana (SOL) ETF applications from VanEck, 21Shares, and Canary Capital. 21Shares also faced delays regarding its Ethereum (ETH) staking ETF filing.

從Vaneck，21shares和Canary Capital的進一步延遲影響了Solana（Sol）ETF應用程序。 關於其以太坊（ETH）Staging ETF歸檔，21shares還面臨延誤。

Reasons for the Delays

延遲的原因

Regulatory delays are common in the crypto space, particularly concerning ETFs. The SEC's cautious approach stems from concerns about market manipulation and the lack of comprehensive regulations. While demand for crypto ETFs is undeniable, and asset managers are keen to capitalize on this market, the SEC's hesitation reflects fears of excessive volatility and potential fraud.

監管延遲在加密空間中很常見，尤其是與ETF有關。 SEC謹慎的方法源於對市場操縱和缺乏全面法規的擔憂。 儘管對加密ETF的需求是不可否認的，並且資產管理者渴望利用該市場，但SEC的猶豫反映了人們對過度波動和潛在欺詐的擔憂。

Bloomberg ETF analyst James Seyffart explains that these delays are expected and align with typical application review procedures. He also notes that the pending confirmation of Paul Atkins as the new SEC chair might contribute to the delays.

彭博ETF分析師詹姆斯·塞法特（James Seyffart）解釋說，這些延遲是可以預期的，並與典型的申請審查程序保持一致。 他還指出，保羅·阿特金斯（Paul Atkins）作為新的SEC主席可能會導致延誤。

However, Seyffart also suggests the SEC is nearing decisions. A new deadline of May 21, 2025, has been set for Grayscale's XRP ETF application, with a final decision potentially arriving in October, allowing for more thorough evaluation.

但是，Seyffart還建議SEC正在立即做出決定。 為Grayscale的XRP ETF應用程序設定了一個新的截止日期，該截止日期為10月，最終的決定可能在10月份到達，從而進行了更全面的評估。

Seyffart maintains that the odds of altcoin ETF approval this year remain relatively high, with several applications expected to be approved later in 2025.

Seyffart堅持認為，今年Altcoin ETF批准的機率相對較高，預計將在2025年晚些時候批准一些申請。

Growing Interest in XRP ETFs

對XRP ETF的興趣日益增加

Grayscale's XRP ETF application, the first spot XRP ETF acknowledged by the SEC, has generated considerable interest. Other major firms, including Bitwise and Canary Capital, have also filed XRP ETF applications, along with Franklin Templeton, intensifying competition.

SEC認可的第一點XRP ETF的Grayscale的XRP ETF應用程序引起了極大的興趣。 其他主要公司，包括位和金絲雀資本，也提交了XRP ETF應用程序，以及富蘭克林·鄧普頓（Franklin Templeton）加劇了競爭。

Despite the SEC's seemingly slow process, the likelihood of altcoin ETF approval has improved. Seyffart estimates a 90% chance of approval for Litecoin (LTC), followed by Dogecoin (DOGE) at 75%. Solana (SOL) and XRP (XRP) have estimated approval chances of 65-70%.

儘管SEC看似緩慢的過程，但Altcoin ETF批准的可能性仍有改善。 Seyffart估計Litecoin（LTC）的批准機會為90％，其次是Dogecoin（Doge）為75％。 Solana（Sol）和XRP（XRP）的估計批准機會為65-70％。

This increased likelihood is partly due to the approval of Bitcoin ETFs, paving the way for other crypto ETFs. The growing interest from institutional investors further pressures the SEC to create regulated products allowing traditional investors access to the crypto market.

這種可能性的增加部分是由於比特幣ETF的批准，為其他加密ETF鋪平了道路。 機構投資者的興趣日益增長，進一步向SEC施加壓力，要求他們創建受監管的產品，使傳統投資者進入加密貨幣市場。

Importance of Crypto ETFs

加密ETF的重要性

Crypto ETFs are considered crucial for bringing transparency and regulation to the crypto market. They offer investors exposure to digital assets without directly holding them, appealing to institutional investors seeking regulated investment vehicles.

加密ETF被認為對於將透明度和監管帶入加密市場至關重要。 他們為投資者提供數字資產的曝光而無需直接持有，吸引了尋求受監管投資工具的機構投資者。

The SEC's thorough review process aims to ensure these ETFs meet standards of transparency, security, and market integrity, mitigating risks of market manipulation, fraud, and excessive volatility that could harm investors.

SEC的徹底審核過程旨在確保這些ETF符合透明度，安全性和市場完整性標準，從而減輕市場操縱，欺詐和過度波動的風險可能會損害投資者。