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.

美国证券交易委员会（SEC）（SEC）在主席马克·乌耶达（Mark Uyeda）的主席下推迟了几家Altcoin交易所交易基金（ETF）的决定。 其中包括关于Dogecoin（Doge），Litecoin（LTC），Solana（Sol）和XRP的建议。

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.

这种延迟引发了有关SEC仍不愿批准基于加密货币的金融产品的问题，尽管市场需求不断增长。 但是，专家对今年晚些时候的批准仍然乐观。 本文探讨了延迟背后的原因及其对加密ETF的未来的影响。

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SEC Delays Altcoin ETF Decisions

SEC延迟altcoin ETF决定

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在内的公司提交的几项著名的加密ETF申请延迟。 这些文件涵盖了众所周知的山寨币，例如Dogecoin（Doge），Litecoin（LTC）和XRP。 虽然不是出乎意料的（行业分析师考虑此标准程序），但延误值得注意。

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提案是明显的延迟归档，这是SEC确认的第一个XRP ETF应用程序。 尽管延迟了，但SEC并未拒绝该提案，这表明需要进一步分析。这反映了SEC处理以前主要的加密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.

从Vaneck，21shares和Canary Capital的进一步延迟影响了Solana（Sol）ETF应用程序。 关于其以太坊（ETH）Staging ETF归档，21shares还面临延误。

Reasons for the Delays

延迟的原因

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.

监管延迟在加密空间中很常见，尤其是与ETF有关。 SEC谨慎的方法源于对市场操纵和缺乏全面法规的担忧。 尽管对加密ETF的需求是不可否认的，并且资产管理者渴望利用该市场，但SEC的犹豫反映了人们对过度波动和潜在欺诈的担忧。

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分析师詹姆斯·塞法特（James Seyffart）解释说，这些延迟是可以预期的，并与典型的申请审查程序保持一致。 他还指出，保罗·阿特金斯（Paul Atkins）作为新的SEC主席可能会导致延误。

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还建议SEC正在立即做出决定。 为Grayscale的XRP ETF应用程序设定了一个新的截止日期，该截止日期为10月，最终的决定可能在10月份到达，从而进行了更全面的评估。

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坚持认为，今年Altcoin ETF批准的几率相对较高，预计将在2025年晚些时候批准一些申请。

Growing Interest in XRP ETFs

对XRP ETF的兴趣日益增加

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认可的第一点XRP ETF的Grayscale的XRP ETF应用程序引起了极大的兴趣。 其他主要公司，包括位和金丝雀资本，也提交了XRP ETF应用程序，以及富兰克林·邓普顿（Franklin Templeton）加剧了竞争。

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%.

尽管SEC看似缓慢的过程，但Altcoin ETF批准的可能性仍有改善。 Seyffart估计Litecoin（LTC）的批准机会为90％，其次是Dogecoin（Doge）为75％。 Solana（Sol）和XRP（XRP）的估计批准机会为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.

这种可能性的增加部分是由于比特币ETF的批准，为其他加密ETF铺平了道路。 机构投资者的兴趣日益增长，进一步向SEC施加压力，要求他们创建受监管的产品，使传统投资者进入加密货币市场。

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被认为对于将透明度和监管带入加密市场至关重要。 他们为投资者提供数字资产的曝光而无需直接持有，吸引了寻求受监管投资工具的机构投资者。

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的彻底审核过程旨在确保这些ETF符合透明度，安全性和市场完整性标准，从而减轻市场操纵，欺诈和过度波动的风险可能会损害投资者。