In the vast universe of crypto, it's often not innovations that set the pace, but rather the decisions of the SEC. By postponing once again the review of the Solana and Litecoin ETFs, the American regulator is reminding us that no altcoin will cross the door to institutional markets without its approval.

在广阔的加密宇宙中，通常不是创新的创新，而是SEC的决定。通过再次推迟对Solana和Litecoin ETF的审查，美国监管机构提醒我们，未经其批准，没有Altcoin会越过机构市场。

While these delays are fueling speculation and highlight a regulation that could change the game, other deadlines are quickly approaching. June will see the fates of Polkadot, XRP, and Dogecoin decided.

尽管这些延误正在加剧猜测，并强调了一项可能改变游戏的法规，但其他截止日期也很快即将到来。六月将决定Polkadot，XRP和Dogecoin的命运。

The SEC postpones its decision on the Solana ETF

SEC推迟其对Solana ETF的决定

The SEC has officially postponed its decision regarding the highly anticipated Solana spot ETF proposed by Grayscale. According to documents filed by the regulator, the deadline is now set for October 2025.

SEC已正式推迟了有关Grayscale提出的备受期待的Solana Spot ETF的决定。根据监管机构提交的文件，截止日期现在定于2025年10月。

Such a postponement comes barely a week after another adjournment, that of the Litecoin ETF filed by Canary Capital.

这种推迟在另一次休会后仅一周，即Canary Capital提交的Litecoin ETF。

As summarized James Seyffart, analyst at Bloomberg Intelligence, in a post on X dated May 5 :

正如彭博情报分析师James Seyffart总结在5月5日X上的一篇文章中：

“The SEC has postponed its decision on the Litecoin ETF. No surprise, but the signal remains negative in the short term.”

“ SEC已将其决定推迟了Litecoin ETF的决定。毫不奇怪，但是在短期内，信号仍然是负面的。”

Indeed, these delays, although predictable, trigger questions in a market where institutional interest in crypto products continues to grow. Spot ETFs are seen as key instruments to channel investment flows into cryptos.

确实，这些延误虽然可以预测，但仍会在机构对加密产品的兴趣继续增长的市场中引发问题。现场ETF被视为将投资流向加密货币的关键工具。

Here are several major points highlighting the importance of these decisions :

以下是一些重点，强调了这些决定的重要性：

In this context, the SEC’s caution contrasts with market expectations, which heightens the tension between regulation and innovation.

在这种情况下，美国证券交易委员会的谨慎与市场期望形成鲜明对比，这加剧了监管与创新之间的张力。

Imminent decisions for Polkadot, XRP, and Dogecoin

Polkadot，XRP和Dogecoin的迫在眉睫的决定

While Solana and Litecoin see their hopes postponed, other projects enter the regulatory decision zone. According to recent documents published, the SEC must rule in June on several other crypto ETFs.

尽管Solana和Litecoin看到他们的希望推迟了，但其他项目进入了监管决策区。根据最近发布的文件，SEC必须在6月对其他几个加密ETF进行统治。

On June 11, it will be the Grayscale Polkadot ETF that will be reviewed. Two weeks later, on June 24, it will be 21Shares’ turn to defend its own Polkadot ETF. Additionally, a deadline is also set for June 17 for the Franklin Templeton XRP ETF and the Bitwise Dogecoin ETF.

6月11日，将审查的灰度Polkadot ETF。两周后的6月24日，将是21股捍卫自己的Polkadot ETF的转弯。此外，富兰克林·邓普顿XRP ETF和Bitwise Dogecoin ETF也将于6月17日设定截止日期。

These dates, although official, are not irrevocable. The SEC legally has a total of 240 days to decide, and it does not hesitate to use this margin, as shown by the cases of the Bitcoin and Ethereum ETFs.

这些日期虽然是官方的，但并非不可撤销。 SEC合法地有240天的决定，并且使用此边缘毫不犹豫，如比特币和以太坊ETF的情况所示。

This phenomenon of “regulatory procrastination” is now well documented. The SEC systematically delays without necessarily issuing an explicit refusal, which maintains uncertainty and temporarily freezes short-term hopes.

现在，“监管拖延”现象已被充分记录。 SEC系统地延迟了不一定会明确拒绝，这保持了不确定性并暂时冻结了短期希望。

Such a strategy could also apply to the Polkadot, XRP, and DOGE ETFs, even if no official indication confirms this for now.

这种策略也可以适用于Polkadot，XRP和Doge ETF，即使目前没有官方迹象可以证实这一点。

This tense and uncertain regulatory climate is not without consequences on investors’ strategies and the institutional perception of the concerned assets. If the SEC continues to slow the process, it could hinder the widespread adoption of certain cryptos that heavily rely on exposure via ETFs to attract large funds. Conversely, a series of approvals in June could trigger a new wave of capital inflows.

这种紧张而不确定的监管气候并非对投资者的战略和对有关资产的制度看法没有任何影响。如果SEC继续减慢过程，它可能会阻碍某些严重依赖ETF暴露以吸引大量资金的某些加密货币的广泛采用。相反，6月份的一系列认可可能会引发新的资本流入。