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The ETF approval keeps getting delayed, and this wave from the SEC is very reminiscent of the "crypto circle father-in-law".

The SEC's decision to delay the cryptocurrency ETF is not the first time. To put it bluntly, its stance is like that of a picky father-in-law—expecting a son-in-law (the ETF) while also finding him not stable enough. As a result, the evaluation period is extended indefinitely.
The logic is actually very clear: once the ETF is approved, it will attract a massive influx of institutional funds into the cryptocurrency market. The SEC is certainly concerned about what will happen if this thing goes belly up—who will clean up the mess? So, it chooses to "drag its feet." It's like a father-in-law saying, "The young man is not bad, but we need to observe him a bit longer."
For the market, this delay has instead become an emotional engine. Investors in the cryptocurrency circle clearly know that the ETF will come sooner or later, but every "delay" announcement can trigger a small fluctuation. The news has seemingly become a valve for market adjustment.
Ultimately, the SEC does not dislike crypto ETFs; it just wants the market to undergo a few more "mock tests." After all, the real wedding (approval) must be foolproof.