The U.S. Securities and Exchange Commission (SEC) just did something quite "dramatic":

The SEC just approved it, and soon after, they suddenly slammed on the brakes.

Although it seems a bit capricious, this is actually one of the SEC's internal processes: first, a preliminary approval is given, and then, through a regulation called Rule 431(e), the execution is temporarily suspended for reassessment by the entire committee.
So strictly speaking, it's not "backtracking", but rather "not finalized yet".

In the short term, it has indeed doused the market with a bucket of cold water.
But in the long run, this is actually a signal: the SEC is seriously considering how to approve these products.

From Bitcoin and Ethereum ETFs to the current "composite ETFs", they are being pushed forward layer by layer. Just want to make sure it's not a random approval and can stand on solid ground.

I think the key to the future lies in "regulatory standards". Many people (including ETF analysts and industry influencers) are waiting for regulations similar to the "Clarity Act". In simple terms, they want to clarify which coins can enter ETFs and which cannot be touched.

So the real turning point in the future is not which fund gets approved, but rather when the SEC is willing to present a set of "game rules for crypto ETFs"; that will be the time when the market truly takes off.