If the United States government is ending this week, several funds negotiated in exchange for long -awaited cryptocurrency (ETF) – including funds for And – could be thrown into limbo as they near the finish line.
Several asset managers have been in close communication with the Securities and Exchange Commission (SEC) in recent months, revising their S-1 registration statements. These modified deposits are often interpreted as a signal according to which the regulator works on approval. But a federal closure would crush most of this work.
A person familiar with the process said they thought that certain approvals could still land next week – assuming the government remains open. It is also believed that the SPOT Solana ETF applications are close, with several comments from the dry already discussed. Emitters should always deposit their S-1 finals forms.
Adding to the momentum, the SEC asked last week of exchanges to withdraw their depots 19B-4 and to re-shown under general registration standards-a change of procedure expected after the approval of these standards earlier this year. This move also left that the agency was preparing for Greenlight New Products.
October is full of decision times. The FNB Litecoin of Canary Capital is due to a response by October 2. Several other applications are faced with end deadlines between October 10 and 24 – dates that are now likely to slip into a detention model if the congress cannot adopt a financing bill before midnight this Tuesday.
A closure would make a large part of the federal government on leave, including the SEC staff. Although a skeletal crew would remain on the move to manage “essential” affairs, it is not clear if the FNB Crypto enter this category. During previous closures, regulatory examinations on financial products have often been interrupted, unless they are deemed essential to market stability.
It is also possible that the SEC has already finalized a large part of the documents behind closed doors. This could allow approvals to proceed before deadlines – or even during a closure – but this scenario remains speculative.
Meanwhile, transmitters and exchanges must wait, looking at the calendar and the Capitol hill with increasing anxiety.
The ETF race – In particular for Crypto Spot products – heated in 2025 after the surprise approval of the dry of several ETF Bitcoin in 2024. Many of the same companies behind these products are now pushing for alternative assets like Solana and Litecoin, aimed at extending the test of regulated investment options related to crypto.
But for the moment, politics can have the last word.
Correction (September 30, 2025, 3:12 pm UTC): The government is expected to close on Tuesday.
