Crypto ETF Issuers Bypass Government Shutdown
Most people thought October was finally going to be the big month for U.S. crypto ETFs. All those deadlines for the SEC to approve or deny new funds were stacked up and ready to go.
However, with the U.S. government unexpectedly shutting down, the entire regulatory process froze, and all the deadlines were postponed. Now, November is stepping in to save the day.
Instead of waiting for the SEC to resume operations and provide a formal approval, fund issuers have discovered a workaround that does not require an active regulatory signature.
Regulatory Evasion and New Fund Launches
This strategy was employed by four funds, including two from Canary Capital, one from Bitwise, and one from Grayscale, allowing them to begin trading last week despite the ongoing government closure.
The method involved refiling their S-1 registration statements and removing the 'delaying amendment' language. According to U.S. securities law, without this amendment, a filing automatically becomes effective after 20 days unless the SEC intervenes. In this case, the SEC has not acted, allowing the funds to launch by default, signifying an approval by silence.
This success has spurred other firms to action. Canary Capital has filed an updated S-1 for its XRP ETF. If the SEC remains inactive, the first XRP fund could begin trading as early as November 13.
However, some ETF analysts, such as Eric Balchunas, caution that while funds may launch next month, some filings have not received any prior feedback from the SEC, which could potentially hinder the process.
The continuation of this momentum throughout November will depend less on the crypto market and more on when Congress resolves the government shutdown.
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