The U.S. Securities and Exchange Commission has issued fresh guidance addressing crypto ETF filings and other registration statements that remained pending during the government shutdown. The update comes shortly after President Trump signed legislation to end the longest shutdown in U.S. history.
SEC Clarifies Rules for Crypto ETF Approvals Post-Shutdown
During the shutdown, the SEC’s Division of Corporation Finance received more than 900 registration statements, including multiple crypto ETF applications. To help issuers understand how the commission will handle these filings, the SEC published official guidance dated November 13.
Before the shutdown began, the SEC had already issued instructions that allowed several ETFs—such as Solana, Litecoin, HBAR, and XRP products—to become auto-effective through 8-A filings and exchange listing certifications.
In its new guidance, the SEC confirmed that issuers do not need to add a delaying amendment now that operations have resumed. If a filing already contains the required Rule 473(b) language, or if a new registration statement was submitted without a delaying amendment, then the ETF will automatically become effective after 20 days, according to Section 8(a) of the Securities Act and Rule 459.
The SEC also reminded issuers to ensure all filings remain accurate and free of material misstatements or omissions.
The commission acknowledged that some ETF filings were delayed during the shutdown, including BlackRock’s Bitcoin Premium Income ETF, due to the need for further review. Staff are now working through the backlog.
Additional SEC Guidance for Issuers
The SEC noted that issuers may request an earlier effective date for their crypto ETF filings. These requests must be submitted under Rule 461, and approval depends on staff evaluation.
Issuers may also seek acceleration if the SEC previously indicated it was not reviewing a specific filing before the shutdown took place.
For filings that were already under review, the SEC will continue that evaluation process. The agency is expected to approve many pending crypto ETFs in the order they were originally received, ensuring an organized review as operations normalize.
