If the US government closes this week, several long awaited cryptocurrency exchange traded funds (ETFs)-Inclusive funds for and – Could be thrown into Limbo, just as they near the finish line.
Several asset leaders have been in close communication with Securities and Exchange Commission (SEC) in the last few months and revised their S-1 registration statements. These changed filing is often interpreted as a signal that the regulator is working against approval. But a federal shutdown would grind most of this work to stop.
A person who is familiar with the process said they believe that some approvals could still land as soon as next week – provided the government remains open. SPOT SOLANA ETF applications are especially believed to be close, with several rounds of comments from SEC already processed. Issuers are still expected to submit their final S-1 forms.
Adding to the Momentum last week asked Lister exchanges to withdraw their 19B-4 archives and collect under the general listing standards-a procedural shift expected after these standards were approved earlier this year. This movement suggested that the agency was preparing to get new products to Greenlight.
October is full of decision deadlines. Canary Capitals Litecoin ETF is due to a response before October 2nd. Several other applications face the final deadlines between 10 and 24 October – dates that are now at risk of slipping into a holding pattern if Congress does not adopt a financing bill before midnight this Tuesday.
A shutdown would lead much of the federal government, including staff at SEC. While a skeletal crew would remain on to deal with “significant” business, it is unclear whether crypto -Tfs fall into this category. In previous shutdowns, regulatory reviews of financial products were often paused unless they are considered critical of market stability.
There is also the possibility that SEC has already completed much of the papers behind closed doors. It could allow approvals to continue before the deadlines – or even during a shutdown – but this scenario remains speculative.
Meanwhile, issuers and exchanges are left to wait and look at the calendar and Capitol Hill with growing anxiety.
The ETF race – especially for Spot Crypto Products – has heated in 2025 after SEC’s surprise approval of several SPOT Bitcoin ETFs in 2024. Many of the same companies behind these products are now pressing on foundations bound to alternative assets such as Solana and Litecoin, with the aim of expanding the list of regulated investment options tied to crypto.
But so far, politics may have the last word.
Correction (September 30, 2025, 15:12 UTC): The government must shut down after Tuesday.
