Just weeks before the shutdown, the SEC introduced a new set of generic listing standards for commodity-based exchange-traded products. Under the old framework, each new ETF required a case-by-case review under Section 19(b), alongside an S-1 filing, often resulting in months of regulatory delay. This delay can be seen among Spot XRP ETF applications, many of which have been filed between January and March 2025 but are still waiting for approval.
Speaking of shutdowns, the US government entered a partial shutdown on October 1 after lawmakers failed to pass a new spending bill, which has left many federal agencies without operating funds. The SEC, which oversees ETF approvals, is among the agencies most affected.
