The timing hinges on fast-moving developments in Washington. On Monday, November 10, Senate leaders advanced a funding package intended to reopen the government, a step that would bring furloughed Securities and Exchange Commission staff back to work and unfreeze routine registration processing.
The convergence of DTCC listings with a prospective government reopening is why Geraci—one of the most closely followed voices in the ETF industry—frames the next several days as a potential inflection point. His post also nods to the legal mechanism that could enable a near-term debut: the Securities Act of 1933’s Section 8(a) pathway to automatic effectiveness.
None of the above, however, substitutes for an approval order or the passage of the Section 8(a) waiting period. DTCC listings historically function as plumbing—CUSIP, symbol, and processing readiness—rather than a regulatory blessing.
Until then, issuers that did remove delaying amendments technically do not need an affirmative SEC declaration to become effective after the 20-day clock, but they remain exposed to potential SEC comments or interventions once operations normalize.
At press time, XRP traded at $2.48.
