If the U.S. government shuts down this week, several long-awaited cryptocurrency exchange-traded funds (ETFs) — including funds for and — could be thrown into limbo just as they near the finish line.
Multiple asset managers have been in close communication with the Securities and Exchange Commission (SEC) over the past few months, revising their S-1 registration statements. These amended filings are often interpreted as a signal that the regulator is working toward approval. But a federal shutdown would grind most of that work to a halt.
One person familiar with the process said they believe some approvals could still land as soon as next week — assuming the government remains open. In particular, spot solana ETF applications are thought to be close, with several rounds of comments from the SEC already addressed. Issuers are still expected to file their final S-1 forms.
Adding to the momentum, the SEC last week asked listing exchanges to withdraw their 19b-4 filings and re-submit under the General Listing Standards — a procedural shift expected after those standards were approved earlier this year. That move further hinted the agency was preparing to greenlight new products.
October is packed with decision deadlines. Canary Capital’s Litecoin ETF is due for a response by October 2. Several other applications face final deadlines between October 10 and 24 — dates that now risk slipping into a holding pattern if Congress fails to pass a funding bill before midnight this Tuesday.
A shutdown would furlough much of the federal government, including staff at the SEC. While a skeleton crew would stay on to handle “essential” business, it’s unclear whether crypto ETFs fall into that category. In past shutdowns, regulatory reviews on financial products were often paused unless deemed critical to market stability.
There’s also the possibility that the SEC has already finalized much of the paperwork behind closed doors. That could allow approvals to proceed before the deadlines — or even during a shutdown — but that scenario remains speculative.
In the meantime, issuers and exchanges are left to wait, watching the calendar and Capitol Hill with growing anxiety.
The ETF race — particularly for spot crypto products — has heated up in 2025 after the SEC’s surprise approval of multiple spot bitcoin ETFs in 2024. Many of the same firms behind those products are now pushing for funds tied to alternative assets like Solana and Litecoin, aiming to expand the roster of regulated investment options tied to crypto.
But for now, politics may have the final say.
Correction (Sept. 30, 2025, 15:12 UTC): The government is due to shut down after Tuesday.
