TLDR
- SEC guidance allows crypto ETF filings to become effective 20 days after submission without amendments.
- The government shutdown delayed over 900 SEC filings.
- Issuers can request to speed up the effective date of crypto ETF filings by submitting requests under Rule 461.
- The SEC will clear backlog filings, including delayed crypto ETFs, starting from the earliest submissions.
- Crypto ETF filings, like the BlackRock Bitcoin ETF, were postponed during the shutdown and will resume review.
The U.S. Securities and Exchange Commission (SEC) has issued updated guidance for issuers with pending registration statements, including crypto exchange-traded funds (ETFs), after the government shutdown ended. This guidance, issued on November 13, 2025, aims to address the status of over 900 filings that were paused during the shutdown.
End of the Shutdown and Resumption of Filings
The recent government shutdown halted the SEC’s operations, causing delays in the review of various filings, including crypto ETFs. With the reopening of government offices, issuers are now able to proceed with their filings under the SEC’s guidance. Importantly, the SEC has confirmed that issuers do not need to submit a delaying amendment for their filings. As long as the required language is included in the registration statements, the filings will become effective 20 days after submission, in accordance with Section 8(a) of the Securities Act and Rule 459.
During the shutdown, the SEC postponed the review of some ETF filings, such as the BlackRock Bitcoin Premium Income ETF. However, the SEC will continue to process these filings as soon as they are reviewed. The Commission has noted that filings which were under review before the shutdown will now return to their original review timelines.
Accelerating the Effective Date
Issuers seeking to speed up the process can request an acceleration of the effective date of their filings. To do so, they must submit a request to the SEC under Rule 461. If a filing was not under review during the shutdown, issuers can ask for approval to expedite its effectiveness. The SEC will evaluate these requests on a case-by-case basis.
As the SEC works to clear its backlog, the approval of crypto ETFs is expected to proceed in the order they were received. This move brings some clarity to the industry, which has been waiting for regulatory progress during the extended shutdown. Additionally, it provides openness on the approval process for these filings, ensuring that they will move forward without the need for additional amendments from issuers.
