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22h ago

Crypto ETF Listings Advance Via Auto-Effective S-1s During SEC Shutdown

With SEC reviews largely paused, issuers are leaning on a 20‑day auto-effectiveness rule that lets updated S‑1s take effect unless the regulator steps in.

November could be the new october for u.s. crypto etfs after shutdown delays sec decisions

Overview

  • Four spot crypto ETFs — two from Canary Capital plus one each from Bitwise and Grayscale — began trading this week after their S‑1s went effective by default.
  • Fidelity updated its S‑1 for a spot Solana ETF and Canary Capital did the same for an XRP fund, positioning both for November launches if the SEC does not intervene.
  • The XRP ETF could start trading as soon as November 13 based on the filing timeline, though limited SEC engagement on XRP increases the risk of a stop or delay.
  • The SEC can still issue a stay or request changes to halt auto-effectiveness, and some pending applications lack sufficient prior feedback to progress during the shutdown.
  • An October 20 AWS outage disrupted major crypto services, including Coinbase’s trading platform and Base network, underscoring operational vulnerabilities as new funds come to market.