The rollout of new crypto ETFs hangs in the balance as a U.S. government shutdown paralyzes the SEC, delaying the approval of long-awaited Altcoin ETPs, including Solana, XRP, and Cardano.
In September 2025, the SEC implemented new generic listing standards for spot crypto ETFs, designed to significantly accelerate approval timelines — from as long as 240 days down to roughly 75. The reform was seen as a milestone in the acceptance of Altcoin ETFs and a clear signal to the market that the integration of digital assets into regulated structures is gaining momentum.
But just as the first applications for Solana, XRP, and Cardano were set to enter this new review framework, a U.S. government shutdown brought the SEC’s operations to a halt. Many of the hopes for swift approvals have since stalled.
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SEC operating at minimal capacity
According to official SEC guidance, submissions via the EDGAR system remain possible during the government shutdown, but active reviews, comments, and acceleration requests are suspended. Regular communication with issuers has largely ceased as well. Legally, some registration statements could theoretically become effective after twenty days under Section 8(a) of the Securities Act. In practice, however, this mechanism is being applied only sparingly and with caution, as the SEC aims to maintain a degree of substantive oversight even under these exceptional circumstances.
The process is more complex for ETF structures, which also fall under the Division of Trading & Markets responsible for trading approvals. With that division operating on a skeleton staff, new products cannot receive final clearance. Numerous ETF applications that were already in advanced stages have therefore been put on hold. Reuters and MarketWatch both report that several issuers have had to adjust their timelines for Solana and XRP ETFs.
SEC pipeline frozen
On September 19, several crypto ETFs were approved in the United States, including products tied to XRP and Dogecoin. These launches marked the beginning of a broader wave of ETF approvals that was expected to include Solana, Cardano and other altcoins in the following weeks.
The subsequent government shutdown, however, derailed all timelines. Products slated for early October, particularly Solana ETFs, additional XRP variants and Cardano structures, are now delayed indefinitely. Multiple applications remain stuck in the SEC’s review pipeline. While the electronic filing system continues to accept submissions, internal review and approval processes have largely come to a standstill. The ETF pipeline will remain frozen until the shutdown ends and the agency fully resumes operations.
Rapid Catch-Up Expected
Delays aside, once the government shutdown ends, the SEC is likely to make up for lost time quickly. Observers expect normal operations to resume by late October or early November. With the new standards already in place, a large number of applications could be cleared in a short period. The question is therefore not whether but when a significant part of the crypto universe will become accessible through regulated Wall Street vehicles.
