SEC Resumes Crypto ETF Approvals with New Guidance After Shutdown

TLDR

• The SEC released guidance on crypto ETFs and pending filings after the government shutdown ended.
• Issuers do not need to file a delaying amendment as long as specific language is included in their registration statements.
• Crypto ETFs will become effective after 20 days if the registration statement meets the required conditions.
• The SEC is working to clear a backlog of filings, including major crypto ETFs such as the BlackRock Bitcoin Premium Income ETF.
• Issuers can request an accelerated effective date for their crypto ETFs if the SEC has not reviewed their filings.

The U.S. Securities and Exchange Commission (SEC) has released new guidance on crypto ETFs and other registration filings. This comes after President Donald Trump officially signed a bill to end the longest government shutdown in U.S. history. Over 900 registration statements were submitted to the SEC during the shutdown.

Crypto ETFs and SEC Registration Statement Guidance

The SEC clarified that issuers do not need to file a delaying amendment due to the government shutdown. As long as issuers include the language required under Rule 473(b) or file a new registration statement, crypto ETFs will become effective after 20 days.

The guidance, dated November 13, ensures transparency for issuers with pending filings. Issuers must ensure their statements are free of material misstatements or omissions. The SEC emphasized that all statements must provide all material information required.

Crypto ETFs that were pending before the government shutdown will now proceed with their filings. This includes ETFs for popular cryptocurrencies such as Solana, Litecoin, HBAR, and XRP. These ETFs were auto-effective via an 8-A filing and certification from exchanges.

SEC Delays and Backlog of Crypto ETF Filings

While the SEC works to clear the backlog of filings, some ETF applications are still under review. Among these is the BlackRock Bitcoin Premium Income ETF, which requires further examination. The SEC is expected to review these filings in the order they were received.

Issuers may request an accelerated effective date for their crypto ETFs. These requests must be submitted under Rule 461, item 8-A. The SEC will consider such requests on a case-by-case basis.

If a filing was under review before the shutdown, the SEC will continue its review. This ensures that no applications are overlooked during the process. Issuers should expect to receive updates on their filings soon.

The SEC’s guidance is clear: crypto ETFs will proceed under standard timelines unless issuers request acceleration. The commission is focused on maintaining transparency throughout the process.

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