During the U.S. government shutdown, employees who were forced to take leave are expected to return to their positions at the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) after being away for 43 days.
According to the operational plans of the SEC and CFTC, employees are expected to return to work on Thursday after President Trump signed the appropriations bill on Wednesday evening, restoring federal government operations.
The relevant plans from both agencies require employees to report to work on the "next normal working day after the appropriations legislation takes effect." CFTC Acting Chair Caroline Pham also confirmed this arrangement on the X platform on Thursday.
During the government shutdown, both agencies reduced their staffing and scaled back operations. For example, the SEC's ability to review applications for exchange-traded funds (ETFs), including those related to cryptocurrencies, was limited. The CFTC's plan stated that it would "halt the vast majority of its operations," including enforcement, market oversight, and regulatory rulemaking.
However, as the government reopens, the SEC and CFTC may need some time to catch up on the backlog of matters that accumulated during the previous 43 days, such as reviewing previously submitted registration applications. Some companies submitted IPO and ETF applications when reports indicated that the shutdown was nearing an end.
Jay Dubow, a partner at Troutman Pepper Locke law firm, told Cointelegraph:
"I believe some [companies] think they can submit [applications] directly to the SEC, knowing they won't be reviewed immediately, but at least they can get in line."
He also warned that if the SEC repeatedly experiences similar shutdowns, it could have adverse effects:
During the shutdown, officials from both financial regulatory agencies still regularly attended meetings to discuss their regulatory stance on cryptocurrencies, sometimes addressing issues of service availability and business reductions.
"To a certain extent, we are clearly still operating," SEC Chair Paul Atkins stated on October 7, less than a week into the funding interruption. "What we can and cannot do is strictly limited, especially for employees… but I can still attend meetings like this one."
Before the appropriations bill was resolved, Akins had stated that the SEC planned to consider "establishing a token classification system" in the coming months, based on the Howey test, to acknowledge that "investment contracts eventually come to an end." Pham also indicated that the CFTC has been pushing for the approval of leveraged spot cryptocurrency trading as early as December.
Michael Selig, who serves as the Chief Legal Advisor for the SEC's Cryptocurrency Assets Special Task Force, is set to attend a Senate Agriculture Committee hearing on Wednesday, which is a crucial step in Trump's push for him to become the next CFTC chair. Although the hearing could have continued during the shutdown, if Selig is approved, his powers would be significantly limited.
If Selig receives Senate confirmation to take over as chair, Pham is expected to step down as acting chair. However, even if Selig takes office quickly, the CFTC still faces a leadership shortage issue—only one of the five commissioners has received formal Senate confirmation.
Related: Circle enters the world's largest financial market, launching an on-chain foreign exchange engine
Original: “After 43 Days of U.S. Government Shutdown, SEC and CFTC Set to Resume Operations”
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