The U.S. Securities and Exchange Commission (SEC) has introduced new post-shutdown guidelines explaining how registration statements (including cryptocurrency ETF applications) can proceed under Sections 8(a) and 461 of the Securities Act.
The general listing standards approved in September 2025 eliminated the separate 19(b) approval requirement for qualified cryptocurrency ETPs.
The government shutdown resulted in a backlog of over 900 applications, forcing issuers to rely on the automatic 20-day effectiveness mechanism under Section 8(a) of the Securities Act.
The new SEC directive allows issuers to choose between automatic effectiveness or requesting accelerated effectiveness under Rule 461 to expedite the launch process.
After years of slow progress and periodic regulatory pauses, the SEC has released new guidelines that may accelerate the approval timeline for cryptocurrency exchange-traded funds (ETFs).
These updates came after a record-long government shutdown that paused the progress of over 900 pending registration filings in the financial markets. As federal operations resumed, the SEC issued technical guidance outlining how issuers can advance ETF applications under Section 8(a) of the Securities Act of 1933 and Rule 461.
This article will explain what changes have occurred, why they are important, and how the updated procedures shorten the issuance timeline for new cryptocurrency ETFs in the U.S.
For most of 2025, ETF issuers, particularly those focused on the crypto space, have been grappling with a heavy procedural burden. Following the approval of a spot Bitcoin ETF in January 2024 and an Ethereum ETF in May 2024, there has been a surge in filings from companies seeking to list products tracking altcoins like Solana, Ripple, Chainlink, and Dogecoin.
In the regulatory process for these products, many still require individual review under Section 19(b) of the Securities Exchange Act of 1934. This means issuers rely on the SEC to publish proposed rule changes, open public comment periods, and issue approval or disapproval orders. The timelines vary significantly.
On September 17, 2025, the SEC approved general listing standards for commodity-based trust shares on the Nasdaq, Chicago Board Options Exchange BZX, and NYSE Arca. This changed the regulatory process by eliminating the need for separate 19(b) rule change approvals for each qualified cryptocurrency ETF.
The new standards were announced alongside the approval of the first multi-crypto asset ETF—the Grayscale Digital Large Cap Fund—which holds Bitcoin, Ethereum, and other tokens.
This streamlining removed a bottleneck that had hindered products for years, but the momentum for immediate listings was interrupted by the government shutdown.
During the 43-day shutdown, over 900 filings were submitted but could not be processed. ETF issuers were unable to access the review mechanism, communicate with staff, or advance pending filings.
In this environment of regulatory paralysis, some issuers' only recourse was to use existing mechanisms: the automatic 20-day effectiveness provision under Section 8(a) of the Securities Act. This allows registration statements without delayed effectiveness provisions to automatically become effective 20 days later if the SEC does not take action or raise objections. This mechanism aided the issuance of several funds, including Canary Capital's spot Ripple ETF.
This crisis and reliance on technical stopgap measures highlighted the need for a more efficient and formal review process.
This practice was directly mentioned in the guidance released after the SEC resumed operations. Once reopened, staff were instructed to quickly and orderly resume work. Issuers immediately sought clarification on how filings submitted during the shutdown would be prioritized or modified.
On November 13, 2025, the SEC released a set of detailed technical clarifications explaining how to handle the backlog of filings from the shutdown.
The new SEC guidance applies to issuers like Bitwise, which has a pending Ripple ETF filing that has not yet completed the Section 8(a) process.
The post-shutdown guidance created two main mechanisms to push stalled applications toward issuance.
As a remedy for applications submitted during the shutdown, the guidance confirms that registration statements without delays will automatically become effective 20 days later under Section 8(a). The SEC also clarified that even if an application does not include Rule 430A information, staff will not recommend enforcement action.
For issuers seeking faster approval times or wishing to restore active regulatory oversight, the SEC guidance clarifies that they can add amendments to delay and then formally request acceleration under Rule 461. This allows issuers to bypass the automatic 20-day countdown and seek expedited effectiveness. The SEC also noted that the department will review applications in the order received.
Did you know? The general listing standards only apply to exchange-traded products (ETPs) that hold underlying commodities (such as digital assets) traded on ISG member exchanges or appropriately monitored regulated futures markets.
The SEC's guidance does not guarantee that every cryptocurrency ETF will be approved more quickly. Substantive legal reviews have not changed. What has changed is the friction in the process. Due to filings submitted during the shutdown that did not include delay provisions, unless the SEC intervenes, they can automatically become effective after the standard 20-day period, with the automatic effectiveness mechanism under Section 8(a) now playing a larger role.
Rule 461 allows issuers to request the SEC to accelerate the effective date of their registration statements to a specific time. To do this, issuers must first amend their filings to return to the standard delay status and then submit a formal Rule 461 request to the SEC. This request is not a formality; it confirms that issuers, underwriters, and advisors are fully aware of and accept their legal and anti-fraud responsibilities under the Securities Act.
By combining the acceleration request under Rule 461 with the new general listing standards, issuers can bypass the delays caused by the previous 19(b) requirements, thereby streamlining the entire process. This combination makes the path for compliant altcoin ETPs faster and more predictable, allowing managers to more confidently target specific listing windows.
Although the SEC has accelerated the approval pace, it has also emphasized that core investor protection rules have not been relaxed.
The main takeaway for issuers is that fast approvals do not reduce their legal responsibilities. The SEC's post-shutdown guidance clarifies that federal securities law liabilities and anti-fraud provisions still apply to all registration statements, including those that automatically become effective under Section 8(a).
This is supported by the core provisions of the Securities Act of 1933: Sections 11 and 12(a)(2). These rules impose strict liability under Section 11 and a higher standard of liability under Section 12(a)(2) for any material misstatements or omissions in registration documents. In short, if a prospectus is misleading, the issuer is liable, and investors do not need to prove negligence or intent on the part of the company.
The responsibility for ensuring accuracy still lies with the ETF provider, especially when timelines are compressed, necessitating thorough internal checks and due diligence to meet this high standard.
Related: Grayscale's spot Dogecoin (DOGE) ETF sees lower-than-expected trading volume on its first day
Original article: “Why the SEC’s new guidelines could speed up the approval process for new crypto ETFs”
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