[SEC and CFTC Set to Resume Operations, Crypto ETF Approvals and Leveraged Spot Trading May See Progress] On November 14, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are set to resume operations after a 43-day government shutdown. Employees of both agencies will return to work on the next regular business day following the enactment of the appropriations bill. During the shutdown, the SEC's review capabilities were limited, and approvals for cryptocurrency-related ETF applications were essentially halted. The CFTC suspended most of its operations, including enforcement, market oversight, and regulatory rulemaking. After resuming operations, the SEC and CFTC will need to address the backlog of tasks accumulated during the shutdown. Some crypto companies have already submitted IPO and ETF applications in advance. SEC Chair Atkins revealed plans to establish a token classification framework based on the Howey Test in the coming months. Acting CFTC Chair Pham stated that the commission is pushing to approve leveraged spot cryptocurrency trading as early as December.