Key takeaways:

• The SEC has introduced up-to-date post-closing guidance that clarifies how registration statements, including cryptocurrency ETF filings, pass Section 8(a) and 461 of the Securities Act.

• The general listing standards approved in September 2025 removed the need for individual approvals under Art. 19 lit. b) for qualifying cryptocurrency ETPs.

• The government shutdown resulted in a backlog of more than 900 applications, forcing issuers to rely on the automatic 20-day effectiveness mechanism under Section 8(a). and).

• The SEC’s up-to-date instructions allow issuers to choose between automatic effectiveness or requesting accelerated effectiveness under Rule 461 for a faster launch.

After years of ponderous progress and periodic regulatory pauses, the U.S. Securities and Exchange Commission has released up-to-date guidelines that could speed up the approval timeline for cryptocurrency ETFs.

These updates follow an extended, record-long government shutdown that has halted progress on more than 900 pending financial market registration applications. Following the resumption of federal activity, the SEC issued technical guidance specifying how issuers may pursue ETF applications under Sections 8(a) and 461 of the Securities Act of 1933.

This article explains what has changed, why it matters, and how updated procedures can shorten U.S. launch timelines for up-to-date cryptocurrency ETFs.

Regulatory freeze: looking back

For much of 2025, ETF issuers, especially those focused on cryptocurrencies, were already facing a hefty procedural burden. Following the approval of Bitcoin spot ETFs in January 2024 and ETF ETFs in May 2024, there has been an augment in applications from companies looking to list altcoin tracking products such as Solana (SOL), XRP (XRP), Chainlink (LINK), Dogecoin (DOGE), and others.

The regulatory process for many of these products still required individual review under Section 19(a). b) of the Securities Exchange Act of 1934. This meant that issuers were dependent on the SEC to publish proposed rule changes, establish public comment periods, and issue approval or denial orders. The dates varied greatly.

The path to general listing standards

On September 17, 2025, the SEC approved general standards for the listing of commodity-based trust stocks on the Nasdaq, Chicago Board Options Exchange BZX Exchange, and Recent York Stock Exchange Arca. This changed the regulatory process by eliminating the need for individual Section 19(b) regulatory change approvals for each eligible cryptocurrency ETF.

The up-to-date standards were announced with the approval of the first multi-cryptocurrency ETF, the Grayscale Digital Vast Cap Fund, which holds Bitcoin (BTC), Ether (ETH) and other coins.

This improvement removed a years-long bottleneck that had previously held up production, but the immediate rush to market was halted by the government shutdown.

Closing delays

During the 43-day downtime, over 900 applications were submitted and could not be processed. ETF issuers have been deprived of review mechanisms, communication with staff and the ability to forward pending submissions.

In an environment of regulatory paralysis, the only option for some issuers was to apply an existing mechanism: the automatic 20-day effectiveness rule under Section 8(a). a) of the Securities Act of 1933. This made registration statements filed without a delay provision automatically effective after 20 days if the SEC failed to act or object. This mechanism was instrumental in the launch of several funds, including Canary Capital’s XRP spot ETF.

The crisis and the reliance on technical workarounds have highlighted the need for a more effective and formal review process.

This approach was addressed directly in SEC guidance published after the resumption of operations. After the SEC reopened, employees were directed to resume work immediately and in an systematic manner. Issuers immediately asked for clarification on how documents submitted during the suspension of operations would be sorted or amended.

What do the up-to-date SEC guidelines actually change?

On November 13, 2025, the SEC published a detailed set of technical clarifications explaining how it will process delinquencies during the shutdown period.

The SEC’s up-to-date guidance applied to issuers such as Bitwise that had an XRP ETF filing pending but had not yet completed the Section 8(a) process. and).

Disable Tips created two primary mechanisms for launching blocked applications.

Automatic 20-day effectiveness

As a remedy for applications filed during the suspension period, the Guidelines confirmed that registration statements filed without deferment will become automatically effective after 20 days under Section 8(a). and). The SEC also clarified that the staff would not recommend enforcement action even if the filing does not contain Rule 430A information.

Application for acceleration by amendment

For issuers who want a faster approval timeline or want to restore dynamic regulatory oversight, the SEC’s guidance explains that it may add a deferral of amendments and then formally request an acceleration under Rule 461. This allows issuers to move beyond the automatic 20-day countdown and achieve accelerated efficiency. The SEC also noted that the division will review submissions in the order they are received.

Did you know? The General Listing Standards only apply to exchange-traded products (ETPs) that contain an underlying commodity, such as a digital asset, that is traded on an exchange that is a member of the ISG or is subject to a regulated futures market with appropriate segregated supervision.

What does this mean for cryptocurrency ETF issuers in the future?

SEC guidelines do not guarantee faster approval of every cryptocurrency ETF. The substantive legal assessment remains unchanged. What has changed is the friction in the process. The automatic effectiveness mechanism provided for in Section 8(a) a) now plays a greater role because filings filed without a late-closing provision may become effective after the standard 20-day period unless the SEC intervenes.

Rule 461 allows an issuer to request that the SEC accelerate the effective date of its registration statement to a specified time. To do this, the issuer must first amend its filing to return it to standard delayed status and then file a formal request with the SEC under Rule 461. This request is not a mere formality. It confirms that the issuer, underwriters and advisors are fully aware of and accept their legal and antifraud obligations under the Securities Act.

By combining the Rule 461 acceleration request with up-to-date general listing standards that bypass legacy Section 19(a) delays. b), issuers have improved the entire process. This combination makes the path to compatible altcoin ETPs faster and more predictable, allowing managers to select specific launch windows with greater confidence.

Why speed doesn’t mean safety

While the SEC accelerated the approval deadline, it also emphasized that basic investor protection rules had not been relaxed.

The most critical benefit for issuers is that quick approval does not reduce their legal liability. The SEC’s post-closing guidance clarifies that the liability and anti-fraud provisions of the federal securities laws continue to apply to all registration statements, including those that become effective automatically under Section 8(a).

This is confirmed by the substance of the Securities Act of 1933: Section 11 and Section 12(a)(2). These rules impose strict liability under Section 11 and an enhanced standard of liability under Section 12(a)(2) for any material misrepresentations or omissions in the registration documents. Simply put, if a prospectus is misleading, the issuer is liable and investors do not have to prove that the company acted negligently or willfully.

The burden of ensuring accuracy rests with ETF providers, who must conduct thorough internal controls and exercise due diligence to meet these high standards, especially when operating on tight schedules.