Overview
- Reduced staffing at the Securities and Exchange Commission has paused routine reviews, leaving dozens of crypto-related filings, including XRP and staked ether ETF proposals, waiting for action.
- The funding lapse has stretched beyond 40 days, described by outlets as the longest on record, with prediction markets indicating better-than-even odds it extends past 42 days.
- Investor interest remains strong, as Charles Schwab reports roughly 20% of its clients hold U.S.-listed crypto ETFs and traffic to its crypto portal has risen about 90% year over year.
- Issuers have kept applications in the pipeline, with multiple XRP ETF proposals, a VanEck fund tied to Lido’s ether, and a 21Shares leveraged product awaiting review once activity resumes.
- Analysts expect a concentrated wave of decisions when agencies reopen, though they caution that legal, compliance, and market-structure hurdles could still limit or condition approvals.