Lawyers say that multiple encryption ETPs can only be launched after the U.S. government ends the shutdown.

According to Hashkey News, Greg Xethalis, legal advisor at Multicoin Capital, stated on platform X that the market is currently confused about the U.S. SEC and the spot ETP events, and everyone is waiting for the government to reopen. The deadlines for the 19b-4 applications for Litecoin and Solana are October 2 and October 10, respectively. Due to the introduction of the "General Listing Standards," these and related applications do not need to be considered separately. Although it has technically taken effect automatically, exchanges decide whether to list based on this. Typically, an S-1 registration statement must be reviewed and accelerated by the SEC's Division of Corporation Finance before it takes effect. The submitted S-1 registration statements contain a "delay amendment" to prevent the S-1 registration statement from taking effect automatically. SEC staff responsible for reviewing these products are currently on hold, which means the review process for new registration statements is slowed down, waiting for the government to reopen. It is conservatively estimated that Solana's spot ETP will be launched within a week after the government reopens. From a technical perspective, issuers can withdraw the delay amendment within 20 days after submitting the registration statement, allowing the registration statement to take effect. Some issuers and a few cryptocurrency ETPs have withdrawn the delay amendments; however, this does not guarantee that they will be launched around Halloween. Issuers also need to submit the 8-A form, and exchanges must submit the 8a-12b notice to complete registration. In simple terms, once the U.S. government reopens or the exchange makes a decision, multiple ETPs will be launched as soon as possible. Therefore, there is no need to pay attention to the October 19b-4 application deadline, as this is a self-regulatory organization rule deadline, and the rule proposals have all been approved (applications for non-compliant crypto assets are still being processed).

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