SEC and CFTC to Resume Operations After 43-Day Shutdown, Clearing Path for ETF Reviews

The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission will resume operations following a 43-day government shutdown, with staff returning on the next regular business day after appropriations legislation takes effect, according to both agencies' operational plans. During the shutdown, the SEC's review capacity was severely constrained, with exchange-traded fund applications—including crypto-related ETFs—largely at a standstill, while the CFTC suspended most operations including enforcement and market oversight. SEC Chair Atkins recently disclosed plans to establish a token taxonomy framework anchored in the Howey Test over the coming months, while Acting CFTC Chair Pham said the commission has been working toward approving leveraged spot cryptocurrency trading as early as December.