What the government’s closure means for hanging crypto ETFs

Investors who expect the approvals of the American effects and the exchange committee for a series of listed funds that different altcoins follow will have to wait longer, while the closure of the partial government lingers.

Said the regulator That it would “not approve of products for products for products or approve or other” non-emergency support “during the closure, as set out in an unforeseen operational plan that has been emphasized on its website.

The SEC currently assesses more than 90 applications for ETFs based on the spot price of various altcoins, combinations of tokens and various strategies for digital assets, with Bloomberg Fund analysts who predict that probably approvals, starting with Solana-oriented products, will be announced at the beginning of October.

“Crypto ETF approval season has arrived officially!” Equip Bloomberg senior ETF analyst Eric Balchunas in a Tuesday post.

Publishing issues of the traditional financial and digital asset world have also proposed funds on the basis of XRP, Cardano, Litecoin and Dogecoin, among others.

Now the timeline of October seems to be increasingly unlikely as Senate Republicans and Democrats are trying to resolve a budget impasse.

From Wednesday, both parties were deeply rooted with budget proposals of each that did not have enough voices to ignore a filibuster.

In the meantime, government agencies had to reduce their daily activities. The SEC noted that the limited staff would have “until further notice”.

In a Twitter message on Wednesday, Nate Geraci, co-founder of the Trade Group, wrote the ETF Institute, which the “Shutdown would certainly influence the launch of new place Crypto ETFs.”

“ETF Cryptober may be a bit on hold,” he added.

The series of archives in the past 18 months comes as emptents from both traditional finances and crypto to meet the increasing demand for digital asset-oriented products, after the dramatic success of Spot Bitcoin and Ethereum Funds.

The 11 BTC funds now manage around $ 150 billion in assets (AUM), according to data analysis platform Coinglass with BlackRock’s Ishares Bitcoin Trust, the fastest growing ETF in the 32-year history of industry, good for more than half of the total. Ethereum Funds’ Aum now surpasses $ 22 billion.

Solana, the sixth largest crypto with a market capitalization of more than $ 118 billion, was recently traded above $ 222, an increase of more than 6% in the midst of a broader revival in crypto prices on Wednesday, because investors largely seemed to be unclosed by the budget impasse as a crypto as an a crypto-as-a-assto.