The recent record-breaking U.S. government shutdown sent shockwaves through financial markets — but in the crypto space, a different kind of momentum is quietly building. As federal agencies stalled, crypto exchange-traded fund (ETF) approvals froze, leaving dozens of filings in limbo. Yet now, with Washington reopening, the stage is set for the next wave of regulated crypto products.
According to market trackers, more than 130 crypto ETF applications remain pending at the U.S. Securities and Exchange Commission (SEC). The agency’s slowdown during the shutdown dragged review timelines, especially for spot crypto funds. One analyst, James Seyffart of Bloomberg Intelligence, told industry media that once the regulatory machine resumes, “we could see many of these ETFs launch rather quickly.”
Amid that backdrop, filings for spot versions of XRP-based exchange-traded products appear to be approaching their final stages. Industry sources suggest the first U.S. spot XRP ETF could launch later this month. For example, the firm Canary Capital has filed a Form 8-A registration and is seeking to list under the ticker “XRPC” on the Nasdaq exchange.
The shutdown, which began on October 1, 2025, hampered many federal operations including the oversight work of the SEC. With funding restored, many market participants believe the crypto ETF process will regain its prior momentum.
Why it matters: Spot crypto ETFs represent a major bridge between crypto assets and traditional finance — by allowing institutional and retail investors to gain regulated exposure to digital assets via brokerage accounts. The restart of the approval process could unlock new capital flows and further legitimize the crypto-asset class.
What to watch:
- Whether the first spot XRP ETF lists this month under ticker XRPC
- How many other issuers follow that path
- How the SEC handles the surge of pending filings
- How the market responds to renewed ETF momentum, especially in terms of crypto asset performance and institutional engagement
Summary
- The government shutdown in the U.S. did impact regulatory agencies including the SEC, which delayed review timelines.
- Multiple crypto ETF filings are indeed reported to be pending, with over 130 crypto ETF/investment product filings cited in at least one source.
- Filings for spot XRP ETFs by major issuers (Canary Capital among them) are confirmed as being advanced.
- The claim that a spot XRP ETF will definitely launch this month is still speculative — some sources say “could” or “possible,” not guaranteed.
- The notion that the ETF approvals process is resuming with the government reopening is supported by coverage.
