The crypto market had high expectations for October 2025, a month expected to bring long-awaited decisions on spot ETFs for XRP, Solana, Cardano (ADA), and other major tokens. But instead of progress, the U.S. government entered a shutdown on October 1, which is now expected to last nearly 24 days.
The shutdown has left the Securities and Exchange Commission (SEC) with limited staff and minimal operations. Routine reviews and approvals are paused, including those tied to new ETF launches. The uncertainty has also added pressure to XRP’s price, which has traded with higher volatility since the start of the month. Traders
ETF Deadlines Approach as SEC Halts Work
Several asset managers have filed to launch or convert spot XRP ETFs, with deadlines falling between October 18 and October 25. These include filings from Grayscale, 21Shares, Bitwise, Canary Capital, WisdomTree, and CoinShares.
Unlike funds registered under the Investment Company Act of 1940, these spot products are filed under the Securities Act of 1933, which requires direct SEC approval before trading can begin. That process is now stalled.
A person close to the filings told Crypto America, “Issuers are likely trying to get 100% ready for when the SEC returns to normal so there are no delays and they can get to market as quickly as possible.”
Can Approvals Still Happen on October 25?
Many in the market had circled October 25 as the date for decisions. But with the SEC focused only on “essential” market functions, approvals during the shutdown appear unlikely.
Some have compared the situation to the Teucrium XRP ETF, which launched without an explicit SEC statement because it fell under the 1940 Act, allowing automatic clearance once the review period expired. However, that rule does not apply to spot ETFs, which must receive direct approval before listing.
With no staff to process filings or issue decisions, the current deadlines may pass without action. Any approvals would likely come after the government reopens.
For now, the October 25 target looks fragile, caught between market readiness and government paralysis. The crypto industry may need to wait a little longer for clarity.
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