The SEC and CFTC are set to resume operations, with progress expected on ETF applications and cryptocurrency spot leverage trading.
BlockBeats News, November 14, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are about to resume operations after a 43-day government shutdown. According to the operational plans of the two agencies, employees will return to work on the "next regular business day after the enactment of the appropriations bill." During the government shutdown, both agencies significantly reduced staff, and business operations were almost at a standstill. The SEC's review capacity was severely limited, especially when it came to approving applications for Exchange-Traded Funds (ETFs, including cryptocurrency-related ETFs). The CFTC "halted most of its operations," including enforcement, market oversight, and regulatory rulemaking.
After the government reopens, the SEC and CFTC will need some time to process backlogged tasks, including registration applications submitted in the past 43 days. Some crypto companies, towards the end of the shutdown, learned about the impending reopening and preemptively submitted IPO and ETF applications. SEC Chair Atkins recently revealed that the SEC plans to "establish a token taxonomy in the coming months," with the Howey Test as the anchor. CFTC Acting Chair Pham also stated that the commission has been working to approve leveraged spot cryptocurrency trading as early as December.
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