Key Takeaways
- The U.S. government reopened after a 41-day record shutdown, bringing long-awaited relief to the crypto industry.
- The SEC has restarted work on altcoin ETF approvals, with the XRP ETF likely debuting by Thursday.
- Lawmakers also revived the long-stalled CLARITY Act, a comprehensive crypto market structure bill.
After 41 days of gridlock, furloughs, and frozen progress, Washington is finally back in business.
On Nov. 12, the U.S. government officially reopened following the passage of a bipartisan funding bill—the longest shutdown in American history finally coming to a close.
The breakthrough came late Sunday when the Senate passed a resolution 60–40 after weeks of stalemate.
The House followed early Monday morning, sending the bill to President Donald Trump, who signed it before markets opened.
For the crypto industry, which had been anxiously watching from the sidelines, the reopening couldn’t have come at a better time.
Dozens of pending regulatory actions, spanning ETF approvals, staking policy, and the long-awaited crypto market structure bill, had been frozen for more than a month.
Government Reopening Brings Relief
Federal agencies, including the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), are now returning to full capacity after running on skeleton staff since early October.
Their absence had slowed crypto’s most critical year yet. From ETF launches to market oversight, nearly every milestone was put on hold.
On the very first day back, regulators wasted no time. Within hours, several crypto-related initiatives were revived.
Crypto ETF Floodgates Begin To Open
The SEC’s reactivation immediately unlocked a backlog of over 90 crypto ETF applications, many awaiting final review before the shutdown.
According to ETF expert Nate Geraci, the reopening could trigger a “floodgate” moment for the industry, with multiple launches expected within weeks.
The XRP ETF appears to be at the front of the line.
A flurry of activity at the Depository Trust & Clearing Corporation (DTCC) on Monday revealed that 11 XRP-linked products were listed for clearing—a sign that approvals may be imminent.
Canary Capital has also filed Form 8-A for its Nasdaq XRP ETF, indicating that it could begin trading as soon as Thursday, once the exchange certifies the listing.
Meanwhile, a separate development from the U.S. Treasury and IRS gave further lift to the ETF space.
The agencies formally approved staking-as-a-service for spot crypto ETFs, allowing fund managers holding proof-of-stake tokens, such as Solana (SOL) and Ethereum (ETH), to stake their assets and distribute rewards to investors.
It’s a decision analysts say could attract billions in inflows to PoS-based crypto funds.
Lawmakers Move Fast on Market Structure Reform
Congress, too, wasted no time returning to work.
The Senate Agriculture Committee, chaired by Sens. John Boozman and Cory Booker, reintroduced the long-awaited market structure framework to clarify how cryptocurrencies are regulated.
The proposal divides oversight between agencies:
- The CFTC would become crypto’s main watchdog.
- The SEC would focus on securities,
- And new retail investor protections would bridge both regimes.
In parallel, the Senate revived discussions on the CLARITY Act, the companion to a House-passed bill designed to define “ancillary assets” and streamline registration for token issuers.
Crypto policy watchers believe the chances of passage are higher than ever under President Trump’s pro-crypto administration, with lawmakers targeting markups by Thanksgiving and potential approval by early 2025.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
