U.S. Shutdown Ends, Putting Crypto ETFs Back on the Clock

• The U.S. government has reopened after a record 43-day shutdown, bringing the SEC, CFTC, and Treasury back online.
• The regulatory “logjam” is now broken, putting a spotlight on delayed spot ETF decisions for assets like XRP and Chainlink ($CLNK).
• The Clarity Act is also back in focus, as the crypto market shows a muted reaction, with Bitcoin holding near $103,500.

After a record 43-day government shutdown, the United States is officially back in business. President Donald Trump signed a funding bill passed by both the Senate and the House, reopening federal agencies and ending the longest shutdown in U.S. history. 

While much of the public attention remains on healthcare and budget negotiations, the reopening has major implications for the crypto industry, particularly for long-delayed ETF approvals and broader regulatory clarity.

Government Reopens, Crypto Agencies Back to Work

The shutdown had effectively frozen activity at key financial regulators, including the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Treasury Department. 

With roughly 670,000 federal employees furloughed, progress on crypto-related filings came to a standstill.

Now that the government has resumed operations, staff at these agencies will return immediately, clearing the way for pending decisions that could reshape the crypto landscape. 

Among the most anticipated are the SEC’s rulings on several spot crypto ETFs, including those tied to XRP, Chainlink, and Solana.

The SEC’s Office of Management and Budget has instructed employees to “ensure that offices open in a prompt and orderly manner”. This suggests that long-delayed reviews could soon resume.

XRP, Chainlink, and Solana ETF Approvals Back on Track

The shutdown had slowed or outright delayed multiple ETF applications, with asset managers like Bitwise and Grayscale. Notably, Bitwise’s spot Chainlink ETF (ticker: CLNK) recently appeared on the DTCC’s pre-launch registry, signaling that approval may be imminent once the SEC resumes normal operations.

Meanwhile, Canary Capital has completed the final step in launching what could become the first pure-play spot XRP ETF under the 1933 Securities Act. The firm filed its Form 8-A registration, paving the way for its shares to list on Nasdaq.

Step Toward Regulatory Clarity

Beyond ETFs, the shutdown’s end allows the Treasury Department to continue its review of public feedback on the Clarity Act. This legislative proposal seeks to create a clear framework for crypto assets in the U.S. 

Last week, President Donald Trump’s crypto and AI adviser, David Sacks, said that discussions on the U.S. crypto market structure bill are showing “great progress,” with a bipartisan draft expected soon.

His update comes as Congress debates the framework during the government shutdown. The bill aims to establish clear trading and regulatory rules for digital assets and DeFi, a key step in shaping national crypto policy.

Related: Bipartisan Crypto Market Structure Bill Advances Even As U.S. Shutdown Hits Day 36

Market Reaction: Calm Before the Rally?

Despite the political breakthrough, crypto markets have shown little immediate reaction. Bitcoin remains steady around $103,500, while Ethereum trades near $3,400. Analysts note that the absence of a late-2025 rally might actually be bullish for 2026.

Bitwise CIO Matt Hougan argues that the delayed upswing could make 2026 the real breakout year for digital assets. “The fundamentals are too strong to keep down,” Hougan said, pointing to institutional investment, stablecoin growth, and tokenization trends as key drivers.

In the meantime, traders are watching to see whether the return of federal oversight and potential ETF approvals could ignite a new wave of inflows from traditional finance.

Related: ‘Good News Is Bad News’: Why the Shutdown’s End Is Hurting Bitcoin