government shutdown The SEC, which has been working with limited personnel since the beginning of October due to this reason, took action to accelerate the backlog. Today’s acceleration announcement is extremely important as cryptocurrency investors are wondering about the fate of applications whose approval and decision processes are delayed. At the time of writing, the US stock markets opened with a decline similar to yesterday, and the sentiment across crypto is negative.
Altcoin ETF Applications
Due to a backlog of more than 900 filings, the SEC moved to quickly ease the workload brought on by the government shutdown. Division staff have now released guidance that answers many questions you may have regarding pending applications filed with the SEC. Bloomberg ETF analyst Eric says he will take on the task of accelerating this for altcoin approvals.
“SEChas issued some guidance that sounds like issuers could somehow speed up the throughput of applications in an effort to clear the backlog. My guess is that some crypto ETFs that do not follow the 8a procedure will try to file their applications as soon as possible. “I think Bitwise XRP is the next candidate.”
What Happens Now?
Have not filled out form 8-A before ETF issuers can speed up the process. The normal 20 – 40 day waiting period will be accelerated, and this will ensure that companies applying for altcoin ETF do not see the time spent in the closing process as lost time. Eric, on the other hand, thinks that many processes, including the Bitwise XRP Coin ETF application, can be completed soon.
We can also see decisions coming for altcoins such as Solana, which were disrupted during the closure process. Yesterday Canary XRP ETF Although hundreds of ETFs have performed well from their launches, applications to be approved these days are not expected to cause significant fluctuations in altcoin charts due to the negativity in the general market sentiment.
With yesterday’s launch XRP Coin It saw an inflow of $245 million in a single day. XRP Coin, the fourth-largest cryptocurrency outside BTC and ETH that saw the most inflows throughout the year, may continue to grow as more alternative ETFs list.
Currently, the BTC price is about to lose 95 thousand dollars, and the fact that the US stock markets started the day with losses exceeding 1% means that the decline may accelerate in the coming hours. In addition to yesterday’s pessimistic statements regarding the Fed’s December interest rate decision, we will follow the statements of Logan and Bostic from the Fed on the 22nd and 23rd today.
