Bloomberg senior ETF analyst Eric Balchunas said recent guidance from the U.S. Securities and Exchange Commission appears to allow issuers to accelerate the effective date of registration statements in certain procedural circumstances — a change that could help clear the backlog created by the government shutdown and allow delayed crypto ETFs, including Bitwise’s spot XRP product, to advance quickly.
What Balchunas said — and why it matters
Balchunas flagged the development on X (formerly Twitter) and in media commentary: according to his posts, the SEC has issued guidance or left procedural openings that let some issuers speed up the effectiveness of amended registration statements so filings that would otherwise sit in review during the shutdown can become effective and list. That creates a pathway for several pending crypto ETF applications to move forward despite the SEC’s reduced operations.
If sustained, the change reduces the practical impact of the agency’s curtailed review capacity by relying on pre-existing securities-law procedures (including automatic effectiveness after a statutory waiting period when no delaying amendment is filed) — meaning issuers that tidy up outstanding exchange or registration details may be able to push their filings live. Market watchers say this is a procedural, not a substantive, greenlight: the SEC could still revisit listings after they begin trading.
Bitwise’s XRP ETF singled out as a likely candidate
Balchunas specifically suggested that Bitwise’s spot XRP ETF — which has been updated to include exchange (NYSE) details and fee information in recent amendments — could be among the next filings to “push forward” under the new procedural environment. Public filing updates and Balchunas’s X posts indicate Bitwise’s amendments check many of the boxes that typically precede effectiveness and exchange listing.
Recent launches and the shutdown backdrop
The guidance and issuer maneuvers come after an unusual stretch in which a government shutdown (which began October 1, 2025) constrained SEC review operations and created a backlog of spot-crypto ETF registrations. Despite that, a handful of crypto ETFs unexpectedly listed on exchanges on October 28 by using technical filing routes and by removing delaying amendments that would otherwise extend the SEC’s review window. MarketWatch and Reuters detailed how issuers used procedural rules to list in this window, highlighting the difference between procedural effectiveness and substantive SEC signoff.
Regulatory caveats and industry reaction
Experts and some regulators caution that the procedural route is not the same as an SEC policy shift endorsing particular crypto products. Several analysts note that while a filing can become effective under securities-law timing mechanics, the SEC retains the power to take post-effect action or to request amendments — meaning issuers and exchanges that rely on this pathway face legal and regulatory risks. At the same time, issuers are racing to be first-to-market for altcoin and XRP ETFs because early entrants can capture substantial flows.
Bloomberg’s coverage and Balchunas’s commentary have been amplified across crypto and financial outlets; market participants are watching issuer filings closely and parsing small updates (exchange listings, fee schedules, Form 8-A/8-K filings) for signals that a launch is imminent.
What to watch next
- Filing amendments: Watch for further Form S-1/registration statement amendments from Bitwise and other XRP ETF issuers that add exchange and fee details — these are often the last steps before effectiveness.
- Exchange listings and Form 8-A filings: If an issuer files a Form 8-A (or amends it) naming an exchange and ticker, that’s a strong near-term sign a product could begin trading once procedural windows close.
- SEC statements or enforcement actions: Even after effectiveness, the SEC can intervene; any public SEC commentary or post-listing inquiries will be closely scrutinized.
Bottom line
Eric Balchunas’s read of recent SEC guidance signals a practical path for issuers to reduce the impact of the shutdown’s review pause by using procedural mechanics to accelerate effectiveness. Bitwise’s XRP ETF — which has filed amendments consistent with last-mile listing steps — has been identified by Balchunas and others as a plausible next candidate to move forward. Nevertheless, market participants should remember that procedural effectiveness does not eliminate regulatory risk: the SEC can still act after a listing if it deems it necessary.
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