Core Viewpoint - The anticipated launch of crypto exchange-traded funds (ETFs) in the U.S. has been delayed due to the government shutdown, but procedural routes are being utilized to potentially launch several funds in November [1][2][6]. Group 1: Regulatory Developments - The U.S. Securities and Exchange Commission (SEC) faced a freeze in its approval process due to the government shutdown, impacting the timeline for several spot crypto ETF applications [1]. - Some issuers are now filing updated S-1 registration statements with "no delaying amendment" language, allowing these filings to automatically become effective after 20 days unless the SEC intervenes [3]. - The SEC did not act on the recent filings, enabling four crypto ETFs to begin trading, which has encouraged additional filings from other issuers [2][3]. Group 2: Market Implications - Fidelity and Canary Capital have submitted updated S-1s for their respective spot Solana and XRP ETFs, with the potential for the first XRP fund to launch as soon as November 13 if the SEC does not intervene [4][5]. - There is uncertainty regarding the launch of some funds that have not received feedback from the SEC, indicating that the government reopening may be crucial for certain applications to proceed [6]. - The shift in strategy marks a new phase in the effort to introduce crypto ETFs to U.S. markets, as issuers are now leveraging procedural mechanisms rather than waiting for formal SEC approval [6].