According to @WhiteHouse, the White House X account relayed that President Donald J. Trump accused Democrats of using a Jeffrey Epstein hoax to distract and referenced a shutdown on Nov 12, 2025, source: White House X post. For traders, a U.S. government funding lapse would constrain the SEC and CFTC to essential functions and suspend most registration and review work, potentially delaying digital-asset ETF reviews and rulemaking timelines, source: U.S. Securities and Exchange Commission Operations Plan Under a Lapse in Appropriations; U.S. Commodity Futures Trading Commission Procedures Relating to a Lapse in Appropriations. Past shutdowns weighed on near-term growth and confidence, with the 2018-2019 episode causing an estimated permanent output loss of about 3 billion dollars and depressing quarterly GDP before a rebound, source: Congressional Budget Office 2019 report on the economic effects of the partial shutdown. Policy uncertainty typically rises around shutdown headlines and has coincided with higher market volatility, which can pressure risk assets and widen spreads, source: Baker, Bloom and Davis U.S. Economic Policy Uncertainty Index research. Given the increased correlation between crypto and equities since 2020, BTC and ETH are likely to mirror broader risk sentiment during shutdown-related volatility, underscoring the need to monitor liquidity, funding rates, and basis, source: Bank for International Settlements research on rising crypto-equity correlation in 2022.