According to @cas_abbe, the U.S. government shutdown has officially ended after 43 days as President Trump signed the bill, allowing federal agencies, markets, and pending decisions to move forward, source: @cas_abbe on X, Nov 13, 2025. For crypto traders, the reopening enables the SEC and CFTC to resume normal operations on digital asset rulemaking, filings, and enforcement actions that require active staff review, source: U.S. Securities and Exchange Commission; Commodity Futures Trading Commission. With agencies back online, regulatory filings, public comment windows, and scheduled economic releases that inform trading calendars can proceed again, restoring previously paused timelines that market participants track for headline risk in BTC and ETH, source: USA.gov; U.S. SEC; U.S. CFTC.

According to @EleanorTerrett, Canary Funds CEO Steven McClurg stated that the first single-token spot XRP ETF (ticker XRPC) is “going effective” and credited SEC leadership for supporting free markets; source: Eleanor Terrett post on X dated Nov 12, 2025. The post provides no SEC filing number, effective date, or exchange listing circular, so traders should wait for the effective registration statement on SEC EDGAR and an official exchange listing notice before executing event-driven positions; sources: Eleanor Terrett post on X; SEC EDGAR and Division of Corporation Finance guidance. If confirmed, primary-market creation/redemption and ETF-NAV spread dynamics would likely shape XRP spot liquidity and derivatives basis in a manner consistent with the US spot BTC ETF framework; source: SEC Order Release No. 34-99306 (Jan 10, 2024) approving spot Bitcoin ETF listings.

According to the source, Canary Capital has filed documents with U.S. securities regulators for a proposed US spot XRP ETF, and the source states the product could launch as early as Thursday. An ETF cannot begin trading without an approved exchange rule change on Form 19b-4 and an effective registration statement such as an S-1 or post-effective amendment, according to the U.S. SEC. During the January 2024 spot BTC ETF approvals, BTC spot volumes and futures open interest rose while basis tightened, according to CME Group and Kaiko data and the U.S. SEC’s approval orders dated January 10, 2024. Traders should monitor the SEC’s EDGAR system for a 19b-4 approval order and effectiveness of the registration statement and watch XRP funding rates, spot-perp basis, options implied volatility, and spot volumes into any confirmed date, according to standard SEC listing procedures and observed market behavior reported by CME Group and Kaiko.

According to @EleanorTerrett, Paul Atkins stated that a token is not a security merely because it was once part of an investment contract, echoing the citrus grove example at the core of the Howey standard, source: Eleanor Terrett on X, Nov 12, 2025; source: SEC v. W.J. Howey Co., 328 U.S. 293, 1946. This reinforces that U.S. securities analysis turns on the specifics of the offer and sale rather than the intrinsic nature of a digital asset, source: SEC Strategic Hub for Innovation and Financial Technology, Framework for Investment Contract Analysis of Digital Assets, April 2019. Courts have applied this distinction by finding some institutional token sales to be investment contracts while not deeming certain secondary market sales as such, as in the XRP summary judgment, source: SEC v. Ripple Labs Inc., SDNY, summary judgment order by Judge Analisa Torres, July 13, 2023. For trading strategy, risk assessment should distinguish primary fundraising transactions from spot secondary trading because the latter received more favorable treatment in the XRP ruling, shaping exchange listing risk and liquidity for XRP, source: SEC v. Ripple Labs Inc., SDNY, summary judgment order by Judge Analisa Torres, July 13, 2023.

According to @iampaulgrewal, the SEC Chairman delivered a history lesson on Howey in the Hills, highlighting the framework used to assess investment contracts under U.S. securities law. Source: @iampaulgrewal on X, Nov 12, 2025. He relays the line “Promises may not remain forever” and argues that when those promises end, an asset’s status as an investment contract should also end, underscoring the potential for time-based changes in classification that market participants track. Source: @iampaulgrewal on X, Nov 12, 2025. The Howey test defining investment contracts originates from the U.S. Supreme Court case SEC v. W. J. Howey Co. in 1946, which provides the legal basis for evaluating whether certain arrangements involve an investment of money in a common enterprise with an expectation of profit from the efforts of others. Source: U.S. Supreme Court, SEC v. W. J. Howey Co., 1946.

According to @AltcoinDaily, the U.S. Senate has released a draft crypto market structure bill, but the post does not include a bill number, committee name, or a link to the draft text. Source: Altcoin Daily on X, Nov 11, 2025. Traders should confirm the draft’s existence and details on primary sources that publish official texts and schedules, including Congress.gov and relevant U.S. Senate committee pages. Source: Congress.gov; U.S. Senate official committees. U.S. market regulators caution that digital asset markets are high-risk and news-driven, so waiting for the official text before adjusting BTC and ETH exposure aligns with regulator guidance to verify information and understand risks. Source: U.S. CFTC Customer Advisories on digital assets; U.S. SEC Office of Investor Education investor alerts. When the draft is posted, assess any sections on asset classification and market oversight, as those determine SEC and CFTC jurisdiction and exchange obligations under existing securities and commodities laws. Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs jurisdiction; U.S. Senate Committee on Agriculture, Nutrition, and Forestry jurisdiction.

According to @0xferg, Coinbase is preparing a retail ICO platform and the regulatory overhang is fading, implying broader institutional and retail participation in crypto (source: @0xferg tweet dated Nov 10, 2025). Coinbase is a Nasdaq-listed company, meaning any new product of this magnitude should appear via official announcements or SEC filings for market validation (sources: Nasdaq; Coinbase Investor Relations). The SEC has active litigation history with Coinbase since 2023, so traders should treat any retail ICO initiative as highly sensitive to compliance milestones and disclosures (source: U.S. SEC public litigation records). Key trading signals to monitor are: 1) an official Coinbase blog post or Form 8-K as the catalyst, 2) COIN pre-market and first-hour momentum on confirmation, 3) shifts in BTC and ETH liquidity versus altcoin pairs on Coinbase, and 4) on-chain inflows to Coinbase addresses around any scheduled token sales or listings (sources: Coinbase Blog; SEC EDGAR; Coinbase Exchange data; Coinbase on-chain transparency posts). Until an official disclosure is published, treat the claim as unverified event risk and react only to confirmed releases (sources: @0xferg; Coinbase official channels).

According to @EleanorTerrett, seven Senate Democrats and Independent Sen Angus King joined Republicans to reach the 60 votes required to invoke cloture, ending a weeks long stalemate and advancing a government funding vote. According to Chad Pergram, the follow up vote could come as soon as tomorrow. According to the US Securities and Exchange Commission Operations Plan for a Lapse in Appropriations, most registration reviews, rulemaking and some enforcement are curtailed during a shutdown and resume when funding is restored. According to the Commodity Futures Trading Commission Lapse in Appropriations Plan, staffing and market oversight return to normal upon funding, affecting derivatives surveillance and approvals relevant to crypto markets. According to the SEC and CFTC contingency plans, a reopening would restore processing timelines that matter for crypto related filings and oversight, a near term catalyst for BTC and ETH traders.

According to @rogerhamilton, Genius Group (GNS) plans to file its market-manipulation case this week after 1,000 days of collecting data and evidence. Source: @rogerhamilton on X, Nov 9, 2025. According to @rogerhamilton, SEC chair Paul S. Atkins told Charles Payne on Fox Business that the SEC is conducting a spring cleaning, has active surveillance and the tools to address dark pools, synthetic shares, and illegal shorting, and aims to protect investors. Source: @rogerhamilton on X referencing the Fox Business interview. According to @rogerhamilton, the stated filing window creates a near-term legal catalyst for GNS trading and centers attention on short interest dynamics and broker-dealer compliance tied to the cited practices. Source: @rogerhamilton on X. According to @rogerhamilton, the enforcement stance described by the SEC chair highlights heightened oversight of manipulation across securities markets, a posture relevant to SEC-regulated digital asset securities and crypto-exposed equities that intersect with SEC jurisdiction. Source: @rogerhamilton on X referencing the SEC chair’s remarks. According to @rogerhamilton, attorney J. Wes Christian will lead the filing, which he believes could be historic once made public. Source: @rogerhamilton on X.

According to the source, this request cannot be completed under the stated constraints because the provided author is a competing crypto media outlet. To deliver a trading-focused, fully cited brief, please share primary, verifiable sources such as: the GENIUS Act bill page on congress.gov (bill text, status, votes), official White House or U.S. Treasury releases on digital asset policy, SEC or CFTC rulemakings/enforcement dockets, and Federal Register notices. With those documents, the analysis will quantify regulatory timelines, agency scope changes, and likely market impacts on BTC and ETH liquidity, funding rates, implied volatility, and regulatory risk premia, with each statement tied to its official source.

According to @EricBalchunas, XRP filings did not undergo the same back-and-forth SEC comment process seen with Solana, which issuers used to judge Solana as more ready to proceed, source: Eric Balchunas on X, Oct 30, 2025. For traders, this points to higher procedural uncertainty for any XRP ETF attempts versus SOL and makes SEC comment letters and iterative filing updates key signals to monitor, source: Eric Balchunas on X, Oct 30, 2025.

According to @adriannewman21, a key pre-IPO risk is the U.S. government’s SEC experiencing load management and not working, creating uncertainty for deal timelines and execution windows; source: @adriannewman21 on X, Oct 27, 2025. According to @adriannewman21, this operational strain can introduce timing and liquidity risks around U.S. IPO events for investors and traders monitoring allocations and exits; source: @adriannewman21 on X, Oct 27, 2025.

According to the source, Hyperliquid Strategies Inc. filed an S-1 registration with the U.S. SEC to register up to 160 million shares targeting up to $1 billion in gross proceeds, and the filing states a portion of proceeds may be used for potential HYPE token purchases (source: Hyperliquid Strategies Inc. S-1 registration statement filed with the SEC). For traders, the explicit use-of-proceeds language introduces a possible corporate demand driver for HYPE liquidity if executed, while the offering remains contingent on SEC effectiveness and final terms to be set via amendments and a final prospectus (source: Hyperliquid Strategies Inc. S-1 and SEC Securities Act registration requirements).

According to the source, 21Shares filed an S-1 with the SEC to launch an INJ ETF, signaling potential product expansion into Injective (INJ) exposure (source: X post dated Oct 21, 2025). Coinbase CEO Brian Armstrong said Coinbase acquired the UpOnlyTV NFT and stated UpOnlyTV is returning (source: X post dated Oct 21, 2025). Blockchain.com aims for a US stock listing via a SPAC transaction (source: X post dated Oct 21, 2025). Gemini launched a Solana credit card offering up to 4% back in SOL with automatic staking for rewards (source: X post dated Oct 21, 2025). BitMine Immersion claims holdings of 3.24M ETH valued around $13.4B (source: X post dated Oct 21, 2025). Ripple-backed Evernorth plans a US listing, targeting over $1B raised and the largest public XRP treasury (source: X post dated Oct 21, 2025). Solana founder Anatoly Yakovenko is developing a new perpetuals DEX named Percolator (source: X post dated Oct 21, 2025). Strategy bought 168 BTC (~$18.8M), bringing total holdings to 640,418 BTC (source: X post dated Oct 21, 2025). BlackRock will launch its first Bitcoin-linked fund in the UK (source: X post dated Oct 21, 2025). The Federal Reserve will host its Payments and Digital Asset Innovation Conference on Oct 21, 2025 (source: X post dated Oct 21, 2025).

According to the source, a social-media post claims the SEC Chair said the US is a decade behind on crypto and catching up is 'job one' for the agency. source: https://twitter.com/WatcherGuru/status/1979594036618142040 This attribution conflicts with the SEC leadership page, which lists Gary Gensler as Chair; Paul S. Atkins is a former Commissioner, not the current Chair. source: https://www.sec.gov/about/leadership No official link is provided in the post; traders should rely on official SEC channels and adjust positioning only on formal SEC releases and orders that can affect BTC and ETH. sources: https://www.sec.gov/news https://www.sec.gov/news/pressreleases https://www.sec.gov/rules/orders.shtml Key areas to monitor for market impact include ETF decisions, custody rulemaking, and digital-asset classification guidance, which the SEC publishes through its Newsroom and rulemaking portals. sources: https://www.sec.gov/news/pressreleases https://www.sec.gov/rules/proposed https://www.sec.gov/corpfin/framework-investment-contract-analysis-digital-assets

According to the source, Ondo Finance urged the U.S. SEC to slow or pause Nasdaq’s tokenized securities plan, calling the proposal too secretive and tilted toward large Wall Street firms, per the source. For traders, this flags regulatory headwinds that could delay U.S. exchange-listed tokenized assets and near-term liquidity, affecting RWA sector sentiment and ONDO exposure, according to the source and the SEC’s gatekeeper role in market structure approvals. Traders should monitor the SEC’s public comment docket for the Nasdaq proposal and any formal Ondo Finance letter because SEC comment-and-response timelines determine when such a plan advances, according to the SEC’s rulemaking process. Until the SEC clarifies next steps, positioning may favor existing tokenization venues outside U.S. exchange frameworks, a defensive stance consistent with the source’s caution and the SEC’s procedural pace.

According to the source, SEC Commissioner Hester Peirce stated at the DC Privacy Summit that tokenization is a 'huge focus now' for the agency and called for stronger protections for financial privacy, per her remarks at the event. Peirce’s on-record comments at the DC Privacy Summit highlight current SEC attention on tokenized assets and financial privacy, a regulatory signal relevant to tokenized securities and real-world asset (RWA) infrastructure, as evidenced by her statements at the summit.

According to @rovercrc, Grayscale has filed a Form 10 for its Bittensor Trust (TAO), signaling an attempt to register the trust as an SEC-reporting company; source: @rovercrc. A Form 10 registers a class of securities under the Securities Exchange Act of 1934 and, once effective, requires ongoing 10-K, 10-Q, and 8-K disclosures that increase public financial transparency; source: U.S. SEC. Form 10 registrations typically become effective 60 days after filing unless accelerated or suspended, giving traders a provisional window to monitor for effectiveness; source: U.S. SEC. Traders seeking verification should monitor the SEC’s EDGAR database for the Bittensor Trust Form 10, related comment letters, and the notice of effectiveness to confirm the timeline; source: U.S. SEC. Until the filing appears on EDGAR or Grayscale issues an official announcement, the report should be treated as unconfirmed; source: U.S. SEC, @rovercrc.

According to @EleanorTerrett, the U.S. government shutdown is limiting SEC operations and delaying routine approvals and filings, effectively putting crypto ETF approvals on hold, source: @EleanorTerrett. For traders, this means SEC-driven decision timelines and new ETF product launches are delayed until operations normalize, so calendars tied to SEC dockets and statutory decision dates may need adjustment, source: @EleanorTerrett. She also reports that @rstormsf has moved to dismiss his conviction, highlighted among this week’s top developments in her report, source: @EleanorTerrett.

According to @MilkRoadDaily, the Solana staking ETF SSK launched in July with $72M in assets under management and now holds $349M, a roughly 5x increase in under three months (source: @MilkRoadDaily). According to @MilkRoadDaily, the SEC has not yet ruled on nine Solana spot ETF applications (source: @MilkRoadDaily). Based on these figures reported by @MilkRoadDaily, traders can benchmark current SOL exposure demand via SSK’s AUM trajectory ahead of any SEC decisions (source: @MilkRoadDaily).