According to the source, a U.S. government shutdown activates the SEC’s lapse-in-appropriations plan that suspends normal processing of filings and applications, limits rulemaking, and keeps only emergency functions running. Source: U.S. Securities and Exchange Commission, Operations Plan for Lapse in Appropriations, sec.gov. Crypto ETF launches require both an exchange rule change filing on Form 19b-4 and an effective registration statement such as Form S-1, so a suspension of these reviews directly pauses ETF progress tied to BTC and ETH that traders monitor for timing. Source: SEC Rule 19b-4 under the Exchange Act (sec.gov) and SEC Form S-1 General Instructions (sec.gov). Routine SEC enforcement actions are also suspended, with activity limited to emergencies necessary to protect property or life, reducing non-emergency enforcement developments during the shutdown window. Source: U.S. Securities and Exchange Commission, Operations Plan for Lapse in Appropriations, sec.gov.