30th September 2025 > > The US, and spot ETFs.
- Mark Timmis
- Sep 30
- 2 min read
tl;dr
The US government is likely to shut down at midnight US time tonight. The SEC proves yet again its pro-crypto credentials, for the benefit of us all.
Market Snap
Market Wrap
A strong day yesterday for both spot BTC and spot ETH ETFs with over half a billion dollars of inflows into each, which is has given us a nice start to the week. My premature hope for a five-figure BTC buying opportunity from a few days ago looks ever more forlorn, but hey-ho. One day, we won’t be able to buy BTC for less than seven figures, so a few thousand dollars here or there rather pales into insignificance.
Curious Cryptos’ Commentary – Shut down
It looks like the US government is heading for a shut down at the end of today, unless agreement is reached imminently on a temporary funding bill:
In general, the world is a much happier and more productive place when politicians go home, and stop getting involved in stuff, but there are some pressing issues I would have liked seeing addressed first. The Financial Responsibility Innovation Act and/or the CLARITY Act are both close to having a Senate vote, but further delays in the event of a government shutdown are inevitable. You will recall that the CLARITY Act received strong bi-partisan support in the House of Representatives but has faced opposition in the Senate from those who favour denying liberty, privacy, and freedom to us mere plebs. But we do have Senator Cynthis Lummis on our side, and she is not one to be denied.
The sooner either one, or both, of these pieces of legislations passes muster, the better.
Curious Cryptos’ Commentary – Spot crypto ETFs
The CCC reported recently that the SEC has introduced a more streamlined process for the approval of spot crypto ETFs under the Securities Act of 1933:
I quote:
“The new rules provide a means for new commodity spot ETFs to be listed on Nasdaq, Cboe BZX, and NYSE Arca without specific and individual approval by the SEC, if certain criteria are met. These include the requirement that the asset is already traded on a regulated market, most likely the futures market.”
True to its word, the SEC has asked sponsors of potential new ETFs to withdraw 19b-4 forms for a raft of spot crypto ETFs in line with the new rules:
This is great news.
We will see many new spot crypto ETFs over the next few months, deepening the crypto markets, injecting greater liquidity, and making cryptos ever more attractive to institutional investors who will have greater discretion to build diversity into their portfolios. And who doesn’t like a bit of diversity?
I keep telling you – the road ahead has never been more clearly signposted than today.
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