Cardano and XRP ETF Decisions Slip Amid U.S. Shutdown Delays
Noah Price
October 22, 2025
“Everyone is in a holding pattern until desks repopulate in Washington,” said one issuer executive who requested anonymity.
Deadlines Collide With Furloughs
Proposed spot ETFs tracking Cardano and XRP hit statutory decision dates this week, but the Securities and Exchange Commission could not issue determinations because of furloughs tied to the federal shutdown. Under securities law, the clock pauses when the agency lacks staff, effectively extending the review period until operations resume. Issuers said they received automated notices acknowledging the delay without offering guidance on new deadlines.
Market lawyers expect the SEC to reset the calendar once Congress funds the government, likely stacking multiple rulings into a compressed window. That could create a burst of headline risk for altcoin markets later in the year.
Reordering the ETF Queue
The shutdown froze review work not just for Cardano and XRP filings but also for ether futures amendments and smaller niche products. When staff return, they will confront a crowded queue with overlapping comment periods. Lobbyists said issuers are coordinating to avoid conflicting marketing campaigns and to manage expectations among retail investors who have been told approvals were imminent.
Some lawyers argue the backlog could prompt the SEC to batch decisions, similar to the January approval wave for bitcoin ETFs. Others caution that the agency may take a more conservative approach, prioritizing enforcement and surveillance agreements before entertaining additional green lights.
Issuer Expectations
Emittents behind the ADA and XRP proposals say they remain committed to bringing the products to market within six to twelve months. Several have been staffing up compliance teams and securing market makers to smooth launches once approvals land. They also warn that prolonged uncertainty could slow capital raising, as institutions hesitate to pre-commit seed capital without firm timelines.
Despite the pause, issuers continue to lobby lawmakers, emphasizing investor protection benefits such as on-exchange price discovery and surveillance-sharing agreements modeled on the bitcoin approvals.
Timeline Risks
If the shutdown extends deep into November, ETF lawyers warn that statutory deadlines could slip into 2026, complicating marketing plans tied to the next crypto market cycle. Additionally, any new comment letters issued upon reopening may restart the clock entirely, forcing sponsors to refile or amend disclosures.
Investors are weighing the possibility that the SEC, facing resource constraints, prioritizes only the largest issuers. That would leave smaller players waiting even longer, potentially consolidating the nascent altcoin ETF landscape before it launches.
What to Watch After Reopening
Stakeholders will monitor congressional negotiations for clues about when staff can return. Once they do, look for updated Federal Register notices resetting decision dates, fresh surveillance-sharing agreements with exchanges, and potential joint statements on how the SEC will triage applications. Market makers say they are preparing for a burst of demand the moment clarity arrives.
Until then, Cardano and XRP spot markets are trading largely on narrative momentum. Price action could stay volatile as traders handicap which issuer is most likely to secure the first non-bitcoin spot ETF in the U.S.