PANews reported on October 14th that Multicoin Capital General Counsel Greg Xethalis posted on the X platform that there is currently market confusion regarding the US SEC and spot ETPs, and that everyone is currently waiting for the government to reopen. The 19b-4 application deadlines for Litecoin and Solana are October 2nd and October 10th, respectively. Due to the introduction of the Common Listing Standards, these and related applications do not need to be considered separately. Although they are technically automatically effective, exchanges will use this information to determine whether to list them. Generally, S-1 registration statements require expedited review by the SEC's Division of Corporation Finance before they can become effective. The submitted S-1 registration statement includes a "delay amendment" to prevent the S-1 from automatically becoming effective. The SEC staff responsible for reviewing these products are on leave, which means the review process for the new registration statement has been slowed down until the government reopens. Conservative estimates suggest that the Solana spot ETP will launch within a week of the government reopening.

Technically, issuers have 20 days from filing a registration statement to revoke the late amendment and make the registration statement effective. Some issuers and a few cryptocurrency ETPs have already revoke their late amendments; however, this doesn't guarantee a Halloween launch. Issuers still need to file Form 8-A, and exchanges must file Notice 8a-12b to complete registration. In short, many ETPs will launch as soon as the US government reopens or the exchanges make their decisions. Therefore, there's no need to worry about the October 19b-4 filing deadline, which is the deadline for the SRO rule, and the proposed rules have already been approved (subjective cryptoasset applications are still being processed).