US government shutdown enters day 1: How is the SEC still functioning?

As of the first day of the US government shutdown, the SEC has begun implementing its contingency plan due to a funding lapse. With most staff directed to secure their workspaces, the agency is operating with limited personnel under modified conditions. Non-excepted staff are engaged in shutdown procedures, which means enforcement actions and ongoing litigation will halt, except for emergencies. This suspension suggests that any pending enforcement actions against crypto companies are paused. Additionally, the SEC will cease reviewing registration applications and non-emergency rulemaking during this period, leading to delays for crypto ETF approvals which are currently pending. Though these operations are limited, the SEC's electronic filing system will continue to accept submissions. By the time of the report, no agreement was reached for a stopgap funding measure between Republicans and Democrats, prolonging uncertainty on when the SEC can return to full operational capacity.

Source 🔗