Missed Deadline, New Rules
The snag came after Canary pulled its 19b-4 filing on September 25th at the SEC’s request. Bloomberg analyst James Seyffart explained that issuers are now being pushed into a fresh set of “generic” listing standards, which essentially makes the old deadlines meaningless.
Lot of questions from clients and people on here because the @CanaryFunds Litecoin filing was technically due today under 19b-4. But as multiple people have reported (including @EleanorTerrett) it looks like SEC wants everyone to file under the new Generic listing standards for… https://t.co/HdmW7IfQjg
— James Seyffart (@JSeyff) October 2, 2025
Fox Business reporter Eleanor Terrett added that the SEC still has to greenlight Canary’s S-1. But with the shutdown cutting staff to the bone, the agency isn’t reviewing filings — or answering calls. Back in August, the SEC even said flat out that new products wouldn’t be touched during a shutdown.
A Shift in the Playbook
The “generic” listing standards introduced in September are meant to simplify approvals and ditch the old 240-day review window. Good news in the long run, but confusing in the short term. Seyffart says clients keep asking if the October deadline still matters. Technically, it doesn’t — and the shutdown only adds to the mess. Still, expectations remain that a Litecoin ETF will get off the ground once the dust settles.
SEC Chair Paul Atkins has pitched the new rules as a way to lower barriers for digital assets. Analysts think that once the agency is back to full strength, approvals could actually move faster. But until then, uncertainty rules the day.
90+ Filings Stuck in Limbo
Litecoin isn’t the only one caught in the crossfire. More than 90 crypto ETF filings — from Solana and XRP to Dogecoin and Avalanche — are sitting on hold. Spot Bitcoin and Ether ETFs have already pulled in $61.3 billion and $13.4 billion, showing there’s real demand.
ETF Institute’s Nate Geraci warned that a prolonged shutdown could put this momentum on ice, saying “Cryptober is on pause.” The SEC has kept its EDGAR system open for filings, but admits staff availability is “very limited.”
Key dates are looming fast: Solana ETF apps face an October 10th deadline, with XRP and Dogecoin right behind. But with the shutdown dragging on, those dates may prove just as meaningless.
Bottom line: The SEC missing Canary’s Litecoin ETF deadline shows how politics and regulation collide. Old timelines no longer apply, and with over 90 filings in the queue, everything now depends on when the commission fully reopens.