The SEC's approval process for spot crypto ETFs differs from that of futures ETFs, impacting their launch timelines. While futures ETFs can become effective after a statutory period without active SEC approval, spot ETFs, registered under the 33 Act as commodity trusts, require explicit SEC approval. This means new spot crypto ETFs, such as those for Litecoin, Solana, and XRP, cannot begin trading until the SEC declares their S-1 filings effective. This process is currently delayed due to the government shutdown, which has temporarily halted the SEC's operations.