The US Senate used the “cloture” procedure to advance a funding bill to reopen the government in a crucial vote Sunday night, reaching the 60 votes needed to break a weeks-long deadlock.
With seven Democrats and Maine Senator Angus King siding with Republicans, the bill has moved to a final vote. The vote could be completed as early as today.
If the bill passes, the government would reopen later this week after a 40-day shutdown. The House of Representatives, which recessed months ago, will also be recalled to vote on the Senate’s revised text. The agreement includes funding the government through January 30th, reversing the federal layoffs of recent weeks, and holding a special vote on ACA tax credits in December.
The Senate’s progress quickly revived the crypto market after a week of low morale.
- Bitcoin jumped over 4 percent to $106,200,
- Ethereum rose 7.7 percent to $3,629,
- XRP rose 9.7 percent to $2.47 on Thursday in anticipation of a potential first spot XRP ETF.
Bitcoin and Ethereum saw some pullback after the surge.
For weeks, ETF outflows, weak retail demand, and fears about tech stock valuations have weighed on cryptocurrencies. The government reopening could inject new energy into the sector, particularly as the SEC resumes operations after a month-long standstill. This means an acceleration of measures like ETF approvals, drafting of formal crypto regulations, and the “innovation exemption” championed by SEC Chairman Paul Atkins. Other agencies like the CFTC and OCC are also expected to reactivate.
The government reopening also increases the likelihood that the Senate Banking and Agriculture committees will consider crypto-related market structure bills. However, neither committee has released its draft text. With Congress only a week away from the Thanksgiving recess, committee hearings are expected to extend into December.
The Senate will also be able to schedule a confirmation hearing for Mike Selig, who has been nominated to chair the CFTC. Selig’s inauguration would mark the end of Caroline Pham’s term as acting chair.
Canary Capital’s XRP spot ETF appears poised to begin trading on Nasdaq on Thursday morning. The company bypassed the SEC’s scheduling control by removing the “deferral amendment” clause in its S-1 filing, allowing the filing to automatically become effective after the 20-day waiting period required by Section 8(a) of the Securities Act of 1933. The same method was used last month for Bitwise and Grayscale’s Solana ETFs.
Even if SEC staff are still not fully operational due to a government shutdown, the ETF could launch automatically. Bloomberg ETF analyst Eric Balchunas noted that the fact that XRP ETF applications haven’t undergone the lengthy due diligence period for the Solana ETFs suggests the SEC deems the products ready.
This launch will mark a historic turning point for XRP, which has been overshadowed by the years-long Ripple lawsuit. “The launch of spot XRP ETFs represents the final, official closure of the legacy anti-crypto approach,” commented Nate Geraci, President of NovaDius Wealth Management.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/what-will-happen-to-bitcoin-and-altcoins-if-the-us-government-shutdown-ends-xrp-spot-etf-hype-begins/
