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Longest Shutdown in recent history
In addition to the SEC, the Commodities and Futures Trading Commission also announced that it would limit staff during closing. Without the timing for the arrest, we can only expect the worst. The key elements that the community has eagerly awaited may not be coming soon. The cryptocurrency industry will be hit in the United States and this could have a knock-on effect on the whole system. Bakkt will be affected by the closure because most likely the CFTC will not leave the staff to regulate it when there are more critical problems to deal with. It is no wonder that Bakkt announced that his futures launch has been postponed indefinitely. You can not really blame them because they can not function without the necessary regulatory approval.
Most likely the closure by the government will lead to the longest halt of the SEC operations in recent history. Even if the Bitcoin ETF will remain on the table until they return to full capacity, there will be a backlog. The size of the backlog depends on how long the shutdown lasts. Already, the CFTC and SEC issued orders to freeze all pending administrative processes when the federal government canceled the closure.
Will Bitcoin (BTC) be affected by the government's arrest?
At this time, the federal government can not perform most of its functions, but state agencies are still operating. Furthermore, innovation is still happening amid the dysfunction of the federal government. True, closing will delay the long-awaited influx of institutional investors, but will have no drastic effect on Bitcoin and the industry as a whole. Many blockchain-based projects are still ongoing and will ensure that fundamental growth is stable as we wait for the government to resume its operations.
