[U.S. SEC Issues Temporary IPO Guidance During Government Shutdown] The U.S. Securities and Exchange Commission (SEC) has issued temporary guidance for companies planning initial public offerings (IPOs) during the government shutdown. According to the guidance, issuers can submit registration documents without specifying the exact offering price, and the documents will automatically become effective after 20 days. However, the process may still require issuers to address questions or make revisions at later stages. Currently, approximately 90% of SEC staff are furloughed due to the shutdown, causing IPO reviews to be suspended. Companies that have already filed, including Navan, Andersen Group, and cryptocurrency custody firm Bitgo, can proceed with marketing activities under this guidance.