[Launch Timing of Multiple Crypto Spot ETPs May Be Affected by U.S. Government Shutdown] Multicoin Capital's General Counsel Greg Xethalis stated that the market has misconceptions about the U.S. SEC's approval process for spot ETPs. The key issue now is waiting for the government to reopen. The 19b-4 filing deadlines for Litecoin and Solana are October 2 and October 10, respectively, but due to the introduction of the 'General Listing Standards,' these filings do not require separate consideration. Although they have technically taken effect automatically, exchanges still need to decide whether to list them. Typically, the S-1 registration statement must be accelerated by the SEC's Division of Corporation Finance before it can take effect. However, the SEC staff responsible for reviews are currently furloughed, causing delays in the review process. It is expected that the Solana spot ETP may launch within a week after the government reopens. Additionally, issuers need to submit Form 8-A, while exchanges must file an 8a-12b notice to complete registration. Overall, the launch timing of spot ETPs will depend on the government reopening or the final decision by exchanges, and there is no need to overly focus on the October 19b-4 filing deadlines.