According to a recent announcement, the U.S. Securities and Exchange Commission (SEC) is currently preparing to deal with the possibility of a federal government shutdown, which could begin at 12:01 AM on Saturday, December 21, when current funding expires.

The agency has confirmed that it will prioritize maintaining critical functions, including protecting market integrity and safeguarding investor interests. In particular, the EDGAR database system, used to track government filings, will continue to operate normally.

However, the SEC will have to suspend some non-essential activities in the event of a government shutdown. Last Wednesday, the House postponed a vote on the bipartisan government budget funding bill, raising concerns about the possibility of a government shutdown.

In the context of Congress facing instability, the likelihood of the government shutting down again is a possibility. If this happens, thousands of government employees will not be paid during the holiday season, and some essential services, including food assistance, will also be disrupted. Only critical services, such as emergency operations, will continue to function during the shutdown, although they will still face many challenges.

The SEC may have to delay or suspend periodic reviews of many submitted filings, including applications for ETF approval. However, the agency can still continue to handle cases related to fraud and market manipulation.

In another development, SEC Commissioner Caroline Crenshaw, who has an anti-cryptocurrency stance, may leave the agency after senators did not proceed with a vote to re-nominate her earlier this week. The agency will be left with three Republican commissioners.

Paul Atkins, who has a libertarian and cryptocurrency-friendly stance, is expected to replace Gary Gensler in early 2025. To maintain bipartisan balance, two Democratic commissioners will need to be appointed, but the likelihood that Crenshaw will be one of them is very low.

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