Former Tory minister Maria Caulfield defects to Reform UK
Another former Conservative MP has defected to Reform UK.
Maria Caulfield, who served as the MP for Lewes for nearly a decade, as well as a government minister, is the 13th ex-Tory to join Nigel Farage’s party, which continues to gather momentum.
The announcement of her move on Tuesday follows sitting MP Danny Kruger’s decision to defect yesterday and head up Reform’s work to prepare for government.
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Ms Caulfield, a former health minister, told GB News: “If you are Conservative right-minded, then the future is Reform. The country is going to change a lot.
“The same people who thought that Brexit would not happen think that Reform will not happen. They are in for a shock.”
She added: “I have joined. My husband joined a few months ago and I joined a month ago.”
Reacting to the defection, Tory leader Kemi Badenoch admitted her party is having a “tough and bumpy time”, but reiterated her argument that it takes time to develop policies, and called on the public and her party to be patient.
Ms Caulfield is a former nurse, and her first ministerial job came in 2021, when she joined the Department for Health in Boris Johnson’s government.
After a spell on the backbenches during the brief premiership of Liz Truss, she was brought back into government under Rishi Sunak, becoming the minister responsible for mental health and women’s health.
She lost her seat at the 2024 general election to the Liberal Democrats, with her vote share having plummeted by nearly 22%.
‘We need to hold our nerve’
Her announcement follows that of Danny Kruger, the MP for East Wiltshire, who announced his move at a press conference alongside Nigel Farage on Monday.
He said the Conservative Party is “over”, and Reform is now the primary vehicle for conservatism.
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Sitting MP Danny Kruger defects to Reform UK.
But shadow chancellor Sir Mel Stride said his analysis was “profoundly wrong”.
He told BBC Radio 4’s Today programme: “It is certainly the case that we had a devastating defeat about a year ago, that we lost that connection with the electorate, that trust with the electorate, and it is also true that it will take us time to rebuild that.”
He added: “We need to hold our nerve.”
The South African Reserve Bank issued its second financial stability report for 2025, identifying digital assets and stablecoins as a new risk as the number of users in the country continues to grow.
In a report released on Tuesday, South Africa’s central bank identified “crypto assets and stablecoins” as a new risk for technology-enabled financial innovation. The bank reported that the number of combined users on the country’s three largest crypto exchanges reached 7.8 million as of July, with about $1.5 billion held in custody at the end of 2024.
“Due to their exclusively digital – and therefore borderless – nature, crypto assets can be used to circumvent the provisions of the Exchange Control Regulations,” said the report, referring to regulations to control the inflows and outflows of funds to South Africa.
In addition to crypto assets like Bitcoin (BTC), XRP (XRP), Ether (ETH), and Solana (SOL), the central bank said that there had been a “structural shift” in the adoption of stablecoins based on a significant increase in trading volume since 2022:
“Whereas Bitcoin and other popular crypto assets were the main conduit for trading crypto assets until 2022, USD-pegged stablecoins have become the preferred trading pair on South African crypto asset trading platforms […] This is due to the notably lower price volatility of stablecoins compared to unbacked crypto assets.”
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The Financial Stability Board, a financial watchdog for entities in the G20, reported in October that South Africa had “no framework in place” for regulating global stablecoins, and only “partial regulations in place” for cryptocurrencies. The central bank said that “risks may build up undetected” from crypto, posing a threat to the country’s financial stability until an appropriate regulatory framework is established.
Different story with South Africa’s government on crypto
The central bank’s warning echoed similar sentiments from 2017, when deputy governor Francois Groepe said issuing digital currencies would be too risky for the country.
However, among policymakers in South Africa’s government, the sentiment may be slightly more bullish.
In 2022, the country’s Financial Sector Conduct Authority designated cryptocurrency as a financial product and subsequently issued licenses for crypto companies to conduct business.
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Prediction platform Polymarket has received regulatory approval from the US Commodity Futures Trading Commission to operate an intermediated trading platform.
In a Tuesday notice, Polymarket said the CFTC issued an Amended Order of Designation, which will allow the company to “operate an intermediated trading platform subject to the full set of requirements applicable to federally regulated US exchanges.” According to Polymarket, the approval will result in the platform onboarding brokerages and customers directly and facilitating trading on US venues.
“This approval allows us to operate in a way that reflects the maturity and transparency that the US regulatory framework demands,” said Polymarket founder and CEO Shayne Coplan.
The regulatory approval came about five months after the CFTC and the US Department of Justice closed an investigation into Polymarket regarding whether the platform accepted trades from US-based users. The FBI reportedly raided Coplan’s home as part of the probe into the prediction platform, seizing his electronic devices.
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The predictions platform is subject to oversight and regulation from the CFTC while operating in the United States. A market structure bill moving its way through Congress could also expand the CFTC’s authority over digital assets.
CFTC leadership in flux
The CFTC notice under acting chair Caroline Pham came as the US Senate is expected to soon vote on the nomination of SEC official Michael Selig as the next chair of the commodities regulator. Lawmakers in the Senate Agriculture Committee voted along party lines to advance Selig’s nomination.
Even if Selig were to be confirmed, the CFTC would continue to have four empty commissioner seats. As of Tuesday, US President Donald Trump had not announced any potential replacements for the regulator’s leadership.
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Key takeaways:
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The SEC introduced new post-shutdown guidelines that explain how registration statements, including crypto ETF filings, progress through Sections 8(a) and 461 of the Securities Act.
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Generic listing standards approved in September 2025 removed the need for individual 19(b) approvals for qualifying crypto ETPs.
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The government shutdown created a backlog of more than 900 filings, pushing issuers to rely on the automatic 20-day effectiveness mechanism under Section 8(a).
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The new SEC instructions allow issuers to choose between automatic effectiveness or requesting accelerated effectiveness under Rule 461 for faster launches.
After years of slow progress and periodic regulatory pauses, the US Securities and Exchange Commission has released new guidelines that may speed up the approval timeline for cryptocurrency exchange-traded funds (ETFs).
These updates follow an extended, record-long government shutdown that halted progress on more than 900 pending registration filings across financial markets. As federal operations resumed, the SEC issued technical guidance outlining how issuers can advance ETF applications under Sections 8(a) and 461 of the Securities Act of 1933.
This article explains what changed, why it matters and how the updated procedures could shorten timelines for new crypto ETF launches in the US.
The regulatory freeze: A look back
For most of 2025, ETF issuers, especially those focused on crypto, were already dealing with a heavy procedural load. Following the approval of spot Bitcoin ETFs in January 2024 and Ether ETFs in May 2024, the filing activity has surged, coming from firms seeking to list products tracking altcoins such as Solana (SOL), XRP (XRP), Chainlink (LINK), Dogecoin (DOGE) and others.
The regulatory process for many of these products still required individualized review under Section 19(b) of the Securities Exchange Act of 1934. This meant issuers depended on the SEC to publish proposed rule changes, open public comment periods and issue approval or denial orders. Timelines varied widely.
Pathway to generic listing standards
On Sep. 17, 2025, the SEC approved generic listing standards for commodity-based trust shares on Nasdaq, the Chicago Board Options Exchange BZX Exchange and the New York Stock Exchange Arca. This changed the regulatory process by removing the need for individual Section 19(b) rule change approvals for every qualifying crypto ETF.
The new standards were announced alongside the approval of the first multi-crypto asset ETF, the Grayscale Digital Large Cap Fund, which holds Bitcoin (BTC), Ether (ETH) and other coins.
This streamlining removed the years-long bottleneck that had previously stalled products, but the immediate push to launch was halted by the government shutdown.
The shutdown backlog
During the 43-day shutdown, more than 900 filings were submitted but could not be processed. ETF issuers were left with no review mechanisms, no staff communication and no way to advance pending filings.
In this environment of regulatory paralysis, the only path forward for some issuers was to use an existing mechanism: the automatic 20-day effectiveness provision under Section 8(a) of the Securities Act of 1933. This allowed registration statements filed without a delay-in-time clause to automatically become effective after 20 days if the SEC did not take action or object. This mechanism was helpful for the launch of several funds, including Canary Capital’s spot XRP ETF.
The crisis and the reliance on a technical workaround highlighted the need for a more efficient and formal review process.
This approach was referenced directly in the SEC guidance published after operations resumed. Once the SEC reopened, staff was instructed to resume work promptly and orderly. Issuers immediately requested clarity on how filings submitted during the shutdown would be sequenced or amended.
What the SEC’s new guidelines actually change
On Nov. 13, 2025, the SEC published a detailed set of technical clarifications explaining how it would process the shutdown-period backlog.
The SEC’s new guidance was applied to issuers such as Bitwise, which had an XRP ETF filing pending but had not yet completed the Section 8(a) process.
The post-shutdown guidance created two primary mechanisms to move stalled applications toward launch.
Automatic 20-day effectiveness
As a remedy for filings submitted during the shutdown, the guidance confirmed that registration statements filed without a deferral would gain automatic effectiveness after 20 days under Section 8(a). The SEC also clarified that staff would not recommend enforcement action even if the filing does not include Rule 430A information.
Request for acceleration via amendment
For issuers who want a faster approval timeline or who want to restore active regulatory oversight, the SEC guidance clarified that it may add an amendment deferral and then formally request acceleration under Rule 461. This allows issuers to move beyond the automatic 20-day countdown and seek accelerated effectiveness. The SEC also noted that the division would review filings in the order in which they were received.
Did you know? The generic listing standards apply only to exchange-traded products (ETPs) that hold an underlying commodity, such as digital assets, that trades on an ISG-member exchange or is subject to a regulated futures market with appropriate surveillance sharing.
What this means for crypto ETF issuers moving forward
The SEC’s guidance does not guarantee faster approval for every crypto ETF. Substantive legal review remains unchanged. What has changed is the friction in the process. The automatic-effectiveness mechanism under Section 8(a) now plays a larger role because filings submitted without a delay clause during the shutdown can become effective after the standard 20-day period unless the SEC intervenes.
Rule 461 allows an issuer to request that the SEC accelerate the effective date of its registration statement to a specific time. To do this, an issuer must first amend its filing to return it to the standard delayed status and then submit a formal Rule 461 request to the SEC. This request is not a mere formality. It serves as confirmation that the issuer, underwriters and advisers are fully aware of, and accept, their legal and antifraud liabilities under the Securities Act.
By combining a Rule 461 acceleration request with the new generic listing standards, which bypass the older Section 19(b) delays, issuers have streamlined the entire process. This combination makes the path for compliant altcoin ETPs quicker and more predictable, allowing managers to target specific launch windows with greater certainty.
Why speed doesn’t mean safety
While the SEC has accelerated the timing of approvals, it has also emphasized that core investor protection rules have not been relaxed.
The primary takeaway for issuers is that fast approval does not reduce their legal responsibility. The SEC’s post-shutdown guidance clarifies that the liability and antifraud provisions of the federal securities laws still apply to all registration statements, including those that become effective automatically under Section 8(a).
This is backed by the core of the Securities Act of 1933: Section 11 and Section 12(a)(2). These rules impose strict liability under Section 11 and a heightened liability standard under Section 12(a)(2) for any material false statements or omissions in the registration documents. In simple terms, if the prospectus is misleading, the issuer is liable, and investors do not have to prove that the company acted carelessly or intentionally.
The burden of ensuring accuracy remains with ETF providers, who must conduct thorough internal checks and due diligence to meet this high standard, especially when timelines are compressed.
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