As the U.S. government moves toward reopening after a record 41-day shutdown, key regulatory agencies — including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) — are preparing to resume normal operations. The shutdown, which left both agencies operating with minimal staff, significantly delayed their work on digital asset regulation and oversight.

Howard Fischer noted that the effects of the shutdown will linger. “It’s not just that the SEC lost 40 days — putting projects down and then picking them up again, you can’t just start up from where you left off,” Fischer told The Block. He added that ongoing transitions within the federal administration have also slowed progress.

Prior to the shutdown, the SEC had been developing an “innovation exemption” designed to allow firms to bring blockchain-based products to market more quickly. Once operations resume, the agency is expected to revisit these initiatives, as well as continue its probe into digital asset treasury companies impacted by the shutdown.

Fischer also highlighted the growing cooperation between the SEC and the CFTC in advancing crypto oversight — a shift from past years. “What we’ve seen in this administration is an unusual cooperation between the SEC and the CFTC, which has not always been the case,” he said. “So while getting back up to speed, especially with an aggressive agenda, is going to be complicated, the fact that the SEC and CFTC appear to be working together might make it easier than it would in other years.”

The reopening could also revive stalled progress on crypto legislation in Congress, where lawmakers have been working to define the regulatory boundaries between the SEC and CFTC. However, with midterm elections approaching and months of lost time, the path forward for comprehensive digital asset legislation remains uncertain.