Shutdown = SEC goes dark. Emergency functions only. Translation: call us when the damage is already done

Here we are, folks. The government shuts down, and the Securities and Exchange Commission proves once again that it’s really just another federal agency in a suit. More than 90% of staff furloughed. Enforcement? Paused. IPO approvals? On ice. ETF filings? Collecting dust in inboxes no one’s checking. This is bad news for issuers, investors, and anybody else who expected the SEC to provide timely guidance. Unless, of course, you are looking for “emergency functions,” which is a slang term for “we will act after it is late.” The irony? Markets never close. Scammers continue to con, businesses continue to raise money, and Wall Street continues to trade. However, the beat’s lead police officer just posted a “be back later” sign on the door. The fraudsters must be ecstatic. Regulators too preoccupied with updating their unemployment claims are the epitome of “opportunity.” Shutdowns are supposed to be political theater. But for capital markets, this is regulatory paralysis and the encore is always the same: chaos delayed, not avoided.