SEC Advances Analysis of Canary's Litecoin ETF, LTC Cryptocurrency Soars 18%
In a significant development for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) is moving forward with its review of Canary’s proposed Litecoin exchange-traded fund (ETF), soliciting public comments on the matter. The move represents a crucial step in the agency’s decision to approve or reject the ETF, and could have important implications for the future of cryptocurrency investing.
Amid the positive scenario, the cryptocurrency Litecoin (LTC) showed a significant increase in its price today, rising more than 18%, positioning itself as one of the biggest gains of the day among the main crypto assets. At the time of publication, the price of Litecoin was quoted at US$ 132,60 with an increase of 18.6% in the last 24 hours.
In a document On January 29, the SEC announced that it will accept public comments for a period of 21 days after the proposal is published in the Federal Register. This is an important step in the process of reviewing the proposal, and allows investors, experts and other interested parties to express their opinions on the issue.
Nasdaq, one of the largest stock exchanges in the world, came in with a Form 19b-4 for Canary's Litecoin spot ETF on January 16. This filing was the first altcoin ETF to be “recognized” by the regulator, agreement with Eric Balchunas, senior ETF analyst at Bloomberg. This means that the Canary proposal is further along than other altcoin ETF proposals, and has a higher chance of being approved.
“Add in the SEC’s comments on the S-1 and this filing is by far the most advanced, checking all the boxes,” Balchunas said. “The question now is whether this SEC will wait the full 240 days or approve more quickly. Unknown.”
The SEC’s decision on the Canary Litecoin ETF will be a major milestone for the cryptocurrency market. If approved, this would be the first Litecoin spot ETF in the United States, and could pave the way for other altcoin ETFs in the future. The SEC’s request for public comment is a sign that the agency is taking the Canary proposal seriously, and is seeking public input before making a final decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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