“A Litecoin (LTC) exchange-traded fund is likely to be the next spot cryptocurrency ETF in the US. This opinion was expressed by Bloomberg analyst Eric Balchunas. https://twitter.com/EricBalchunas/status/1879662827943944264 In October 2024, Canary Capital filed a Form S-1 with the SEC to register the LTC-ETF. According to Balchunas, the firm received comments from the regulator regarding the proposal. “This looks like confirmation of a good sign for our prediction that Litecoin is most likely to be the next approved coin. […]”, — write: businessua.com.ua
A Litecoin (LTC) exchange-traded fund is likely to be the next spot cryptocurrency ETF in the US. This opinion was expressed by Bloomberg analyst Eric Balchunas.
We had heard chatter that the Litecoin S-1 had gotten comments back from SEC. This looks to confirm that which bodes well for our prediction that Litecoin is most likely to be the next coin approved. All that said, new SEC chair has yet to start and that's a huge variable. https://t.co/cKFswPwcr0
— Eric Balchunas (@EricBalchunas) January 15, 2025
In October 2024, Canary Capital filed a Form S-1 with the SEC to register the LTC-ETF.
According to Balchunas, the firm received comments from the regulator regarding the proposal.
“This looks like confirmation of a good sign for our prediction that Litecoin is most likely to be the next approved coin. Despite all this, the new chairman of the SEC has not yet started work, which is an important aspect,” the expert noted.
His colleague James Seyfarth said that the firm has already made changes to the application.
NEW: @CanaryFunds just filed an amended S-1 for their Litecoin ETF filing. No guarantees — but this might be indicative of SEC engagement on the filing. Still no 19b-4 filing yet though
(A 19b-4 would actually start the potential approval/denial clock) h/t @isabelletanlee pic.twitter.com/wFtNOmbmYx
— James Seyffart (@JSeyff) January 15, 2025
“No guarantees, but it could be a sign of SEC involvement in the offering,” he suggested.
At the same time, Seyfarth noted that Form 19b-4, which would amend the rules to allow the product to be listed, has not yet been filed. This means that the countdown to the regulator’s final decision on the fund’s approval has not yet begun.
Prospects for crypto-ETFsUS President-elect Donald Trump has nominated cryptocurrency-friendly lawyer and ex-commissioner of the agency, Paul Atkins, to the post of SEC chairman. His candidacy still needs to be approved by the Congress.
The current head of the regulator, Gary Gensler, will step down on January 20, the day of Trump’s inauguration. The official has been criticized by the crypto community for taking a heavy-handed approach to regulating the industry.
However, in a recent interview, Gensler noted that it was under his leadership that bitcoin futures ETFs appeared in the US as early as 2021. In January 2024, the agency approved exchange-traded products based on the spot price of digital gold, and in July – similar Ethereum funds.
Five applications for Solana-ETF from VanEck, 21Shares, Canary, Bitwise and Grayscale are under consideration by the SEC. Additionally, in November, Bitwise and 21Shares filed to launch exchange-traded spot XRP products.
We will recall that industry experts are optimistic about the prospects for the approval of new crypto-ETFs in the US, pointing to personnel changes in the government and Gensler’s quick departure.
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