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BitcoinSistemi 2025-01-30 07:40:07

Surprise Altcoin’s Spot ETF Application Advances – SEC May Be Cornered

The U.S. Securities and Exchange Commission (SEC) is advancing its review of the proposed Canary Litecoin ETF, requesting public comments as part of its approval process. This is an important step in determining whether the agency will approve the exchange-traded fund. The SEC opened a 21-day public comment period after the proposal was published in the Federal Register, according to a published document. The move signals that the agency is actively evaluating the product and invites market participants to provide feedback. Nasdaq officially kicked off the second phase of the regulatory process by filing Form 19b-4 for Canary’s spot Litecoin ETF on Jan. 16. The 19b-4 filing is a key step in which exchanges submit proposals on behalf of ETF issuers. Once approved by the SEC, the document is published in the Federal Register, triggering the agency’s formal review. Related News: Howard Lutnick, Donald Trump's Nominee for Secretary of Commerce and CEO of Cantor Fitzgerald, Speaks on Tether (USDT) in the Senate Bloomberg's senior ETF analyst Eric Balchunas touched on the importance of the application, noting that this is the first altcoin ETF to reach this stage. “When we include the SEC’s comments on the S-1, this filing is by far the furthest along in terms of checking all the boxes,” Balchunas wrote in a post on X (formerly Twitter). However, he questioned whether the SEC would take the full 240-day review period or move forward with a quicker decision. The Canary Litecoin ETF is one of several crypto-related funds seeking regulatory approval. Other firms have offered leveraged ETFs tied to Solana (SOL), XRP and even memecoins associated with Donald Trump and Melania Trump ahead of a potentially crypto-friendly Trump administration. *This is not investment advice. Continue Reading: Surprise Altcoin’s Spot ETF Application Advances – SEC May Be Cornered