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Litecoin ETF

Spot Litecoin ETF On The Horizon? Canary Capital Seeks SEC Green Light

Ronaldo Marquez
by Ronaldo Marquez
11 months ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a notable development for the cryptocurrency market, asset management firm Canary Capital has officially filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch the first spot Litecoin ETF in the country. 

Canary Capital Seeks To Launch Litecoin ETF

In a statement released on Tuesday, Canary Capital emphasized that Litecoin offers a “unique and compelling investment opportunity”. They highlighted that Litecoin has a considerable track record, having maintained 100% uptime since its launch, which they believe could be beneficial to their ultimate goal of managing a Litecoin ETF for further exposure. 

Related Reading: XRP ETF Round 2: Canary Capital’s Latest Move In The US Market

Canary Capital also noted that Litecoin has been the leading cryptocurrency for real-world payments, particularly through its partnership with BitPay, one of the largest payment processors in the industry. 

In addition to its Litecoin ETF filing, Canary Capital recently submitted an application for an XRP ETF, underscoring the increasing institutional interest in cryptocurrency investments. 

This move follows a similar application from investment firm Bitwise, indicating a trend among financial institutions to explore crypto-related financial products.

Commodity Vs Security Debate

Despite the growing interest in XRP, the ongoing legal battle between Ripple, the blockchain payment company, and the SEC casts a shadow over the approval process for a similar XRP ETF. 

XRP’s classification as either a commodity or a security remains controversial, with the latter designation posing significant hurdles to regulatory approval.

Related Reading: Cardano Development And Research Are ‘Dramatically Speeding Up,’ Says Hoskinson

In a positive development for a potential Litecoin ETF, the US Commodity Futures Trading Commission (CFTC) referred to Litecoin as a commodity in a complaint against KuCoin earlier this year. 

This designation could facilitate a smoother approval process for the proposed spot Litecoin ETF, as commodities generally face fewer regulatory hurdles compared to what the SEC deems as “securities.”

Litecoin ETF
The daily chart shows LTC’s price response to the ETF filing. Source: LTCUSDT on TradingView.com

At the time of writing, LTC has risen over 3% to its current trading price of $68.73, having briefly spiked just above the $70 mark following the announcement of the filing.

Featured image from DALL-E, chart from TradingView.com

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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