1 month ago
The U.S. Securities and Exchange Commission (SEC) has further delayed making a determination connected Canary Capital’s connection for a spot Litecoin (LTC) exchange-traded money (ETF).
This comes aft the bureau delayed respective different applications for spot crypto ETFs past week, including XRP, Hedera, and Dogecoin but hadn’t done truthful for the Canary Litecoin ETF, sparking hopes that the regulator mightiness person antithetic plans for this fund.
But connected Monday, the authoritative deadline, the regulator announced the hold and asked for nationalist comments regarding the proposal’s compliance with regulatory requirements.
"In particular, the Commission seeks remark connected whether the connection to database and commercialized Shares of the Trust, which would clasp LTC, is designed to forestall fraudulent and manipulative acts and practices oregon raises immoderate caller oregon caller concerns not antecedently contemplated by the Commission," the bureau wrote successful a filing.
Canary Capital, which was founded by erstwhile Valkyrie Funds co-founder Steven McClurg past year, had submitted archetypal paperwork for the money successful October.
LTC, which stands astatine a $6.6 cardinal marketplace cap, is the autochthonal cryptocurrency of Litecoin, an open-source blockchain task whose codification is copied from Bitcoin’s (BTC).
ETF experts astatine Bloomberg Intelligence had predicted that the token would beryllium the next to beryllium wrapped up successful an ETF amid chatter that Canary Capital had received comments backmost from the SEC regarding its exertion backmost successful January.
Issuers person yet to person the archetypal large determination connected crypto ETFs made by precocious appointed SEC seat Paul Atkins, who took the presumption successful April.
Atkins' replacement of erstwhile Chair Gary Gensler has been characterized arsenic a “huge variable” by Bloomberg elder ETF expert Eric Balchunas.
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