Canary

Litecoin

Asset management firm Canary Capital has <a href="https://www.sec.gov/Archives/edgar/data/2039461/000199937124013330/litecoin-s1_101524.htm" target="_blank" rel="noreferrer noopener">submitted</a> an S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) to introduce the first spot Litecoin ETF in the United States.&nbsp; 
As per the <a href="https://www.litecoin.net/news/litecoin-etf-filed" target="_blank" rel="noreferrer noopener">statement</a>, the firm announced this development on Tuesday, highlighting Litecoin’s potential as a “unique and compelling investment opportunity. As one of the longest-running blockchains with 100% uptime since its inception, Litecoin has demonstrated a proven track record of security and reliability with significant enterprise-grade use cases.” 
<div class="wp-block-image"> 
 <figure class="aligncenter">
 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd5KpSjF7lOipjyVKaarEq1ku2ELYZaTjUxtf6Sa6WYKjegTTC4Ct1M0QaB4RLN9KIqgokmheMLIGHcUVq-9kPMQrSckN9BSjqde6S4z03tnkNfH8zrdk7VXBz8-6VriJwbEFUsFB2GuJEXKnYqu1s87oM3?key=xZG7vcjpADtwjoRkrH_bhw" alt="Litecoin Price Chart">
 <figcaption class="wp-element-caption">
 Litecoin Price Chart, Source: <a href="https://coinmarketcap.com/currencies/litecoin/" target="_blank" rel="noopener">CoinMarketCap</a>
 </figcaption>
 </figure>
</div> 
Following the announcement of the ETF filing, Litecoin (LTC) saw a positive price reaction, rising over 3% to $69.16, with a brief spike above the $70 mark. 
Canary Capital emphasized that Litecoin boasts a remarkable track record, maintaining 100% uptime since its inception, which they believe positions it well for institutional investors seeking exposure to cryptocurrency. 
Canary Capital claims that Litecoin has emerged as a leader in real-world payments due to its collaboration with BitPay, one of the largest cryptocurrency payment processors. This collaboration highlights Litecoin’s utility and increasing appeal in commercial transactions, bolstering the firm’s confidence in launching a Litecoin ETF. 
Canary Capital has submitted a proposal for an XRP ETF in addition to the Litecoin ETF, indicating a larger trend of growing institutional interest in cryptocurrency investments. In line with a recent application from investment firm Bitwise, this submission shows that financial institutions are becoming more interested in investigating financial products tied to cryptocurrencies. 
However, the ongoing legal dispute between the SEC and blockchain payment provider Ripple makes the approval procedure for an XRP ETF difficult. There is still debate over whether XRP should be classified as a security or a commodity, with the latter presenting major regulatory hurdles. 
On the other hand, the U.S. Commodity Futures Trading Commission (CFTC), which described Litecoin as a commodity in a complaint against KuCoin earlier this year, has recently provided a positive indicator for the Litecoin ETF. 
The proposed spot Litecoin ETF may have an easier time getting approved thanks to this category because commodities typically face fewer regulatory barriers than what the SEC considers “securities.” 
As interest in cryptocurrency investment products grows, the launch of the first spot Litecoin ETF could mark a pivotal moment for institutional participation in the digital asset space. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/14/litecoin-celebrates-13-years-leads-global-crypto-payments/" target="_blank" rel="noreferrer noopener">Litecoin Celebrates 13 Years, Leads Global Crypto Payments</a> 
</blockquote>

Canary Capital Eyes SEC Approval for Spot Litecoin ETF

The Crypto Times

Other articles published on Oct 15, 2024

Base Poised to Dominate Layer-2 Networks

Ripple Co-Founder Chris Larsen Donates $1 Million in XRP to Kamala Harris' Presidential Campaign

TD Bank Fined for Crypto Ties with UK and Colombia

Top 10 Cryptos to Invest: Which One Is Set to Outperform the Competition in Blockchain Innovation?

Mastercard Announces Partnership with a Surprise Altcoin!

Off the Grid Tops Fortnite, Boosted by Avalanche Tech

Join our free newsletter for daily crypto updates!