The U.S. Securities and Exchange Commission (SEC) has further delayed making a decision on Canary Capital's proposal for a spot Litecoin (LTC) exchange-traded fund (ETF).
The U.S. Securities and Exchange Commission (SEC) has again postponed making a decision on Canary Capital’s proposal for a spot Litecoin (LTC) exchange-traded fund (ETF).
The agency is now asking for public comments on the proposal's compliance with SEC regulations.
"In particular, the Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold LTC, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission," the SEC stated.
Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg last year, initially submitted paperwork for the fund in October.
LTC, valued at a $6.6 billion market cap, is the native cryptocurrency of Litecoin, an open-source blockchain project whose code is derived from Bitcoin's (BTC).
Experts at Bloomberg Intelligence had anticipated Litecoin to be the next token to feature in an ETF as rumors of Canary Capital receiving feedback from the SEC on their application surfaced back in January.
Issuers are still awaiting the first significant crypto ETF decision made by newly appointed SEC chair Paul Atkins, who assumed the role in April.
Atkins's replacement of former Chair Gary Gensler has been described as a “huge variable” by Bloomberg senior ETF analyst Eric Balchunas.
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