The SEC has officially set a deadline to decide on the proposed Litecoin ETF by Canary Funds
The U.S. Securities and Exchange Commission (SEC) has set a deadline of May 5 to decide on the proposed Litecoin ETF by cryptocurrency firm Canary Funds, according to a recent filing.
This development places Litecoin in the regulatory spotlight and signals a possible turning point in the growing push for crypto-based ETFs in the U.S. market.
The proposed exchange-traded fund (ETF) is designed to provide investors with a convenient and regulated way to gain exposure to Litecoin, a cryptocurrency known for its role in the early stages of the digital currency revolution.
The ETF, which would be listed on Nasdaq, is being tracked by Bloomberg ETF analyst James Seyffart, who highlighted the upcoming decision and expressed his opinion on the matter.
“The @CanaryFunds Litecoin ETF filing is due for a decision (possibly a delay) by Monday 5/5,” Seyffart stated in a tweet. “The SEC went early and delayed a bunch of filings but not this one. If any asset has a chance of early approval it’s Litecoin, IMO.”
While Seyffart suggests that a delay might be more likely, he indicates that the Litecoin ETF appears to have a better shot at being approved early.
The fate of the proposed rule change now rests with the SEC, which will decide whether to grant approval for the Litecoin ETF, leading to optimism among cryptocurrency enthusiasts.
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