Litecoin (LTC) prices surged by almost 12% on Tuesday morning after the U.S. Securities and Exchange Commission announced a delay in its decision on a proposed spot Litecoin ETF.
The SEC's action, rather than rejecting the proposal, has led the market to respond positively. LTC was trading around $92.05, showing an increase of 12% in the past 24 hours.
Not only did Litecoin's trading volume rise, but it also surged by over 59% to reach $877 million as the SEC's ETF delay sparked further buying interest.
The proposal, submitted by Canary Funds, aims to create the first U.S.-based ETF that would directly track Litecoin's market price. However, instead of making an immediate decision to approve or reject the proposal, the SEC has decided to open the floor for public comments.
The primary focus of these comments will be on whether the proposed ETF can effectively protect investors from fraud and market manipulation. LTC is currently ranked #21 on the crypto charts with a market cap of almost $7 billion.
This sudden price pump is a clear indication that investors are still interested in crypto ETFs, even though regulators seem to be moving slowly. As the SEC opens the door for public feedback, the final verdict on the Litecoin ETF might not arrive until 2025.
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