The launch of a Litecoin ETF remains unknown

The US Securities and Exchange Commission (SEC) has extended the time period for offering new comments and making new filings in response to Nasdaq’s proposed listing of the ‘Canary Capital LTC Trust’ ETF.

The Commission also announced that it has postponed its decision on whether to approve Canary Capital’s application to offer the Litecoin (LTC) ETF.

Earlier this year, Canary Capital filed an application to launch an LTC ETF. The SEC is now seeking comment on whether Nasdaq’s proposal to list the ETF complies with the provisions of Section 6 of the Securities Exchange Act of 1934, in light of the fact that the ETF will be an "unlisted investment company."

The SEC is also accepting comment on any other pertinent matters. All comments are due by May 26, 2024, and requests for extension of time to comment must be made in writing by May 15, 2024.

Moreover, the identity of the commenter will be disclosed in accordance with the procedures set forth in 27 CFR Part 1.

Any filings must be made in accordance with the requirements of § 270.14a-3 of this chapter and shall be filed directly with the Commission in accordance with the instructions in Form 144A(8) Note: "A copy of the comments may also be sent to the Division of Investment Management, Office of Investment Products, and the Division of Trading and Derivatives, Office of Listed Products at their email addresses: InvProdComments@sec.gov and listedproducts@sec.gov."

Last month, Bloomberg analyst James Seyffart predicted that the SEC would delay a decision on the Litecoin ETF.

So far, the Commission has postponed rulings on several other crypto ETFs, including Franklin Templeton’s XRP ETF filing.

If any asset has a chance of an early approval, it is Litecoin. As CoinGape reported, the odds of an LTC ETF approval currently stand at 90%, providing a bullish outlook for the Litecoin price. Solana and XRP also boast a 90% chance of approval this year.

The Litecoin price remained unchanged following the SEC’s announcement of a delay on its decision for Canary Capital’s LTC ETF. The coin is currently trading at around $83, down over 3% in the last 24 hours.