SEC開始對灰度Litecoin Trust的正式審查

美國證券交易委員會（SEC）的持續開發的另一個轉折點已開始正式研究紐約證券交易所ARCA的灰度萊特幣信託的建議清單。

The U.S. Securities and Exchange Commission (SEC) has officially commenced examining the proposed listing of the Grayscale Litecoin Trust on NYSE Arca, according to a notice published on May 13. This installment signals the next turning point in the ongoing development of crypto-based investment products.

根據5月13日發布的通知，美國證券交易委員會（SEC）已正式開始審查紐約證券交易所ARCA灰度萊特幣信託的擬議上市。這本部分標誌著基於加密投資產品的持續開發的下一個轉折點。

While the varsity is slowly rolling out its approval of crypto ETFs amid rising public interest, this pending application faces difficulties in light of the setbacks faced by Grayscale in launching a spot Bitcoin ETF.

儘管在公眾利益上升的情況下，校隊正在慢慢推出對加密ETF的認可，但鑑於Grayscale在推出現場比特幣ETF方面所面臨的挫折面臨困難。

The trust, which would hold only Litecoin and reflect its daily market value (less expenses), aims to provide investors with a new avenue to gain exposure to LTC through a regulated exchange product.

該信託只能容納萊特幣並反映其日常市場價值（較少的費用），旨在為投資者提供新的途徑，通過受監管的交換產品獲得LTC的敞口。

Shares would be traded on the New York Stock Exchange’s Arca exchange under its Rule 8.201-E, a regulation tailored for Commodity-Based Trust Shares, according to the proposed rule, which was initially submitted on January 24 and later amended on February 3.

根據擬議的規則，該股票將根據其規則8.201-E在紐約證券交易所的ARCA Exchange上進行交易，該規則是針對基於商品的信託股份量身定制的，該法規最初於1月24日提交，後來於2月3日進行了修訂。

The value of the ETF would be determined using the CoinDesk LTX Index, which calculates the Litecoin price based on data aggregated from several major digital asset trading platforms at 4:00 p.m. ET on business days.

ETF的價值將使用Coindesk LTX指數確定，該指數在工作日的4:00 pm從幾個主要的數字資產交易平台匯總的數據來計算LiteCoin價格。

Grayscale’s endeavor to introduce a Litecoin-based product to the public market comes amid an institutional push for varied crypto investment possibilities. Often called the “silver to Bitcoin’s gold,” Litecoin has enjoyed considerable retail and institutional interest due to its faster transaction times and lower fees compared to Bitcoin. However, for the U.S. markets, issuing a spot LTC ETF would be a noteworthy first.

Grayscale努力向公共市場推出基於Litecoin的產品的努力是在機構推動各種加密投資可能性的過程中。與比特幣相比，萊特幣通常被稱為“比特幣黃金的銀”，由於其更快的交易時間和較低的費用，萊特幣享有相當大的零售和機構興趣。但是，對於美國市場而言，發行現場LTC ETF將是一個值得注意的首先。

The SEC has been moving slowly and cautiously with issuing crypto ETFs despite the market’s anticipation. The Bitcoin ETF realm has seen the most significant development; a flurry of spot Bitcoin ETFs were authorized earlier this year, including those from BlackRock and Fidelity. However, for altcoins like Ethereum, Solana, and now Litecoin, regulatory acceptance seems elusive.

儘管市場有期待，但SEC一直在發行加密ETF的情況下緩慢而謹慎地移動。比特幣ETF領域已經看到了最重要的發展。今年早些時候授權了一系列現場比特幣ETF，包括貝萊德和富達的那些。但是，對於以太坊，索拉納和現在的萊特幣等山寨幣，監管的接受似乎難以捉摸。

The Commission plans to determine, among other things, whether the proposed rule change is consistent with the requirements of Section 6(b)(5) of the Securities Exchange Act of 1934 and the rules of the Exchange and, in light of such matters, whether the proposed rule change is unduly discriminatory to, or competitive with, another security or class of security or is contrary to the public interest or tends to create a monopoly or is in restraint of trade.

委員會計劃確定擬議的規則變更是否與1934年《證券交易法》第6（b）（b）（5）條的要求一致，以及鑑於此類事項，擬議的規則的變化是否過於歧視，是否與其他安全性或階級競爭，或者與公眾的利益或傾向於交易，或者傾向於跨越或傾向於跨越統一的行為。

The notice period for public submissions will close 21 days after publication in the Federal Register, with rebuttal comments due 35 days after.

公開提交的通知期限將在聯邦公報發表後21天結束，並在35天后進行反駁。

Those wishing to submit comments electronically should use the Commission's Web site at http://www.sec.gov. All comments received will be posted without change; the Commission may delete any street address, telephone number, or email address for privacy concerns.

那些希望以電子方式提交評論的人應在http://www.sec.gov上使用委員會的網站。收到的所有評論將無需更改；委員會可以刪除任何街道地址，電話號碼或電子郵件地址，以解決隱私問題。

The Commission has determined that, in light of the comments received, it is appropriate to institute proceedings to determine whether to approve or disapprove the proposed rule change.

委員會確定，鑑於收到的評論，提起訴訟以確定是否批准或不贊成擬議的規則更改。

"The Commission notes that it is not prejudging the issues posed by this application. As the apex regulator, the Commission has a broad responsibility for the protection of investors and the public interest more generally. This responsibility extends to ensuring that markets are fair and efficient and that participants do not engage in unlawful or fraudulent behavior."

“委員會指出，這並不偏見本申請提出的問題。作為Apex監管機構，委員會對保護投資者和公共利益負有廣泛的責任。這項責任擴展到確保市場公平有效，並且參與者不從事非法或欺詐行為。”

The SEC is also seeking public input on a proposed iShares Bitcoin Trust Series 1 - in kind redemption model for large lots in a single day.

SEC還正在尋求有關擬議的iShares比特幣信任系列1的公開意見 - 一天內，以大量的救贖模型。

The regulator is currently accepting comment on a proposed iShares Bitcoin Trust Series 1 - in kind (i.e., Bitcoin rather than cash) redemption model for large lots that could be liquidated in a single day to reduce friction for large institutional investors.

該監管機構目前正在接受對擬議的iShares比特幣信任系列1的評論 - 以實物（例如，比特幣而不是現金）贖回模型，這些模型可以在一天中清算，以減少大型機構投資者的摩擦。

This change is now in its public comment period.

現在，此更改已在其公開評論期。

However, despite this momentum, the SEC has not signaled that any approvals beyond Bitcoin are imminent.

但是，儘管有這種勢頭，SEC並未表明超出比特幣以外的任何批准是即將出現的。

With Chair Paul Atkins reportedly reassessing how crypto assets can be integrated into traditional financial infrastructure and the likelihood of altcoin ETF approvals before Q4 2025 appearing slim, the Commission's decision on the Grayscale Litecoin Trust application will be closely watched by market participants.

據報導，保羅·阿特金斯（Paul Atkins）的主席重新評估瞭如何將加密資產集成到傳統的金融基礎設施中，以及在第四季度2025年第四季度批准之前的Altcoin ETF批准的可能性，該委員會對Grayscale Litecoin Trust的決定將受到市場參與者的關注。

LTC was trading up about 85 after the news broke.

新聞爆發後，LTC大約85歲左右交易。