SEC开始对灰度Litecoin Trust的正式审查

美国证券交易委员会（SEC）的持续开发的另一个转折点已开始正式研究纽约证券交易所ARCA的灰度莱特币信托的建议清单。

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.

根据5月13日发布的通知，美国证券交易委员会（SEC）已正式开始审查纽约证券交易所ARCA灰度莱特币信托的拟议上市。这本部分标志着基于加密投资产品的持续开发的下一个转折点。

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.

尽管在公众利益上升的情况下，校队正在慢慢推出对加密ETF的认可，但鉴于Grayscale在推出现场比特币ETF方面所面临的挫折面临困难。

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.

该信托只能容纳莱特币并反映其日常市场价值（较少的费用），旨在为投资者提供新的途径，通过受监管的交换产品获得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.

根据拟议的规则，该股票将根据其规则8.201-E在纽约证券交易所的ARCA Exchange上进行交易，该规则是针对基于商品的信托股份量身定制的，该法规最初于1月24日提交，后来于2月3日进行了修订。

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的价值将使用Coindesk LTX指数确定，该指数在工作日的4:00 pm从几个主要的数字资产交易平台汇总的数据来计算LiteCoin价格。

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努力向公共市场推出基于Litecoin的产品的努力是在机构推动各种加密投资可能性的过程中。与比特币相比，莱特币通常被称为“比特币黄金的银”，由于其更快的交易时间和较低的费用，莱特币享有相当大的零售和机构兴趣。但是，对于美国市场而言，发行现场LTC ETF将是一个值得注意的首先。

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.

尽管市场有期待，但SEC一直在发行加密ETF的情况下缓慢而谨慎地移动。比特币ETF领域已经看到了最重要的发展。今年早些时候授权了一系列现场比特币ETF，包括贝莱德和富达的那些。但是，对于以太坊，索拉纳和现在的莱特币等山寨币，监管的接受似乎难以捉摸。

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.

委员会计划确定拟议的规则变更是否与1934年《证券交易法》第6（b）（b）（5）条的要求一致，以及鉴于此类事项，拟议的规则的变化是否过于歧视，是否与其他安全性或阶级竞争，或者与公众的利益或倾向于交易，或者倾向于跨越或倾向于跨越统一的行为。

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

公开提交的通知期限将在联邦公报发表后21天结束，并在35天后进行反驳。

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.

那些希望以电子方式提交评论的人应在http://www.sec.gov上使用委员会的网站。收到的所有评论将无需更改；委员会可以删除任何街道地址，电话号码或电子邮件地址，以解决隐私问题。

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.

委员会确定，鉴于收到的评论，提起诉讼以确定是否批准或不赞成拟议的规则更改。

"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."

“委员会指出，这并不偏见本申请提出的问题。作为Apex监管机构，委员会对保护投资者和公共利益负有广泛的责任。这项责任扩展到确保市场公平有效，并且参与者不从事非法或欺诈行为。”

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还正在寻求有关拟议的iShares比特币信任系列1的公开意见 - 一天内，以大量的救赎模型。

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.

该监管机构目前正在接受对拟议的iShares比特币信任系列1的评论 - 以实物（例如，比特币而不是现金）赎回模型，这些模型可以在一天中清算，以减少大型机构投资者的摩擦。

This change is now in its public comment period.

现在，此更改已在其公开评论期。

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

但是，尽管有这种势头，SEC并未表明超出比特币以外的任何批准是即将出现的。

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.

据报道，保罗·阿特金斯（Paul Atkins）的主席重新评估了如何将加密资产集成到传统的金融基础设施中，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，该委员会对Grayscale Litecoin Trust的决定将受到市场参与者的关注。

LTC was trading up about 85 after the news broke.

新闻爆发后，LTC大约85岁左右交易。