Simply put
- The Crypto Asset Manager Canary Capital submitted applications last year to launch a Litecoin ETF.
- The SEC was supposed to make a decision on this proposal on Monday but has postponed it.
- The Asset Manager aims to introduce a range of Altcoin-based ETFs in the U.S.
The Securities and Exchange Commission did not approve a new crypto fund focused on Litecoin on Monday.
Instead, the regulators chose to delay their response to the proposed product, which is a common procedure in such cases.
Canary Capital, located in Nashville, Tennessee, filed its documents back in October for the Canary Litecoin ETF. Currently, the SEC is reviewing numerous Altcoin ETF applications following last year’s successful launch of the Spot Bitcoin ETF, which set records in the ETF space.
Remarkably, the SEC had rejected Bitcoin funds for a decade before eventually giving them the green light. Shortly after that, they also approved an Ethereum ETF.
Now, with new leadership at the SEC, which is considered more crypto-friendly, asset managers are pushing for various digital asset-related ETFs. Big names like Bitwise, Franklin Templeton, Grayscale, and 21Shares have submitted applications for new Crypto ETFs that include assets like Solana, XRP, and Cardano.
The SEC often delays decisions on proposed products like ETFs and recently postponed evaluations on applications concerning XRP and Dogecoin as well.
Litecoin (LTC) is a proof-of-work cryptocurrency, ranking as the 25th largest digital asset by market capitalization. It’s essentially a fork of Bitcoin and was started in 2011 by Charlie Lee, a former Google employee.
Currently, Litecoin is down about 2.2% over the past 24 hours, trading at just over $83 according to data from Coingecko.
