Canary Capital is making strides towards securing the approval of its Litecoin exchange-traded fund (ETF) in the United States. Following a recent submission of a revised S-1 registration form to the U.S. Securities and Exchange Commission (SEC), there is growing optimism that this could be the next cryptocurrency ETF to be sanctioned.
What Does the S-1 Filing Reveal?
In October 2024, Canary Capital filed the original S-1 form for its Litecoin ETF, with a revised version submitted this week. This updated document indicates that US Bancorp Fund Services will oversee the ETF, while Coinbase Custody Trust and BitGo are designated for the secure storage of the fund’s Litecoin assets.
Will SEC Leadership Changes Affect Approval Timelines?
The timeline for the ETF’s approval may hinge on the transition in SEC leadership, as current Chair Gary Gensler prepares to step down. Former SEC commissioner Paul Atkins, known for his pro-cryptocurrency stance, has been nominated to take over but awaits Senate confirmation.
Key takeaways from the latest developments include:
- The revised S-1 filing suggests potential SEC engagement, bolstered by feedback.
- The approval process lacks a concrete timeline, pending the submission of a 19b-4 filing.
- Litecoin’s performance has surged, with price predictions exceeding $170.
As interest in spot crypto ETFs rises, the potential approval of the Litecoin ETF might catalyze institutional participation in the broader cryptocurrency market, setting a significant precedent for future altcoin ETFs.
