Just In: Canary Litecoin ETF Advances as US SEC Calls for Public Comments

US SEC acknowledges Nasdaq's filing for Canary Litecoin ETF, marking progress in crypto ETF approval; public comments open for 21 days.
Just In: Canary Litecoin ETF Advances as US SEC Calls for Public Comments

Highlights

  • SEC reviews Canary Litecoin ETF, inviting public comment for 21 days
  • Litecoin price up 4.58% to $116.60 following ETF filing news.
  • Canary among multiple firms seeking SEC approval for Litecoin ETFs.

The U.S. Securities and Exchange Commission (SEC) has acknowledged Nasdaq’s 19b-4 filing for the Canary Litecoin ETF, marking a key step in the review process. The agency is now soliciting public comments before making a decision on whether to approve or deny the proposal.

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US SEC Acknowledges Canary Litecoin ETF Filing

The US SEC has acknowledged that it has received the 19b-4 application from Nasdaq to list and trade the Canary Litecoin ETF. This acknowledgement triggers a procedure under which the agency will assess the application and come up with a decision of whether to accept or reject the ETF.

In a public filing, the SEC has requested comments from investors and other market players. The agency will consider submissions for the 21 days following the proposal’s publication in the Federal Register. This period enables the stakeholders to make their opinions concerning the possibility of approving a spot Litecoin ETF.

According to Bloomberg senior ETF analyst Eric Balchunas, this filing is the first for an altcoin ETF to advance to this step. “Throw in the comments from the SEC on the S-1 and this filing is probably the most developed in terms of ticking all the boxes,” Balchunas added.

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Regulatory Process and Market Expectations

The 19b-4 filing is the first of two steps that need to be taken to bring a spot cryptocurrency ETF to market. Upon acceptance of the initial application, the application moves into a review period during which the SEC analyzes market structure, investor protection, and legal compliance.

Market analysts are rather interested in the potential decision of the SEC to either take 240 days to consider this case or act faster.

Moreover, changes in the leadership of the SEC such as the current Acting Chair Mark Uyeda and Commissioner Hester Peirce’s participation in a crypto task force point towards a new direction in the regulation of the crypto market as compared to the Biden administration.

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Growing Interest in Crypto ETFs

Canary is not the only company that is interested in a Litecoin ETF. Grayscale and CoinShares have also submitted their applications with the SEC. Grayscale filed a 19b-4 form to convert its existing Litecoin Trust into an ETF and CoinShares filed an S-1 form for a separate offering.

The recent rise in filings is a sign that more asset managers believe that the SEC will approve more crypto ETFs. ETF Store President Nate Geraci remarked on the changing regulatory environment, saying,

“Politics aside, it’s wild how much the party in control determines investment products everyday investors can access.”

Aligning with Nate Geraci’s comments, the Cboe has recently filed 19b-4 forms to list Solana ETFs from VanEck, Canary, Bitwise, and 21Shares. Additionally, Bitwise has submitted an application for a Dogecoin ETF.

Litecoin Price Jumps Over 5%

With this positive development, Litecoin price continues to trade at $116.60 at the time of writing, with a 4.58% rise in the last 24 hours. The cryptocurrency has also witnessed a rise in trading volume and open interest, which is an indication of growing market participation.

According to technical analysis, Litecoin price is in the process of breaking out of the falling wedge pattern, which could be followed by a bullish breakout. Moreover, the Relative Strength Index (RSI) is at 53.52 and moving upwards showing strengthening of bullish pressure.

Backing the optimistic trend, the MACD indicator is showing a bullish crossover and histogram moving above the zero line which arealso signs of soaring buying pressure.

Should bulls continue to exert control and price breaks out, resistance levels to watch include $120, with a potential breakout target between $140 and $160 if upward momentum continues. Analysts suggest that a strong move above these levels could indicate further price gains in response to ETF developments.

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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