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Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?

Bloomberg analyst James Seyffart responds to concerns about the delay in Canary Litecoin ETF and other crypto ETFs amid government shutdown.
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Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?

Highlights

  • US SEC misses its final deadline on the Canary Litecoin ETF due to the U.S. government shutdown.
  • Bloomberg ETF analyst says "deadline date might not matter" but uncertain on impact on other pending ETFs.
  • LTC price skyrocketed over 15% amid Canary Litecoin ETF approval anticipation.

The U.S. Securities and Exchange Commission (SEC) has missed its final deadline on the Canary Litecoin ETF due to the U.S. government shutdown, raising concerns in the crypto community. Responded to queries from clients and people, a Bloomberg ETF analyst reveals what lies ahead amid “ETF Uptober.”

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US SEC Delays Canary Litecoin ETF Approval

The crypto market was to witness the first ETF approval for altcoins under the Securities Exchange Act of 1933, as the final deadline to approve or deny the Canary Litecoin ETF was on October 2.

However, the SEC has missed the final deadline, with the decision now delayed due to the government shutdown. The community has raised concerns about whether the delay can ripple to the SEC’s final decision on XRP, Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and Hedera (HBAR) ETFs.

He claims the regulator can approve any or all of these whenever. Notably, the SEC’s final decision on Solana (SOL) ETFs is due on October 10, whereas the deadline for XRP and Dogecoin (DOGE) ETFs is next week.

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Bloomberg ETF Analyst on Crypto ETFs Amid Government Shutdown

According to Bloomberg ETF analyst James Seyffart, the SEC wants all issuers to file under the Generic Listing Standards. “Which means this deadline date might not matter at all,” he added. The SEC would decide on the Canary Litecoin ETF immediately, as government activities continue normally following the shutdown.

However, James Seyffart is uncertain about what’s happening at this exact moment and if the government shutdown could disrupt pending ETF approvals. He confirmed that S-1 filings still apply, while the SEC asked issuers to withdraw all 19b-4 filings.

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LTC Price Jumps 15% in Response to Canary Litecoin ETF

LTC price has surged over 15% in a week, currently trading at $117.92. The 24-hour low and high are $117.40 and $122.46, respectively. However, the trading volume has decreased by 5% in the last 24 hours as the Canary Litecoin ETF gets delayed.

Meanwhile, massive buying activity continues in the derivatives market, according to CoinGlass data. The total LTC futures open interest jumped 4% to $962.89 million in the last 24 hours, rising almost 25% in a week.

LTC futures open interest in 4-hour and 1-hour revealed mixed sentiment, signaling that derivatives trades are turning cautious. 4-hour LTC futures OI on Binance dropped 0.80%, while climbing 0.60% and 0.75% on OKX and Bybit, respectively.  

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Varinder Singh

Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.

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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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