Nasdaq Files 19b-4 for Canary Litecoin ETF Amid Approval Speculation

Highlights

Nasdaq files 19b-4 for Canary Capital's Litecoin ETF, initiating SEC's 240-day review.
Litecoin price surges 15% as SEC considers ETF under new leadership.
SEC leadership shift sparks optimism for Litecoin ETF under pro-crypto Paul Atkins.

Nasdaq has submitted a 19b-4 form to the U.S. Securities and Exchange Commission (SEC) for the proposed Canary Litecoin ETF. This filing, made on behalf of Canary Capital, starts the official review process for the approval of a spot Litecoin exchange-traded fund (ETF).

The submission is a crucial step in the regulatory process and could pave the way for Litecoin to join Bitcoin and Ethereum as the next cryptocurrency with an approved ETF in the United States.

Nasdaq Files 19b-4 for Canary Litecoin ETF

The 19b-4 form was filed by Nasdaq on January 16 while Canary Capital had submitted an amended S-1 filing earlier in the week. These two filings thus address all the essential elements the SEC considers while evaluating the ETF proposal.

As stated in the submission, U.S. Bancorp Fund Services, LLC will perform the function of the fund administrator and U.S. Bank N.A will oversee the cash of the ETF. Coinbase Custody Trust Company LLC will act as the custodian of the Litecoin of the fund.

The 19b-4 filing is the first official step that exchange agencies take to receive the SEC’s stamp of approval on ETFs. This filing thus begins the formal 240-day period within which the SEC can either approve the application, reject it, or ask for more information.

Bloomberg Senior ETF Analyst Eric Balchunas termed the filing as a “positive signal” in a recent post in X, which indicates that Litecoin might be the next cryptocurrency to get the green signal for a spot ETF.

Litecoin Price Rallies as SEC Prepares for Change

The filing occurs at a time when the SEC is in the process of changing leadership under the new government under President-elect Donald Trump. Former SEC Commissioner Paul Atkins who has been an advocate for cryptocurrencies has been recommended for the position following Gensler’s exit. This shift in leadership can be an opportunity for a more positive approach to cryptocurrency ETFs, according to industry experts.

Balchunas noted the change of leadership and said that it is a “huge variable” in the approval of Litecoin and other ETFs. Canary Capital has been in the process of seeking approval of Litecoin ETF since October 2024 and in the process of addressing the regulatory issues in its filings.

When the news broke, the cryptocurrency market gave a positive reaction, especially to Litecoin, which surged more than 15% within 24 hours. On-chain analytics firm Santiment revealed that large investors with holdings of over 10,000 LTC scooped up an additional 250,000 LTC over the last week, thus fuelling market sentiment in favor of Litecoin.

Competition Among Spot Crypto ETFs Intensifies

As Litecoin is moving forward in the ETF race, other cryptocurrencies like Solana and XRP are not far behind in the race. Solana is currently leading in the race, with several companies, including VanEck, Grayscale, and Bitwise, having submitted 19b-4 forms for spot Solana ETFs as early as November 2024.

Grayscale’s Solana ETF is expected to get a preliminary nod from the SEC by January 23, while other Solana ETFs are set to have their filings due later this month.

The applications for Ripple’s XRP ETFs are also pending with WisdomTree, Bitwise, 21Shares, and Canary Capital among others. If approved, Solana and XRP ETFs are expected to lure investments of up to $14 billion in their first year of operation, according to the experts.

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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.

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