Canary Capital’s Litecoin exchange-traded fund is advancing towards possible approval as the US SEC invites public feedback before deciding whether to approve or reject the listing.
First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown.
Eric Balchunas of Bloomberg highlighted that the securities agency has 240 days to decide.
Meanwhile, the regulator’s response to Canary Capital’s LTC ETF application marks a vital milestone for the altcoin sector.
SEC reviews Canary’s Litecoin ETF filing
Canary Capital filed for s-1 registration with the SEC in October last year, intending to launch an LTC exchange-traded fund.
A public filing shows the US regulator acknowledged receiving Nasdaq’s 194-b filing to list and trade Canary’s Litecoin ETF.
This recognition welcomes a procedure where the SEC reviews the filing before deciding to reject or authorize the listing.
Further, the agency has requested feedback from investors and enthusiasts.
It will consider comments for the first “21 days after the date of publication in the Federal Register.”
Stakeholders can use this timeframe to present their opinions on the possibilities of authorizing a spot LTC ETF.
The SEC’s recognition of Canary’s Litecoin ETF suggests the regulator is open to thoroughly engaging with altcoin exchange-traded funds proposals.
It boosts expectations of potential authorization that could attract similar moves in the cryptocurrency landscape.
If accepted, Litecoin will introduce the third spot cryptocurrency ETF certified in the US after Bitcoin and Ethereum.
If approved, an LTC ETF will magnify investment avenues for institutional and retail players while increasing Litecoin’s appeal as a viable digital asset.
Over 120K new investors purchasing LTC amidst ETF speculations
Litecoin displays investor optimism amidst optimistic developments in the US regulatory stance towards altcoin exchange-traded funds.
Santiment stats show a surge of new investors joining the Litecoin blockchain, with holder wallets up by over 122,000 within ten days.
The new user influx attracted attention due to bearish price actions, confirming massive trust and demand in LTC’s future performance.
The new wallets indicate increased cash flowing into the Litecoin ecosystem, possibly as enthusiasts await the ETF approval.
The Chaikin Money Flow confirms the renewed investor interest.
The indicator maintains stable uptrends, climbing from yesterday’s -0.25 to today’s high at 0.34 at press time.
That highlights massive cash entering the Litecoin platform as investors expect significant returns in the upcoming sessions.
LTC price outlook
Litecoin trades in the green amidst optimistic developments.
The alt changes hands at $130 after a swift surge from $111 in the past few hours.
The 100% increase in daily trading volume shows the alt could extend the 30% gain on its daily chart.
Should the bullish momentum persist, Litecoin will target $140 before extending to $160.
That would mean a nearly 25% surge from LTC’s current value.
In summary, the SEC’s official acknowledgement of Canary’s Litecoin ETF application represents a crucial moment for altcoins.
While enthusiasts brace for the regulator’s decision in the coming 240 days, possible implications will likely redefine the altcoin ETFs landscape.
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