- Nasdaq has filed a 19b-4 kind for the proposed Canary Litecoin ETF.
- The SEC just lately requested Canary Capital to amend the S-1 type of the proposed Litecoin ETF.
- The preliminary submitting for the Canary Litecoin ETF was made in October 2024.
Nasdaq has taken a pivotal step by submitting a 19b-4 kind for the proposed ‘Canary Litecoin ETF,’ signaling the beginning of the US Securities and Alternate Fee (SEC) overview course of.
This submitting comes simply after Canary Capital amended its S-1 kind, finishing the required duo of paperwork required for the SEC’s consideration.
The 19b-4 kind, submitted on Wednesday, outlines that US Bancorp Fund Companies, LLC will act because the administrator for the ETF, with US Financial institution N.A. tasked with managing the fund’s money belongings. The custody of the particular Litecoin for the ETF can be dealt with by Coinbase Custody Belief Firm LLC.
Canary Litecoin ETF is a part of the rising record of proposed crypto ETFs
This transfer by Nasdaq and Canary Capital is a part of a broader pattern the place a number of companies are pushing for spot ETFs based mostly on numerous cryptocurrencies, together with Solana and XRP, amidst hypothesis that the incoming Trump administration could possibly be extra beneficial in the direction of crypto rules.
The SEC has beforehand given the inexperienced gentle to Bitcoin ETFs in January 2024 and Ethereum ETFs later that 12 months, paving the way in which for different crypto-based monetary merchandise.
Bloomberg Senior ETF Analyst Eric Balchunas has expressed optimism concerning the Litecoin ETF’s prospects, stating on X that suggestions from the SEC on the S-1 kind bodes effectively for approval. Nonetheless, he additionally famous that the approaching change in SEC management might introduce vital variables.
Gary Gensler’s tenure as SEC Chair concluded on Monday, and President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner identified for his crypto-friendly views, to take over. The affirmation listening to for Atkins would possibly happen in March, doubtlessly influencing the regulatory local weather for cryptocurrencies.
Canary Capital’s preliminary submitting for the Litecoin ETF occurred in October 2024, marking the start of this regulatory journey.
With the 19b-4 and S-1 types now in place, the main focus shifts to the SEC, the place the method will unfold over the approaching months. This submitting is a crucial milestone in doubtlessly bringing Litecoin to mainstream traders by way of a regulated monetary product, highlighting the rising intersection between conventional finance and the digital asset area.
