Canary Capital has recently submitted an amended S-1 filing for the Litecoin ETF, which could make Litecoin the next cryptocurrency to get the green light in the United States after Bitcoin and Ethereum.
On January 15, Bloomberg analysts pointed to the filing as evidence that the SEC is considering the approval of Litecoin ETFs. Litecoin is expected to be the next coin to be approved for ETF, according to Eric Balchunas, a Bloomberg ETF analyst, but he pointed out that the change of leadership at the SEC could affect the decision.
Canary’s revised filing covers some essential aspects such as the agreements with Coinbase and BitGo on the crypto custody business and other regulatory concerns. However, a 19b-4 filing is still necessary to initiate the approval process of the change.
Litecoin has also risen by about 15% within a two-day period, between the 15th and 16th of January, making it one of the best-performing cryptocurrencies. This rise is due to whales, or big investors, holding more than 250,000 Litecoin or about $29 million since January 9, as per data from Santiment.
The filing was made only days before the swearing-in of pro-crypto President-elect Donald Trump and his appointee to the SEC chair, Paul Atkins, who is expected to usher in a more favorable climate for cryptocurrencies.
Industry insiders believe that if Solana and XRP ETFs are approved, they may garner between $3 billion and $8 billion in assets in their first year. Litecoin’s ETF approval is a sign of the altcoin’s future in the crypto ETF market as it aims to become the third cryptocurrency after Bitcoin and Ether.
Also Read: BlackRock Launches New Bitcoin ETF in Canada
