Litecoin (LTC) price has increased by 11%, trading at $127.52, after major news in the crypto market. The SEC had acknowledged Canary Capital’s application for Litecoin ETF, which gives us hope to finally see it on U.S. exchanges.
If approved, this will represent a major milestone as the first altcoin ETF filing to be recognized by the SEC. Senior ETF analyst Eric Balchunas at Bloomberg said that the proposal played its way through regulatory requirements, putting it above competing proposals.
Litecoin has a long history, and its structural similarities to Bitcoin make it a strong candidate for a crypto ETF; this has become common shorthand for it being the “silver to Bitcoin’s gold.” In October, investment management and advisory firm Canary Capital filed an S-1 registration to offer accredited and institutional investors another avenue to invest in Litecoin.
Just a week earlier, Canary Capital had also applied to create an XRP-based ETF. The next question, according to Balchunas, is whether the SEC will take the full 240-day review period or will approve the proposal sooner.
On the other hand, another big news is Nasdaq filed for a spot Litecoin fund application on January 15, a critical second phase in the approval process. Should Nasdaq make the approval, it will act as the listing exchange for the Litecoin investment product from Canary Capital.
Also Read: Monochrome Files a Draft for Litecoin ETF in Australia
