Canary Capital Pushes for Litecoin ETF After Recent XRP Filing in the US

Oct 15, 2024

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Canary Capital, a US asset management firm, has submitted an to list a Litecoin spot ETF. In its Form S-1 filing with the US Securities and Exchange Commission (SEC), the product is titled the Canary Litecoin ETF. This move follows the firm’s earlier filing for an XRP ETF, showing Canary’s determination to bring more crypto-focused financial products to the market. They believe that launching such an ETF could change the game by attracting a wider range of institutional investors.

Litecoin ETF Can Open New Doors

Canary Capital sees huge potential in Litecoin. They are pushing for a Litecoin ETF, as they believe this coin has a proven track record. It has been around for over a decade and has maintained 100% uptime, which is a big deal in the crypto space. They think such an ETF would be attractive to institutional investors because Litecoin has shown its reliability and security.

Many crypto enthusiasts agree that Litecoin is similar to Bitcoin, especially in the way it might be regulated. Bloomberg analyst James Seyffart has pointed out that Litecoin is often viewed as a commodity, just like Bitcoin. This could give it a better chance of SEC approval, especially as the demand for crypto ETFs is growing.

XRP and the SEC: Will Litecoin Face Similar Challenges?

While Canary Capital is focused on Litecoin, they are also involved with XRP, a cryptocurrency that has been in a tough legal battle with the SEC. The SEC has accused Ripple, the company behind XRP, of selling unregistered securities. This has led to delays in the approval of any XRP ETF. The situation raises the question of whether Litecoin ETF could face similar hurdles.

However, Litecoin may have a smoother path. The Commodity Futures Trading Commission (CFTC) has already classified Litecoin as a commodity. This could reduce regulatory roadblocks for a Litecoin ETF compared to XRP, which is still under scrutiny.

Canary’s Vision for the Future

Canary Capital is not just looking at the short term. They are making strategic moves with both the Litecoin and XRP filings. By pushing for these products, they are showing confidence in the future of crypto investments. While the SEC has been slow to approve crypto ETFs in the past, Canary’s application could set the stage for more products to come.

Upcoming political changes might also play a role. Some analysts believe that a more crypto-friendly administration could speed up the approval process for a Litecoin ETF. If approved, this could pave the way for more institutional investors to enter the crypto space.

Will the SEC Approve the Litecoin ETF?

The big question remains: will the SEC approve the Litecoin ETF? Many factors are at play, including market conditions and regulatory shifts. Some in the industry are optimistic, noting that the SEC has already approved Bitcoin ETFs. They believe Litecoin, being similar in its regulation, could follow.

If Canary Capital gets the green light, this could mark a turning point for both Litecoin and the broader crypto market. A Litecoin ETF would give investors a regulated and accessible way to gain exposure to the cryptocurrency, which could drive up Litecoin’s price and popularity.

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