Canary Capital is advancing its efforts to secure approval for its Litecoin ETF in the US. In October 2024, the company submitted a revised S-1 filing to the US Securities and Exchange Commission (SEC). Experts believe these changes may signal SEC interest.
Revised Filing and SEC Engagement
In October 2024, Canary Capital submitted the S-1 registration form for the Litecoin ETF to the US Securities and Exchange Commission (SEC). This week, the company released a revised version of this form. According to the document, US Bancorp Fund Services will manage the ETF, while Coinbase Custody Trust and BitGo will store the fund’s Litecoin.
Uncertainty Surrounding New SEC Leadership
The approval process may depend on changes in SEC leadership. Current SEC Chair Gary Gensler is set to depart next Monday. Former SEC commissioner Paul Atkins, known for his support of the cryptocurrency sector, has been nominated to lead the agency. However, Atkins’s appointment has not yet been confirmed by the Senate, leaving the timeline uncertain.
Growing Interest in Spot Crypto ETFs
Launched in 2011 as a more efficient alternative to Bitcoin, Litecoin remains one of the oldest and most stable blockchains. Following the announcement, Litecoin’s price surged over 18%, reaching $119.46.
While the revised S-1 filing indicates progress, there remains uncertainty around the timeline for Litecoin ETF approval. Canary Capital emphasizes that Litecoin has maintained '100% uptime' since inception, highlighting its security and stability. Meanwhile, the momentum for Litecoin ETF approval continues to build.
