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Home News

SEC Acknowledges Canary Capital’s Litecoin ETF Filing Under Acting Chairman

31 January 2025
in News, Regulation
Reading Time: 4 mins read
107 3
source: theblock.co

source: theblock.co

The U.S. Securities and Exchange Commission, under Acting Chairman Mark Uyeda, has formally recognized  Canary Capital’s Litecoin ETF filing.

Bloomberg ETF analyst James Seyffart confirmed on X that the SEC is reviewing Nasdaq’s 19b-4 application. This filing serves as a formal request from self-regulatory organizations like Nasdaq, seeking approval for rule changes that could pave the way for listing new financial products, including crypto ETFs.

Can confirm. @CanaryFunds’ Litecoin ETF 19b-4 filing has been acknowledged by the SEC (As expected) https://t.co/1UFEoDUS3H pic.twitter.com/4u57QofXK8

— James Seyffart (@JSeyff) January 29, 2025

Canary Capital submitted its application for an LTC ETF on January 16, aiming to launch the first altcoin ETF beyond Bitcoin (BTC) and Ether (ETH). With Gary Gensler no longer at the helm, the SEC has accepted the filing, marking a significant shift in the agency’s approach. Instead of rejecting the application or pressuring a withdrawal, this marks the first time an altcoin ETF is progressing through the official approval process. 

Although this is not a formal approval, the LTC ETF has moved one step closer to potential clearance. The SEC will now officially begin its review process, assessing market risks, investor protections, and compliance with financial regulations before making a final decision.

Eric Balchunas, Senior ETF Analyst at Bloomberg, explained that the SEC will initiate a public comment period and go through multiple review phases before reaching a decision. The agency can approve, reject, or delay the ruling for up to 240 days. He also pointed out that, among all pending filings, only the LTC ETF has received temporary acknowledgement.

First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown. https://t.co/iXwq9PkLGr

— Eric Balchunas (@EricBalchunas) January 29, 2025

Meanwhile, the SEC has introduced Staff Accounting Bulletin No. 122 (SAB 122), replacing the controversial SAB 121, to provide more flexible accounting options for custodial crypto assets. This update aims to ease the process for banks and financial institutions offering crypto custody services. SEC Commissioner Hester Peirce announced the removal of a 2022 regulation that classified crypto assets as liabilities, calling it a barrier to innovation. She stated,

“Bye, bye SAB 121! It’s not been fun.”

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: ETFLitecoinSEC
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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