Canary Capital’s not too long ago filed amended S-1 kind for its Canary Litecoin exchange-traded fund (ETF) may sign the altcoin stands out as the subsequent digital asset in the USA to get the crypto ETF remedy, following Bitcoin and Ether in 2024.
Based on analysts from Bloomberg, the submitting from Canary Capital on Jan. 15 seemingly confirmed business “chatter” that Litecoin functions are being reviewed by the securities regulator.
“[This] bodes nicely for our prediction that Litecoin is most definitely to be the subsequent coin authorized,” Bloomberg ETF analyst Eric Balchunas said on X — although he added that looming management change on the Securities and Trade Fee stays a “large variable.”
Amended S-1 registration statements like Canary’s filing are sometimes made after the potential ETF issuer has obtained suggestions from the SEC.
Nonetheless, Bloomberg ETF analyst James Seffart noted that Canary’s S-1 should be accompanied by a 19b-4 submitting to begin the potential approval or denial “clock.”
Solana is additional forward on this entrance, as ETF issuers Bitwise, VanEck, 21Shares and Canary filed 19b-4s for a spot Solana (SOL) ETF in November.
Supply: Eric Balchunas
Canary amended provisions in its S-1 kind associated to its proposed agreements with crypto custodians Coinbase and BitGo along with varied accounting, advertising, authorized and tax issues.
If authorized, Litecoin (LTC) would develop into the third spot crypto ETF authorized in the USA after Bitcoin (BTC) and Ether (ETH).
It comes as Litecoin rallied over 15% throughout Jan. 15-16 — outperforming all cryptocurrencies with a market cap of over $8 billion in that timeframe, CoinGecko data exhibits.
Blockchain analytics agency Santiment attributed the rise to Litecoin whales and “sharks” scooping up a mixed 250,000 Litecoin price round $29 million since Jan. 9.
Supply: Santiment
The modification additionally comes days forward of the inauguration of US President-elect Donald Trump, who has assembled probably the most pro-crypto administration to this point.
The SEC’s present chair, Gary Gensler, will be replaced on the identical day by Paul Atkins, who beforehand served as an SEC commissioner between 2002 and 2008 — and lots of count on he’ll present a friendlier crypto regulatory setting.
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XRP (XRP) can be within the operating to be authorized in spot ETF kind by the SEC.
Analysts at JPMorgan predicted an SEC-approved spot Solana and XRP ETFs would appeal to between $3 billion to $6 billion and $4 billion to $8 billion in web belongings over the primary yr.
Balchunas said spot Solana and XRP ETFs raking up a mixed $14 billion in that point was a reasonably “affordable guess.”
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