Litecoin Surged 11% as SEC Moves Closer to Decision on Canary Litecoin ETF

Litecoin surged more than 11% in the last 24 hours as the US Securities and Exchange Commission (SEC) moves closer to a decision on the Canary Litecoin ETF (exchange-traded fund).

Litecoin (CRYPTO: LTC) surged more than 11% in the last 24 hours as the U.S. Securities and Exchange Commission (SEC) moves closer to a decision on the Canary Litecoin ETF (exchange-traded fund).

The LTC price pump made the crypto among the top performing cryptos and pushed its value to $128.11 as of 2:03 a.m. EST.

The SEC has asked for public comments on the proposed Canary Litecoin ETF, bringing the regulator’s decision regarding a potential approval or disapproval one step closer.

According to a filing posted yesterday by the agency, the SEC will be soliciting comments and has asked for them to be submitted three weeks after publication in the Federal Register.

If approved, the ETF will offer investors a regulated and simple way to invest in Litecoin without having to buy and hold the crypto directly.

Nasdaq filed a 19b-4 form for the Canary spot Litecoin ETF earlier this month on January 16. Bloomberg analyst Eric Balchunas noted the significance of the SEC asking for public comments in a January 29 X post, and said that it makes the Canary application the first ETF submission for an altcoin that the SEC has “acknowledged.”

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.

"Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes,” he said in the post.

Balchunas also raised the question of whether the SEC will wait the full 240 days to approve the Litecoin ETF application or if the agency will instead opt to move “more rapidly.”