đŸ˜±Breaking: Canary Capital Files For Litecoin ETF In The US🚹

Investment management firm Canary Capital has filed an application for Litecoin ETF product with the US SEC

Canary Capital makes another push for Litecoin ETF in the US

The firm previously filed application for XRP ETF

Uncertainty still looms on whether these products will gain US SEC approval

Litecoin ETF: Can It Make the Difference

For one reason most do not know, Litecoin is rarely regarded as a security by the US SEC. Notably, the digital currency is one of the oldest assets in the industry with complete utility status. This push for an LTC ETF product is the first of its kind filed in the United States.

Canary Capital has a high praise for Litecoin as an asset. The firm reiterated in its S-1 filing that Litecoin is one of the longest running blockchains with 100% uptime. It believes Litecoin will offer investors access to enterprise-grade use cases.

The push for a Litecoin ETF succeeds the XRP ETF application filed by Canary Capital earlier this month. With this product, the number of digital currencies linked directly to regulated funds is now growing.

First, 21Shares and VanEck filed applications for Solana ETF with the US SEC earlier this year. Though both application saw their removal from the Cboe Website, it remains on the horizon for proponents in the digital currency ecosystem.

Notably, the chances of approval for these products is considered slim, until Litecoin ETF joined the list. While there are exising ETP products in Switzerland and Germany, the United States’s only institutional LTC exposure is from Grayscale. This is considered a stepping stone for the asset to finally gain regulatory approval for the ETF demand.

With Litecoin generally considered a commodity, it remains to be seen how the US SEC will approach application from Canary Capital filing.

Notably, the coin celebrated its 13th year anniversary recently. Despite this, the coin has lost its ranking to newer projects as its price fell by more than 83% from its All-Time High of $412.96. #CanaryLitecoinETF