The US Securities and Exchange Commission (SEC) further delayed decision making on the Canary Capital proposal for a funds exchanged by the Litecoin (LTC) exchange.
This was after the agency delayed many other applications for Crypto ETF spots last week, including XRP, hedera, and Dogecoin but it has not yet been done for Canary Litecoin ETF, which hopes the regulator may have different plans for this fund.
But on Monday, the official deadline, the regulator announced the delay and requested public comments about complying with the proposal to regulatory requirements.
“In particular, the commission is looking for a comment on whether the proposal to list and trade the sharing of trust, which will hold the LTC, is designed to avoid fraudulent and manipulation of actions and skills or raises any new or novel concerns that the Commission has not previously thought,” the agency wrote to a File.
Canary Capital, founded by former Falkyrie co-founder Steven McClurg last year, had submitted a preliminary paperwork for funds in October.
The LTC, which stands in a $ 6.6 billion market cap, is Litecoin’s native cryptocurrency, an open-source blockchain project whose code is copied from Bitcoin’s (BTC).
ETF experts in Bloomberg Intelligence predicted the token Is the next To be wrapped in an ETF in the middle of the chatter that the Canary Capital received comments from the SEC regarding its application in January.
The providers have not yet received the first major decision on the Crypto ETFs made by the recently designated SEC Chair Paul Atkins, who took a position in April.
Atkins replacement of former chair Gary Gensler is characterized as a “Large variable“By Bloomberg Senior Etf Analyst Eric Balchunas.
