Canary Capital files S-1 for Litecoin ETF
Asset supervisor Canary Capital has filed registration paperwork for a spot Litecoin (LTC) exchange-traded fund (ETF) with United States regulators, based on Oct. 15 paperwork.
The submitting is the most recent in a proliferation of proposed ETFs holding different cryptocurrencies forward of the US presidential election in November.
Canary’s proposed ETF goals to carry spot LTC and carefully monitor the efficiency of the CoinDesk Litecoin Price Index (LTX), based on the filings.
Litecoin is a decentralized peer-to-peer digital foreign money usually pegged as a quicker, lower-cost different to Bitcoin (BTC) for small funds.
Source: United States Securities and Exchange Commission
Related: Canary Capital follows Bitwise in submitting for spot XRP ETF
Canary files for XRP ETF as effectively
On Oct. 9, Canary filed an S-1 for a proposed spot XRP (XRP) ETF. The submitting got here solely days after crypto fund issuer Bitwise sought to register the same ETF with the Securities and Exchange Commission.
“In short-term, this is likely [a] call option on November election,” Nate Geraci, president of economic advisory The ETF Store, stated in a put up on the X platform.
“Politics clearly matter here in short-term, but I think this is all inevitable over time,” Geraci stated.
The XRP token was issued by crypto funds protocol Ripple in 2012.
In 2020, XRP grew to become the topic of a hotly contested lawsuit introduced by the SEC, which alleged the token launch amounted to an unregistered securities providing.
Filing the S-1 registration type is step one towards launching an LTC ETF, however Canary should nonetheless wait for the SEC to overview the paperwork.
The SEC must authorize a rule change allowing at the least one nationwide securities change to record the proposed ETF.
Three in 4 crypto house owners stated a candidate’s crypto coverage will influence how they vote. Source: Gemini
United States Vice President and presidential candidate Kamala Harris is friendlier towards cryptocurrency than her boss, President Joe Biden, however not as pro-industry as rival and former President Donald Trump, Galaxy Research stated on Oct. 14.
Under Biden, a Democrat, the SEC has taken an aggressive regulatory stance towards crypto, bringing upward of 100 regulatory actions towards the {industry}.
In July, Trump promised to “fire” Gary Gensler, who at the moment heads the SEC.
Starting in September, Harris started to up her crypto sport, itemizing blockchain know-how amongst a number of rising sectors the place she needs the US to “remain dominant.”
Galaxy stated “behind the scenes conversations […] suggest Harris is targeting a slightly more constructive approach” than Biden.
Magazine: Blockchain video games aren’t actually decentralized… however that’s about to alter
