Canary Capital’s U.S. spot Litecoin exchange-traded fund has been added to the Depository Belief and Clearing Company’s checklist of ETFs on its official web site. The DTCC is a supplier of post-trade clearance, settlement, custody and data companies, in keeping with the Nasdaq.
On DTCC, the Canary Litecoin ETF was given the ticker image LTCC. The DTCC itemizing, noticed earlier right this moment by Pheonix Information, is usually thought of a optimistic sign for an ETF that’s seeking to launch.
Approval would make Litecoin the primary cryptocurrency past Bitcoin and Ether to function a base asset for a spot ETF.
Nevertheless, the DTCC itemizing is a part of the preparation course of and doesn’t assure that the ETF can be launched, because the fund remains to be pending regulatory approval from the U.S. Securities and Trade Fee.
“This file contains each lively ETFs which may be processed at DTCC and ETFs that aren’t but lively (‘pre launch’) and, due to this fact, will not be capable of be processed at DTCC, except and till such securities have acquired all needed regulatory and different approvals,” the DTCC famous.
Within the case of VanEck’s spot Ethereum ETF, the fund began buying and selling on Cboe round two months after it was listed on the DTCC in Could 2024.
Final month, the SEC requested for public touch upon Canary’s proposed spot Litecoin ETF, after Nasdaq filed a 19b-4 type for the fund.
The SEC has a interval of 45 days, which can be prolonged to 90 days, from the date of publication of the 19b-4 proposal within the Federal Register to find out whether or not to approve or disapprove the proposed rule change. The proposed rule change for the Canary Litecoin ETF was revealed within the Federal Register on Feb. 4.
The Block has reached out to Canary Capital for touch upon the DTCC itemizing.
A number of issuers have additionally filed purposes to launch spot XRP, Solana and Dogecoin ETFs, a lot of which have been acknowledged by the SEC.
The previous few months have seen a flurry of varied spot crypto ETF filings as Donald Trump’s administration introduced in a optimistic change in crypto regulation. The SEC has pledged to carry extra readability to crypto rules, with its lately established crypto job power specializing in figuring out which cryptocurrencies will not be monetary securities.
In the meantime, the worth of litecoin edged up 0.3% prior to now 24 hours to commerce at $133.09 as of 10:00 a.m. Friday in Hong Kong, in keeping with The Block’s LTC worth web page.
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