Canary Capital files S-1 for Litecoin ETF
Asset manager Canary Capital has filed registration documents with US regulators for its Litecoin (LTC) exchange-traded fund (ETF), according to October 15 filings.
The filing is the latest in a planned expansion of ETFs holding alternative cryptocurrencies ahead of the US presidential election in November.
Canary's proposed ETF aims to hold LTC and closely track the performance of the CoinDesk Litecoin Price Index (LTX), according to its filings.
Litecoin is a decentralized peer-to-peer digital currency that is often faster and cheaper than Bitcoin (BTC) for smaller fees.
Source: United States Securities and Exchange Commission
Related: Canary Capital Follows Bitwise in Registering XRP ETF for Space
Canary files for XRP ETF as well
On October 9, Canary filed an S-1 for the proposed Space XRP (XRP) ETF. The filing comes days after crypto fund issuer Bitwise sought to register a similar ETF with the Securities and Exchange Commission.
“In the short term, this could happen. [a] A call option on the November election,” said Nate Geraci, president of ETF Warehouse Financial Advisory, in a post on the X Forum.
“The politics here are obvious in the short term, but I think it's all inevitable over time,” Gerasi said.
The XRP token was issued in 2012 by the crypto payments protocol Ripple.
In the year In 2020, XRP became the subject of a heated debate brought by the SEC, which claimed that the token startup was an unregistered securities offering.
Filing the S-1 filing is the first step in launching an LTC ETF, but Canary still has to wait for the SEC to review the filings.
The SEC must approve a rule change that would allow at least one national securities exchange to list the proposed ETF.
Three out of four crypto holders say the candidate's crypto policy will influence how they vote. Source: Gemini
United States Vice President and presidential candidate Kamala Harris is not more pro-industry than her boss, President Joe Biden, but will go down as a rival and former President Donald, according to Galaxy Research, October 14, 2010.
Under Biden, a Democrat, the SEC has taken a tough regulatory stance on crypto, bringing more than 100 regulatory actions against the industry.
In July, Trump promised to “fire” Gary Gensler, who currently heads the SEC.
Beginning in September, Harris began upping her crypto game, listing blockchain technology among several new areas in which she wants the United States to “continue to dominate.”
Galaxy “Behind the scenes discussions […] They suggest that Harris is aiming for a more constructive approach than Biden.
Magazine: Blockchain games aren't exactly decentralized… but that's about to change.
