SEC Asks for Public Comments on Canary Litecoin ETF: A New Chapter in Crypto?

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In a peculiar twist of fate, the U.S. Securities and Exchange Commission (SEC) has not only noticed but also acknowledged the 19b-4 filing for the Canary Litecoin ETF, submitted by the ever-reliable Nasdaq. This small but significant step in the bureaucratic dance signals a potential turn of the tide for a spot Litecoin ETF, as the SEC now invites the public to weigh in before it makes its grand decision. 📝💡

The SEC, in its infinite wisdom, has requested that the public share their thoughts, concerns, and possibly a few jokes, on the Canary Litecoin ETF filing. The deadline for comments is 21 days after the proposal is published in the Federal Register. A true test of the public’s patience and wit! 🕒😂

This is, of course, part of the elaborate ritual the SEC performs to either bless or banish the exchange-traded fund (ETF) from the realm of financial possibilities. 🧙‍♂️🚫

Nasdaq, never one to shy away from a challenge, submitted the 19b-4 form on January 16, 2025. This document, as arcane as it sounds, is a necessary evil when an exchange wishes to change its rules to list and trade a new product. The SEC’s acknowledgment marks the beginning of the review period, which can stretch to an almost mythical 240 days. 📜⏳

Eric Balchunas, the ever-observant senior ETF analyst at Bloomberg, pointed out that this is the first time the SEC has acknowledged a 19b-4 filing for an altcoin ETF. A moment of silence for the groundbreaking nature of this event. 🕯️👏

“Throw in the comments from the SEC on the S-1, and this filing is by far the furthest along checking all the boxes,” Balchunas noted in a post on X. He then posed a question that left many scratching their heads: will the SEC take the full 240-day review period, or will they surprise us with a decision sooner? 🤔🤷‍♂️

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2025-01-30 02:12