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Reading: Spot Litecoin ETF Approval Gathers Momentum in the U.S.
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COINTURK NEWS > Litecoin (LTC) > Spot Litecoin ETF Approval Gathers Momentum in the U.S.
Litecoin (LTC)

Spot Litecoin ETF Approval Gathers Momentum in the U.S.

In Brief

  • The likelihood of a spot Litecoin ETF approval is increasing in the U.S.

  • Changes in SEC leadership may influence the decision-making process.

  • Litecoin's reliability positions it well in the cryptocurrency market.

Ömer Ergin
Ömer Ergin 5 months ago
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The approval of a spot Litecoin (LTC) exchange-traded fund (ETF) in the U.S. appears increasingly likely. Bloomberg Senior ETF Analyst Eric Balchunas highlighted the high probability of the SEC approving the spot Litecoin ETF. This assertion followed Canary Capital’s submission of a revised S-1 form for Litecoin to the SEC on Wednesday, indicating that the commission is seriously evaluating the application.

Contents
SEC Chair Change Could Influence ApprovalLitecoin Offers a Reliable and Fast Alternative

SEC Chair Change Could Influence Approval

Balchunas noted that the departure of SEC Chair Gary Gensler could be a significant variable. Former SEC member Paul Atkins, known for his pro-crypto stance, is anticipated to be appointed as the new chair, although the confirmation process in the Senate remains uncertain.

Additionally, Bloomberg analyst James Seyffart expressed that Canary Capital’s application might indicate the SEC’s active interest in the case. He emphasized that a pivotal approval signal would likely come through a 19b-4 rule change application.

Litecoin Offers a Reliable and Fast Alternative

Canary Capital asserts that Litecoin possesses a reliable infrastructure in the blockchain sector. The firm highlights Litecoin’s uninterrupted transaction history and its potential for institutional use.

Launched in 2011 as a fast alternative to Bitcoin (BTC) $104,938, Litecoin currently ranks as the 25th largest cryptocurrency with a market cap of $8.9 billion. Recently, Litecoin saw a 15% increase in value, trading at $118.54.

Litecoin LTC

The success of spot Bitcoin and Ethereum $2,611 ETFs in the U.S. has spurred applications for other altcoins. According to JPMorgan, approval of altcoin ETFs like Solana $153 and XRP could attract $13.6 billion in investment within 6-12 months.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 16 January, 2025 - 12:05 pm 16 January, 2025 - 12:05 pm
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