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Home » Only a few days after XRP ETF submission, Canary Capital files S-1 for Litecoin ETF.

Only a few days after XRP ETF submission, Canary Capital files S-1 for Litecoin ETF.

The proposed Litecoin exchange-traded fund seeks to invest in spot Litecoin and accurately mirror the price movements of the CoinDesk Litecoin Price Index (LTX).

by V Sinclair
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The crypto ETF industry is undergoing a period of substantial expansion. This claim has been substantiated more thoroughly by the number of firms filing for crypto ETF with the latest member to file for such being Canary Capital.

Canary Capital has filed registration documents for a spot Litecoin ETF with the United States SEC. This filing made on the 15th, follows just days after the firm handed over the S-1 filing for a spot XRP ETF.

Notably, analysts have viewed this move as a strategic maneuver ahead of the upcoming U.S. presidential elections in November.

The proposed Litecoin exchange-traded fund seeks to invest in spot Litecoin and accurately mirror the price movements of the coinbrit Litecoin Price Index (LTX).

Canary filings come at a time when there is an increasing proliferation of proposed ETFs that aim to include other cryptocurrencies. In early October saw a Bitwise file for an XRP ETF. On top of that, as per our earlier report, Grayscale, the largest cryptocurrency asset manager has filed to convert its crypto funds into an ETF. These crypto funds include Bitcoin, Ethereum, Solana, XRP, and Avalanche.

The recent influx of cryptocurrency ETF filings has ignited speculation about how the upcoming presidential election might shape regulatory decisions in this space. If former President Donald Trump wins this year’s presidential election, he will quickly have to begin the transition into power and put together a team to lead federal agencies.

One of the most important of those agencies is the Securities and Exchange Commission (SEC), which, for Trump, is a bigger deal than usual. Given his myriad assurances to the cryptocurrency lobby and because of his and his sons’ World Liberty Financial, Trump has pledged that the agency will be friendly to their interests.

Part of that is the removal of SEC Chairman Gary Gensler, who has become uniquely despised by much of the crypto industry for the agency’s strict oversight.

Drawing a closer look into the SEC’s regulatory stance is the famous Ripple-SEC lawsuit which has taken place for almost 4 years. Ripple is embroiled in a legal battle that the SEC recently appealed after Judge Torres handed Ripple a victory.

In the same line of thought, Canary Capital’s move to file for an XRP ETF further shows confidence in Ripple winning the lawsuit.

However, filing the S-1 registration form is just the initial step toward launching an LTC ETF. Canary must now wait for the SEC’s review of the submitted documents. The SEC’s approval is necessary to authorize a rule change that would permit at least one national securities exchange to list the proposed ETF.

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