Nasdaq has submitted a 19b-4 kind to the U.S. Securities and Alternate Fee (SEC) for the proposed Canary Litecoin ETF. This submitting, made on behalf of Canary Capital, begins the official assessment course of for the approval of a spot Litecoin exchange-traded fund (ETF).
The submission is an important step within the regulatory course of and will pave the best way for Litecoin to affix Bitcoin and Ethereum as the subsequent cryptocurrency with an permitted ETF in america.
Nasdaq Recordsdata 19b-4 for Canary Litecoin ETF
The 19b-4 kind was submitted by Nasdaq on January 16, following Canary Capital’s amended S-1 submitting earlier within the week. These two filings consequently fulfill main necessities for the SEC’s assessment of the ETF proposal.
In keeping with the submission, U.S. Bancorp Fund Providers, LLC will act because the fund administrator, with U.S. Financial institution N.A. overseeing custody of the ETF’s money. Coinbase Custody Belief Firm LLC can be answerable for safeguarding the Litecoin held by the fund.
The 19b-4 submitting is a obligatory doc submitted by exchanges to provoke the SEC’s formal approval course of for ETFs. This submitting, because of this, now begins the official 240-day assessment interval for the SEC to approve, reject, or request further details about the applying.
Bloomberg Senior ETF Analyst Eric Balchunas subsequently described the submitting as a “constructive signal” in a current put up on X, suggesting that Litecoin could possibly be the subsequent cryptocurrency to achieve approval for a spot ETF.
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Kelvin Munene Murithi
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