The US Securities and Exchange Commission (SEC) is inviting public comments on the Canary Litecoin ETF, signaling progress in the agency’s decision-making process regarding its approval or rejection.
According to a 29 January 2025 filing, the SEC has set a 21-day public comment period following the proposal’s publication in the Federal Register.
The move follows Nasdaq’s 19b-4 filing on Jan. 16, which is a critical step in the two-stage approval process for a spot crypto ETF. The 19b-4 form, submitted by exchanges on behalf of issuers, triggers the SEC’s review process once acknowledged and published.
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Nasdaq’s Filing Becomes First Altcoin ETF To Reach Key SEC Review Stage
Eric Balchunas, a senior ETF analyst at Bloomberg, noted on X that Nasdaq’s filing marks the first altcoin ETF to reach this stage. He highlighted that, alongside the SEC’s feedback on the S-1 filing, the application is farther along than any previous attempt to launch an ETF for a cryptocurrency beyond Bitcoin and Ethereum.
“The key question now is whether the SEC will use the full 240-day review period or approve it more quickly,” Balchunas wrote, adding that the outcome remains uncertain.
First alt coin 19b-4 to be acknowledged, rest were told to withdraw by Genz SEC. Throw in the comments from SEC on the S-1 and this filing is by far the furthest along checking all the boxes. Q now is will this SEC wait the full 240 days or approve more rapidly. Unknown. https://t.co/iXwq9PkLGr
— Eric Balchunas (@EricBalchunas) January 29, 2025
The SEC is currently reviewing multiple crypto ETF applications, including those linked to Solana (SOL) and XRP, as well as more speculative proposals, such as leveraged memecoin ETFs tied to Donald Trump and Melania Trump’s brands ahead of a potentially crypto-friendly Trump administration.
Under the leadership of Acting Chair Mark Uyeda, the SEC has shifted from the crypto-skeptic stance of former Chair Gary Gensler.
Uyeda recently appointed Republican Commissioner Hester Peirce to lead a newly formed crypto task force, further signaling a potential regulatory shift.
The SEC previously approved Bitcoin ETFs in January 2024, followed by Ethereum ETFs later that year, raising industry expectations for broader crypto ETF approvals.
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BlackRock’s Spot Bitcoin ETF Saw Over $37 Billion In Net Inflows In 2024
BlackRock’s iShares Bitcoin Trust (IBIT) emerged as the dominant player in the cryptocurrency ETF market, recording over $37 billion in net inflows in 2024.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) secured the second spot at nearly $12 billion in net inflows. Other major Bitcoin funds also saw notable inflows over the past year.
BlackRock’s dominance extended beyond Bitcoin ETFs. Its iShares Ethereum Trust (ETHA) also led the pack in the Ether ETF category, pulling in $3.5 billion in net inflows. Fidelity’s Ethereum Fund (FETH) followed with $1.5 billion.
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