Nasdaq has submitted a 19b-4 type to the U.S. Securities and Exchange Commission (SEC) for the proposed Canary Litecoin ETF. This submitting, made on behalf of Canary Capital, begins the official evaluation course of for the approval of a spot Litecoin exchange-traded fund (ETF).
The submission is a vital step within the regulatory course of and will pave the way in which for Litecoin to affix Bitcoin and Ethereum as the subsequent cryptocurrency with an authorised ETF within the United States.
Nasdaq Files 19b-4 for Canary Litecoin ETF
The 19b-4 type 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 evaluation of the ETF proposal.
According to the submission, U.S. Bancorp Fund Services, LLC will act because the fund administrator, with U.S. Bank N.A. overseeing custody of the ETF’s money. Coinbase Custody Trust Company LLC shall be accountable 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 evaluation interval for the SEC to approve, reject, or request further details about the appliance.
Bloomberg Senior ETF Analyst Eric Balchunas subsequently described the submitting as a “positive sign” in a current put up on X, suggesting that Litecoin could possibly be the subsequent cryptocurrency to realize approval for a spot ETF.
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Kelvin Munene Murithi
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