Asset management company Canary Capital has filed registration documents for the SpotlightCoin LTCUSD exchange-traded fund (ETF) with U.S. regulators, according to a document dated Oct. 15.
The filing is the latest in a flurry of proposals for ETFs holding alternative cryptocurrencies ahead of the US presidential election in November.
According to the filing, Canary’s proposed ETF aims to hold spot LTC and closely track the performance of the CoinDesk Litecoin Price Index (LTX).
Litecoin is a decentralized peer-to-peer digital currency that is often used as a fast and low-cost alternative to Bitcoin BTCUSD for small payments.
Canary file of XRP ETF
On October 9th, Canary filed for S-1 for the proposed Spot XRP XRPUSD ETF. The filing comes just days after crypto fund issuer Bitwise sought to register a similar ETF with the Securities and Exchange Commission.
“In the short term, this will likely be a call option in the November election,” Nate Geraci, president of financial advisory firm ETF Store, said in a post on the X Platform.
“Obviously politics is important here in the short term, but I think this is all inevitable over time,” Geraci said.
The XRP token was issued by the cryptocurrency payment protocol Ripple in 2012.
In 2020, XRP was the subject of an intense lawsuit filed by the SEC, which claimed that the token launch amounted to an unregistered offering of securities.
Filing the S-1 registration form is the first step toward launching an LTC ETF, but Canary must wait for the SEC to review the document.
The SEC would need to approve a rule change that would list the proposed ETF on at least one national stock exchange.
US Vice President and presidential candidate Kamala Harris is more crypto-friendly than her boss, President Joe Biden, but less so than her rival and former President Donald Trump, Galaxy Research said on October 14. It was announced on the day.
Under the Democratic Biden administration, the SEC has taken an aggressive regulatory stance toward cryptocurrencies, taking more than 100 regulatory actions against the industry.
In July, President Trump promised to “fire” Gary Gensler, the current SEC commissioner.
Starting in September, Harris began ramping up her cryptocurrency strategy, naming blockchain technology among several emerging areas in which she hopes the U.S. will “continue to dominate.”
Galaxy said that “backstage conversations (…) suggest that Ms. Harris is aiming for a slightly more constructive approach than Mr. Biden.”
