SEC Fails to Resolve Canary Spot LTC ETF During US Government Shutdown
U.S. Securities and Exchange Commission did not take any action on Thursday (the original deadline for its decision), causing Canary Capital's spot Litecoin exchange-traded fund to be in trouble. The silence of the U.S. Securities and Exchange Commission has left the crypto community uncertain about how the regulatory agency will operate during the federal government shutdown, and how its new general listing standards will affect the timeline for the approval of dozens of pending crypto ETF applications.
Bloomberg ETF analyst James Seyffart and FOX News reporter Eleanor Terrett pointed out that the old 19b-4 deadline for crypto ETF applications may no longer apply, as the U.S. Securities and Exchange Commission (SEC) has requested applicants to withdraw these deadlines, leaving only the S-1 registration statement as the sole document requiring regulatory approval.
In August of this year, the U.S. Securities and Exchange Commission (SEC) issued an "action plan" in response to the government shutdown, stating that it would "no longer review and approve registration applications." This includes new financial products, modifications to self-regulatory organization rules, and the review or expedited effectiveness of registration statements. It is currently unclear whether the U.S. Securities and Exchange Commission's silence on Canary's spot Litecoin ETF is solely due to the government shutdown, or also a result of the new general listing standards, which would render the 19b-4 deadline irrelevant.
At the request of the U.S. Securities and Exchange Commission, Canary withdrew its 19b-4 application on September 25, which may have been a factor in the Commission's decision not to take action on Thursday. It is currently unclear what impact the 19b-4 application will have on applicants who have not yet withdrawn that document.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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