After the US Presidential elections, there is a management change in the SEC department. With this change, Bitcoin (BTC) $99,128.5 and Litecoin other than Ether (ETH) 
$117.7 Other cryptocurrencies such as (LTC) are also expected to receive approval for their own ETF offerings.
Predictions from Bloomberg Analysts
Eric Balchunas and James Seyffart from Bloomberg Intelligence evaluate the possibility of Litecoin being the first cryptocurrency to receive approval. Seyffart noted that Canary Funds has updated its Litecoin ETF application.
“Canary Funds has engaged with the SEC with its new Litecoin ETF application,” Seyffart said.
Litecoin is a fork of Bitcoin and follows the same basic rules. This structure provides an advantage because the SEC has not previously considered Litecoin as a security.
Balchunas noted that Litecoin approval could be next after Bitcoin and Ether ETFs.
Overview of Crypto ETFs
Balchunas stated that they expect an increase in cryptocurrency ETFs in the coming period. It is predicted that Bitcoin and Ether combination ETFs will come first, followed by Litecoin. Litecoin’s market capitalization is approximately $8.8 billion and it ranks 11th in the CoinDesk 20 index. The fact that the SEC does not consider Litecoin a security may provide an advantage in the approval process.
According to analysts, the approval of Litecoin could also accelerate ETF transactions of other cryptocurrencies. However, the SEC’s final decision may not come as soon as expected because there are so many applications in the queue they need to review. Moreover, considering the steps to be taken regarding crypto cases, all of this will take time.
Approval of cryptocurrency ETFs could provide greater liquidity and investment opportunities in the market. The progress in Litecoin’s process could also be a positive signal for other altcoins. Investors can make more informed decisions by following these developments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
