SEC Delays Litecoin ETF Decision

By delaying taking action on an exchange-traded fund (ETF) for Litecoin, the Securities and Exchange Commission (SEC) is signaling that decisions on many other prospective ETFs will take longer than hoped.Yesterday, the SEC bounced its decision on whether to approve Canary Funds’ Litecoin ETF proposal from May 5 to mid-June at the earliest. By giving the public three weeks to comment on whether the ETF should be allowed, and two more weeks for rebuttals of those comments, the SEC is giving itself more time to decide whether to approve the Litecoin ETF.This is significant because, as a Bitcoin clone, Litecoin is considered highly likely to be the first new ETF approved beyond the current crop of Bitcoin and Ether ETFs — although perhaps after some proposed combined BTC and ETH ETFs. Bloomberg ETF analyst James Seyffart gives the Litecoin ETF a 90% likelihood of being approved this year.To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io