SEC initiates public comment period on Grayscale's Litecoin ETF conversion proposal
The U.S. Securities and Exchange Commission (SEC) has opened the floor for public comments on Grayscale's proposal to convert its Litecoin Trust into an exchange-traded product (ETP). The request, acknowledged in a Thursday filing, gives the public 21 days to submit comments after publication in the Federal Register.
Grayscale's move comes as several firms push for crypto-based ETFs, including funds linked to Dogecoin and other altcoins. The surge in applications follows the departure of former SEC Chair Gary Gensler, known for his cautious stance on crypto. His replacement, acting Chair Mark Uyeda, has assigned Commission er Hester Peirce to lead a crypto task force. Peirce has signaled a willingness to clarify regulations and improve transparency around digital asset classifications.
The SEC has already approved spot Bitcoin and Ethereum ETFs, setting a precedent that could influence its decision on Litecoin. However, the agency retains the authority to approve, reject, or initiate further proceedings on the proposal.
Growing momentum for crypto ETFs
With more firms eager to launch crypto ETFs, market participants are watching closely to see if the SEC adopts a more accommodating stance under new leadership. A decision on the Grayscale Litecoin Trust will serve as a key indicator of the regulator’s evolving approach to digital assets.
In a separate development, NYSE Arca also filed for a Grayscale Solana Trust, another spot ETF application awaiting SEC review.
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