The US Securities and Exchange Commission has opened up a public comment period for the proposed Canary Litecoin ETF, indicating progress towards an eventual approval or rejection from the agency.
As part of the process, the SEC is asking for feedback to be submitted within 21 days of the proposal’s publication in the Federal Register, according to a filing released on Wednesday.
The proposal, filed by Nasdaq on behalf of Canary, aims to establish a spot crypto ETF and has already completed the first step of the two-step process by filing a 19b-4 form on Jan. 16.
Eric Balchunas, senior ETF analyst for Bloomberg, noted in a post that this was the first altcoin ETF to be acknowledged by the SEC.
He added that with the additional comments from the SEC on the proposal’s S-1 form, it appears to be the most advanced in the approval process so far. The timeline for approval, however, is still uncertain.
