2024-04-30 15:01:23 ET
Litecoin founder Charlie Lee believes the US Safety and Trade Fee (SEC) will approve a Litecoin (LTC) exchange-traded fund (ETF).
Lee shared his views throughout a current interview with
Bitcoin Bros
, noting that its probably not if however when this occurs.
In his opinion, the LTC creator sees Litecoin as extra much like Bitcoin – which has a number of spot ETFs buying and selling in america following a regulatory nod from the SEC early this 12 months.
Based on Lee, Litecoin is a proof-of-work cryptocurrency like Bitcoin is, and the designation of BTC as a commodity might additionally
apply to LTC
.
On this case, the digital asset, whose moniker of digital silver adopted that of digital gold utilized to Bitcoin, falls into that classification that may permit for a spot ETF much like Bitcoin’s.
Lees outlook on Ethereum spot ETFs approval within the US
Regardless of his conviction {that a} Litecoin ETF is probably going, Lee says demand for it is probably not as a lot as that that engulfed Bitcoin. He’s additionally alive to the truth that Ethereum spot ETFs command wider demand that LTC’s, however foresees a regulatory hurdle amid Ethereum’s change from PoW to Proof-of-Stake (PoS).
Ethereum transitioned to a PoS mechanism with the
Merge upgrade
in September 2022, and newest courtroom filings present the SEC initiated investigations into Ether being a safety in March final 12 months.
The SEC has subpoenaed Ethereum growth studio Consensys, which in flip sued the SEC final week over its strategy to crypto regulation.
In the meantime, the regulator has delayed choices on a number of Ethereum spot ETFs, and specialists say the company could reject these purposes in Might.
Curiously, spot Ethereum ETFs have been permitted for buying and selling in Hong Kong and
launched today
, April 30.
Whereas the ETFs debut was much less explosive as was the BTC ETFs within the US, specialists say the primary day confirmed potential for accelerated efficiency going ahead.
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Litecoin founder believes an LTC ETF will be approved
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