Canary Capital is set to be the first one to go in the U.S. crypto investment market by the introduction of its very first exchange-traded funds (ETFs) that are going to track Litecoin (LTC) and Hedera (HBAR). In its official company statement, the Canary Litecoin ETF, together with the Canary HBAR ETF, is supposed to be launched on Nasdaq on Tuesday.
”The crypto industry has barely had a year, and we already witnessed another landmark moment,” said Steven McClurg, CEO and founder of Canary Capital. “It is really a great pleasure for Canary to complete our mission of providing the investment public with easy access to regulated crypto investment products.”
With this announcement, Canary Capital is placing itself on the leading edge of regulated crypto investment products in the U.S. Both Litecoin and HBAR are among the 30 cryptocurrencies with the highest market cap. As a result of this, Litecoin, a device which is often used to compare Bitcoin as a peer-to-peer payment system, has been regarded as one with very fast and low-cost transactions. Whereas HBAR is the token that runs on the Hedera network, which employs the Hashgraph consensus algorithm to achieve secure and very fast processing of digital transactions.
These ETFs are the outcome of the new SEC (U.S. Securities and Exchange Commission) rules regarding the public going procedure for firms amid the ongoing situation of the government shutdown. The regulator said that companies are allowed to submit an S-1 registration statement without a delaying amendment, i.e., ETFs come into operation automatically after 20 days if there are no further nc changes.
On Monday, Canary Capital made public two Form 8-A filings for the Litecoin and HBAR ETFs, which, in effect, were the final steps before the commencement of trading. Additionally, the launch of the Grayscale Solana Trust ETF is also anticipated for Wednesday, which is another indication of a rising trend of crypto ETFs going public in the U.S. markets.
Just before the halt, the SEC gave the green light for new listing standards that enable exchanges to approve crypto ETF applications at a faster pace. Together with these standards and the recent regulatory guidance, the gate is now open for the next generation of digital asset investment products to be available to the mainstream investors.
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