The US Securities and Exchange Commission (SEC) is opting for a longer period to issue its decision on a proposal for a Grayscale Litecoin ETF. Amid the delay, Litcoin price has reversed its daily gains, shedding nearly 2% of its value.
Grayscale Litecoin ETF Faces Another ETF Delay
A fresh filing has revealed that the US SEC is designating a longer period to determine whether or not it will approve an application to convert the Grayscale Litecoin Trust to an ETF. The SEC cited section 19(B)(2) of the Exchange Act as legal backing for the extension of time before granting a final decision.
Back in January, Grayscale filed a Litecoin ETF, but the SEC has taken a cautious stance toward the offering. Since the filing, the SEC delayed its decision in March and followed up with another delay in May.
Per the latest filing, the SEC is delaying its decision by 60 days, designating October 10 as a final decision-making day.
This is a developing story.
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