Altcoin
US SEC Seeks Public Comments on Grayscale’s Litecoin ETF Proposal
The U.S. Securities and Exchange Commission (SEC) has invited public comments on a proposal to convert Grayscale’s Litecoin Trust into an exchange-traded product (ETP). The request follows an official acknowledgment of NYSE Arca’s 19b-4 filing, submitted on behalf of Grayscale.
US SEC Calls for Comments on Grayscale Litecoin ETF
The SEC has opened a public comment period regarding the proposed conversion of Grayscale’s Litecoin Trust into an ETF. The agency acknowledged NYSE Arca’s filing and has requested comments to be submitted within 21 days of the proposal’s publication in the Federal Register.
NYSE Arca had previously submitted a 19b-4 filing, a necessary step in the crypto ETF approval process. This filing pertains to both the Grayscale Litecoin Trust and the Grayscale Solana Trust. The SEC’s decision will involve either approval, disapproval or the initiation of further proceedings.
This development follows a recent move by top asset managers to expand crypto ETF offerings. Grayscale filed a 19b-4 form to convert its Litecoin Trust into an ETF, while Coinshares submitted an S-1 form for an LTC ETF. The US SEC decision could shape the future of Litecoin investment products in the U.S.
Crypto ETF Filings Increase Amid Leadership Transition
In recent weeks, several firms have submitted proposals for crypto-based ETFs, including funds for Dogecoin (DOGE) and other altcoins. The rise in filings comes at a time when the US SEC is undergoing a leadership transition.
Late last month, the asset manager also filed for a Solana ETF before submitting its Spot XRP ETF application. Grayscale aims to convert its XRP Trust, which holds $16 million in assets, into an ETF listed on the NYSE. This filing makes Grayscale the seventh asset manager to seek SEC approval for an XRP ETF.
Following the departure of former SEC Chair Gary Gensler, acting Chair Mark Uyeda appointed Commissioner Hester Peirce to oversee a dedicated crypto task force. Peirce has expressed interest in refining the classification of crypto assets and adjusting the registration process for digital asset firms.
Crypto ETFs and Market Developments
The US SEC approved the spot Bitcoin ETF in early January 2024, marking a shift in regulatory developments. It also approved the spot Ethereum ETFs at the time as part of the project to endorse crypto investment instruments.
With the ongoing review of the Grayscale Litecoin ETF, investors anticipate the US SEC will extend similar approvals to altcoin-based ETFs. The decision could set a precedent for future filings involving various digital assets.
The SEC will thus consider the response before making the final decision on the conversion of Grayscale’s Litecoin Trust. Actually, the review comprises checks by the regulator on the market risk, investor’s protection and conformity to present securities laws.
After the comment period for the concerned public, the agency may approve the application, deny the license or open up for further proceedings for the detailed evaluation.
Meanwhile, Grayscale also recently launched its Dogecoin Trust, providing institutional investors with exposure to DOGE. The Trust is now open for daily subscriptions to accredited investors and operates similarly to Grayscale’s other single-asset investment trusts. This development has sparked speculation about a potential DOGE ETF filing in the future.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Argentina’s Chamber of Deputies has passed several resolutions to dig deeper into the scandalous LIBRA cryptocurrency failure, whose possible connections with President Javier Milei are also now being scrutinized.
The Chamber of Deputies voted for a special committee to be created, for summoning government representatives, and for demanding detailed documentation on the collapsed crypto token.
Political Divide Emerges Over Investigation Powers
The establishment of a special commission was approved with 128 votes, 93 against, and seven abstentions, which underlines the political pressures that surround the case.
Lawmakers also authorized a bill to call up senior officials from the executive branch, such as Economy Minister Luis Caputo, Chief of Staff Guillermo Francos, Justice Minister Mariano Cúneo Libarona, and National Securities Commission President Roberto Silva. This resolution passed narrowly with 131 votes supporting and 96 opposing.
Argentina’s Javier Milei faces fraud allegations over the Libra scandal. Image: Natacha Pisarenko/AP Photo
A third resolution requesting detailed information from the Executive Branch about the LIBRA token received 135 votes in favor, 84 against, and 7 abstentions.
According to reports, these measures came in response to growing concerns about whether the cryptocurrency’s downfall harmed Argentina’s financial interests.
Lawmakers Split Along Party Lines
Members of parliament expressed sharply different views during the legislative session. Pablo Juliano from the Democracy Forever bloc emphasized the need for legislative oversight of the situation.
His position stood in stark contrast to Nicolás Mayoraz of President Milei’s La Libertad Avanza party, who warned the commission could overstep judicial authority.
Other lawmakers took middle positions. Oscar Agost Carreño of Encuentro Federal and Karina Banfi from the UCR stressed the legislature’s responsibility to demand political accountability.
Banfi noted that investigations are already happening at both national and international levels. Maximiliano Ferraro from the Civic Coalition argued for the public’s right to transparency in the matter.
Gabriel Bornoroni, the La Libertad Avanza bloc leader, dismissed the opposition’s efforts. He claimed they were simply trying to disrupt government progress, pointing to the fiscal surplus achieved in 2024 and claiming that inflation has been steadily decreasing under the current administration.
Legal Action Targets LIBRA Creator
The political debate follows serious legal challenges against LIBRA token creator Haydone Davis. On March 13, Argentine lawyer Gregorio Dalbon asked Interpol to issue a Red Notice for Davis, whose company Kelsier Ventures launched the LIBRA token in February.
Based on reports, Argentine prosecutors have identified Davis as the main person responsible for the token’s collapse, which caused widespread financial losses.
The scandal has now crossed borders, with Burwick Law, a major cryptocurrency legal firm, filing a lawsuit against Kelsier Ventures and two related platforms: Meteora and KIP Protocol.
The legal action seeks to recover profits and provide compensation for affected investors in the United States.
Featured image from Vox, chart from TradingView
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Asset manager 21Shares has filed with the US Securities and Exchange Commission (SEC) to offer a Dogecoin ETF. This development comes just as the Dogecoin price rebounds following a wave of sell-offs which saw it drop to as low as $0.14.
21Shares Files For Dogecoin ETF With US SEC
21Shares has filed the S-1 form for its Dogecoin ETF with the US SEC. The asset manager becomes the third to file for a DOGE ETF, joining Grayscale and Bitwise. The next step is for the asset manager, through an exchange, to file the 19b-4 form for this fund, which will officially kickstart the process towards a potential approval from the Commission.
Interestingly, this filing comes on the same day 21Shares launched its Dogecoin ETP on the SIX Swiss Exchange through its partnership with the House of Doge. These two will collaborate again if the SEC approves this ETF, as the asset manager revealed in the prospectus that the House of Doge, the corporate arm of the Dogecoin Foundation, will help in marketing the fund.
Meanwhile, the top crypto exchange, Coinbase, will be the Trust’s custodian. The ETF will hold Dogecoin and provide institutional investors an avenue to gain exposure to the top meme coin.
This undoubtedly provides a bullish outlook for the Dogecoin price, as this move could boost the meme coin’s adoption and further drive inflows into its ecosystem.
DOGE Forms Bullish Divergence
Amid 21Shares’ Dogecoin ETF filing, crypto analyst Kevin Capital has revealed that a daily bullish divergence on DOGE’s chart is starting to play out. He remarked that this development is obviously mostly due to the macro news, but nonetheless, the charts were already hinting at this possibility.
This macro news is Donald Trump’s decision to halt reciprocal tariffs for 90 days. Dogecoin and the broader crypto market rebounded on the back of this news.
However, it remains to be seen if this would be a bullish reversal or a bear trap. As CoinGape reported, crypto analyst Master Kebobi stated that the bottom is in for the top meme coin and predicts that the Dogecoin price would rally to the much-anticipated $1 level in the coming months.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Dogecoin price has gained over 10% in the last 24 hours as investors scan the horizons for signals of a long-term rally. While short-term price movement is positive, Dogecoin languishes at 80% below its all-time high but one analyst thinks a rebound is in the offing
Dogecoin Price Can Set A New All-Time High
Dogecoin price has surged by 10.30% over the last day after a shoddy showing over the previous seven days. The sudden resurgence in prices comes amid a slew of macroeconomic uncertainties nevertheless, the surge is stoking enthusiasm that DOGE can set a new all-time high.
Cryptocurrency analyst Master Kenobi revealed on X that the bottom is in for DOGE and a rally is in the offing for the asset. He opines that Dogecoin price will surpass $0.73 in the coming months hinting at a push to $1. The predicted price movement will see DOGE surpass the previous ATH that it set in 2021.
“It’s only upward from here,” said Master Kenobi. “A new ATH for DOGE by early June.”
Despite trading at 80% less than its ATH, Dogecoin’s price has several positives going for it. For starters, a Dogecoin ETP by 21Shares and House of Doge is in the works and could send prices on a strong rally. Furthermore, Dogecoin has weathered reports of Elon Musk leaving DOGE to reach what analysts like Master Kenobi are calling the bottom.
A Bounce Back Will Face A Series Of Bumps
While there is consensus for a Dogecoin price rally, several factors are standing in the way of a bounce back. First, Dogecoin whales have dumped 1.3 billion DOGE sparking worries of concerted sell pressure from heavy hitters.
Furthermore, the DOGE transaction count has taken a major hit, dropping by 94% over the last month. The transaction count decline is stoking fears of a steep plunge in Dogecoin price as demand for the memecoin reaches an all-time low.
Bitcoin’s price crashes continue to have a negative impact on DOGE with top crypto dragging other altcoins underwater. The broader macroeconomic uncertainty is poised to affect cryptocurrency prices with China and the EU announcing retaliatory tariffs against the US. To post a new all-time high, DOGE will have to pick itself gingerly through a minefield of unsavory fundamentals and on-chain data.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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