Hashdex, a crypto asset management has submitted an amendment to the U.S. Securities and Exchange Commission (SEC) to include Litecoin (LTC) in its Hashdex Nasdaq Crypto Index US ETF. This amendment aims to enhance the ETF’s composition, which currently includes Bitcoin (BTC) and Ethereum (ETH), by adding LTC as a constituent asset.
Litecoin ETF Approval by SEC Could Change Crypto’s Legitimacy
With the inclusion of Litecoin, it is being anticipated that this move may boost its compliance within traditional financial markets, making it more accessible to the institutional investors. According to the Litecoin Foundation, this step is important for bringing acceptance of cryptocurrencies in regulated environments.
Hashdex’s ETF is designed as a one-stop-shop for cryptocurrency investments that would allow investors to gain exposure to multiple digital assets through the ease of a single product.
The SEC’s approval of this amendment would mark a significant step, potentially making way for other cryptocurrencies to be included in similar financial products.
As regulatory scrutiny on cryptocurrencies evolves, Hashdex’s proactive approach may set a standard for future crypto index ETFs.
LTC Price Surges
Due to this development, the price of the token has experienced a significant surge. At press time, the price of the token stands at $93.48 with an uptick of 4.9% in the last 24 hours as per CoinGecko.
This steps comes amid a broader trend of increasing regulatory acceptance of cryptocurrency products in the US, particularly following recent changes in the SEC’s stance on crypto oversight. With Hashdex leading the charge, the potential approval of Litecoin in its ETF could signify a new beginning for digital assets as they integrate greatly into the mainstream finance.
As the market awaits for the big decision from the SEC, the stakeholders are optimistic about the implications of this amendment for both Hashdex and the wider cryptocurrency ecosystem. This decision could significantly influence how cryptocurrencies are perceived and utilized within traditional investment framework in the coming years.
Also Read: Strategy Adds 130 BTCs to its Holdings, Token Prices Surges by 1%
