Litecoin, Hedera front runners for next spot crypto ETF as SEC makes comments

Canary Capital filed a 19b-4 rule change with the Securities and Exchange Commission for its Hedera ETF. The filing, set out in a 60‐page document (SR-NASDAQ-2025-018), proposes listing shares as commodity-based trust shares under Nasdaq rule 5711(d).

Bloomberg’s Eric Balchunas noted the filing follows an amended S-1 submitted last week after the SEC provided comments, positioning the HBAR ETF alongside Litecoin as a leading proposal among altcoin spot ETF applications.

Canary Capital 19b (Source: Eric Balchunas)

Regulatory shifts following Gary Gensler’s departure as SEC Chair have coincided with a rise in altcoin ETF filings. Proposals for spot ETFs on assets such as XRP and Dogecoin have also increased as issuers adjust to evolving oversight, a trend highlighted by recent applications now under active review.

The proposed rule change outlines the operational framework for trading the Trust shares under Nasdaq’s established rules as investor sentiment shifts in response to the SEC’s forthcoming review.

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