May 9, 2025
Please approve the Canary Capital Litecoin ETF without delay. In principle and protocol, Litecoin is an almost identical twin to Bitcoin, and its blockchain has never experienced any interruptions since its launch in 2011. Like Bitcoin, Litecoin is a Proof-of-Work (PoW) cryptocurrency that relies on mining to release new currency units. While Bitcoin is limited to a maximum issuance of 21,000,000, the total supply of Litecoin will be 84,000,000. Bitcoin is considered digital gold, a commodity; similarly, Litecoin is widely considered digital silver. This is intentional. Furthermore, compared to Bitcoin, Litecoin was launched in a more honest and transparent manner. Its creator, Charlie Lee, an American engineer from MIT, is a well-known figure who continues to develop the Litecoin project and who has disposed of his personal holdings in Litecoin to avoid any possible conflict of interest. The same cannot be said for Bitcoin, as its creator is anonymous and is believed to hold at least 5% of the total capital of Bitcoin (which should actually be alarming for investors). Furthermore, Litecoin, due to its intrinsic speed and low transaction fees compared to Bitcoin, is now the most widely used cryptocurrency for online payments, bringing Litecoin closer to the concept of electronic cash expressed by Satoshi Nakamoto in his white paper than Bitcoin itself. Approving several ETFs on ETH and other products based on the PoS (Proof-of-Stake) mechanism, which are subject to doubts as to whether they should be considered securities rather than commodities, and denying a Litecoin ETF would be highly inappropriate. Best wishes, Luigi Ciotti, PhD