Subject: File No. SR-NASDAQ-2025-005
From: Arthur Garreau

Litecoin (LTC) is often argued to be the only cryptocurrency that can truly be called “money” based on several key factors. Here’s why: 1. Sound Money Principles • Scarcity: Litecoin has a fixed supply of 84 million coins, ensuring it cannot be inflated like fiat currencies. • Fungibility: Each Litecoin is interchangeable with another, making it suitable for transactions. • Divisibility: Litecoin can be divided into 100 million smaller units (litoshis), allowing microtransactions. • Durability: As a digital asset secured by blockchain technology, Litecoin is immune to physical degradation. 2. Fair Launch & Decentralization • Unlike many cryptocurrencies that had pre-mines, ICOs, or venture capital influence, Litecoin had a fair launch (just like Bitcoin), with no pre-mine or insider advantage. • Litecoin has a widely distributed mining network, making it resistant to centralization risks. 3. Proven Stability & Security • Litecoin has been operational since 2011 without any downtime—one of the longest-running cryptocurrencies. • It uses Proof-of-Work (PoW), the most battle-tested consensus mechanism, ensuring high security and resilience against attacks. • No major protocol changes or forks that compromised security, unlike many other projects. 4. Fast & Low-Cost Transactions • Litecoin is 4x faster than Bitcoin with 2.5-minute block times, making it more practical for daily transactions. • Low transaction fees (often under $0.01) make it suitable for both micro and large payments, unlike Ethereum with its high gas fees. 5. Widespread Adoption as Money • Litecoin is accepted at millions of merchants worldwide, including major payment processors like BitPay, CoinGate, and PayPal. • ATMs, debit cards, and integration into payment systems make it usable in the real world. • Often referred to as the “Silver to Bitcoin’s Gold”, meaning it is optimized for transactions rather than just a store of value. 6. MimbleWimble Privacy Enhancement • Litecoin implemented MimbleWimble via Extension Blocks (MWEB), providing optional privacy for transactions while still remaining compliant with regulations. • This gives users confidential transactions, making Litecoin one of the few major cryptos to balance privacy and usability. 7. No Conflicts of Interest • Many other cryptos are controlled by foundations, VCs, or have centralized teams that make unilateral changes. • Litecoin is developer-driven, decentralized, and not subject to corporate interests, ensuring its long-term integrity. 8. Simplicity & Reliability • Litecoin does one thing: being money. It doesn’t try to be a smart contract platform, a governance token, or a metaverse play. • It sticks to being a decentralized, secure, and fast payment network, which is what money should be. 9. Bitcoin’s True Complement, Not a Competitor • While Bitcoin is a store of value (gold), Litecoin is optimized for everyday transactions (silver). • Litecoin acts as a backup network to Bitcoin, using similar code and structure but with faster confirmation times and lower fees. • Both are PoW-based, decentralized, and resistant to censorship, making them the best options for real money. Conclusion: Litecoin = The Best Crypto Money When looking at the fundamentals, Litecoin aligns with the key attributes of money better than any other cryptocurrency. It is: ✅ Decentralized ✅ Secure ✅ Fast & Scalable ✅ Widely Accepted While many cryptos focus on speculation, smart contracts, or hype-driven narratives, Litecoin has stayed true to its original mission: being digital cash for everyday use. That’s why it’s the only crypto that can truly be called money.