Canary Capital Group, a digital assets investment firm, is seeking regulatory approval to launch an exchange-traded fund (ETF) linked to the spot price of Sui, a cryptocurrency associated with Sui Network, a blockchain service provider.
This filing brings Canary's total number of cryptocurrency applications submitted to the Securities and Exchange Commission (SEC) to six, contributing to the growing number of coins seeking regulatory approval since the election of President Donald Trump.
Trump's commitment to reforming the regulatory landscape for digital assets has led many to expect expedited approval for numerous pending filings under the SEC's new leadership.
"There’s been a tremendous shift in the landscape and mood," noted Steven McClurg, founder of Canary. He expressed optimism that many applications could receive approval before the end of 2025.
Regulators have already taken action against several significant players in the cryptocurrency industry and are considering proposed rules from the previous administration aimed at strengthening custody requirements for investment advisors dealing in cryptocurrencies.
According to McClurg, the SEC is unlikely to proceed with new ETF approvals until Paul Atkins, Trump’s nominee for SEC chair, is confirmed by the Senate.
Canary's filing marks the first attempt to launch an ETF tied to Sui, which boasts a market capitalization exceeding $7.4 billion, making it one of the top 25 cryptocurrencies, according to CoinMarketCap.
To date, issuers have sought regulatory approval to list ETFs for at least ten cryptocurrencies beyond Bitcoin and Ethereum, which saw their ETFs debut in 2024. Among the most popular new coins for ETF applications are Solana and XRP, associated with the crypto company Ripple, with each having six pending applications with the SEC.