Canary Capital Group, a digital assets investment firm, announced on Monday its plans to seek approval from regulators to launch an exchange-traded fund linked to the spot price of Sui, a cryptocurrency associated with Sui Network, a blockchain service provider. This move adds to Canary's existing cryptocurrency filings with the Securities and Exchange Commission, now totaling six, demonstrating the expanding interest in cryptocurrencies since President Donald Trump's election last November.
The shift in regulatory sentiment following Trump's election has sparked expectations that the SEC's new leadership will expedite the approval process for numerous pending cryptocurrency-related filings. Steven McClurg, the founder of Canary, expressed optimism about the outlook, stating, "I'm pretty optimistic that we're on track to see many of these approved before the end of 2025."
Regulators have taken enforcement actions against several prominent cryptocurrency industry participants and are reviewing proposals initiated by the previous administration to strengthen custody requirements for investment advisors involved in cryptocurrencies. McClurg noted that the approval of new ETFs by the SEC may wait until the confirmation of Paul Atkins, Trump's nominee for SEC chair, by the Senate.
Canary's recent filing marks the first attempt to introduce an ETF linked to Sui, a coin with a market capitalization exceeding $7.4 billion, placing it among the 25 largest coins according to CoinMarketCap. Apart from Bitcoin and Ether, issuers have sought regulatory endorsement to list ETFs tied to at least 10 other coins. ETFs centered on these two key coins debuted in 2024.
Significantly, Solana and XRP, the cryptocurrency affiliated with Ripple, have garnered substantial interest among issuers, with each having six ETF applications awaiting consideration by the SEC.