TLDR
- On March 17, 2025, Canary Capital took a notable step by lodging a request with the SEC for a Sui ETF, marking their sixth proposal in the rapidly evolving sector of crypto ETFs.
- Sui stands out as a layer-1 blockchain boasting a market capitalization of $7.4 billion, placing it comfortably among the top 25 cryptocurrencies globally.
- The SEC filing comes amidst a wave of optimism concerning potential crypto-friendly regulation under the Trump-led administration.
- Recently, Sui has entered into a strategic alliance with World Liberty Financial, a crypto platform with ties to President Trump.
- Approval of new crypto ETFs by the SEC remains uncertain until Paul Atkins, Trump's choice for SEC leadership, is officially in place.
Canary Capital Group is pursuing the introduction of an innovative exchange-traded fund linked to Sui cryptocurrency, seeking SEC approval. The March 17 filing This move adds to the growing number of crypto ETF submissions in the optimistic regulatory atmosphere following the election.
Serving as the principal token of the Sui Network, this layer-1 blockchain solution boasts a formidable market cap of roughly $7.4 billion, securing its position among the leading 25 cryptocurrencies.
This latest filing represents the sixth crypto ETF proposal by Canary Capital to the SEC, following previous submissions for ETFs centered on Solana, Litecoin, XRP, Hedera, and Axelar, indicating a strategic response to a dynamic regulatory environment.
Amid newfound hope within the crypto sector, Canary Capital's application coincides with a period of anticipated regulatory easing fueled by Trump's administration, with promises of less stringent oversight for crypto entities.
Expressing optimism, CEO Steven McClurg of Canary Capital shared with Reuters that the post-election climate has been prolific for crypto enthusiasts, anticipating regulatory approvals for many ETFs by 2025.
New Era for Crypto ETFs
McClurg also emphasized Sui's growing reputation during an interview with The Block, highlighting the influx of developers attracted by the SUI network's swift and efficient capabilities, predicting it to be a launchpad for future projects.
Sui has recently captured attention, announcing a partnership with World Liberty Financial on March 6, a DeFi initiative connected to President Trump, now featuring Sui in its 'Macro Strategy' reserve.
Despite recent turbulence, Sui's token market reflects mixed movements – witnessing a 1.3% daily hike to $2.31 but still off by 56.5% from its peak at $5.35 this January, as per CoinGecko.
An innovative blockchain project from Mysten Labs, which was founded by ex-Meta employees, Sui is a relative newcomer yet has rapidly ascended through the crypto ranks.
Investment avenues for Sui are expanding beyond traditional horizons. August 2024 saw Grayscale Investments unveil the Grayscale Sui Trust, offering select investors exclusive access to Sui.
The proposed Canary Sui Should it be approved, the ETF would publicly trade on stock exchanges, democratizing access beyond just accredited investors. Canary took early steps by registering a trust in Delaware on March 6 for this fund.
A successful listing demands Canary's submission of Form 19b-4 to the SEC before it enters trading considerations. Presently, details on the trading exchange or ETF ticker remain undisclosed.
Experts suggest the SEC's greenlight for new ETFs awaits the formal appointment of Paul Atkins as SEC chair, contingent on Senate confirmation, expected post-financial disclosure reviews on March 27.
Under the new administration, the crypto sector has already begun experiencing regulatory relaxation, marked by the cessation of actions against large crypto firms and potential removal of previous regime's proposals.
Since greenlighting Bitcoin and Ethereum ETFs in 2024, there's been an influx of applications for ETFs representing over ten more cryptocurrencies, with Solana and XRP being current favorites among issuers, each awaiting SEC approval.
