Suzanne McGee
(Reuters) – Canary Capital Group, a digital asset investment company, said Monday it is seeking a green light from regulators to launch a trade fund related to SUI, a cryptocurrency associated with blockchain service provider SUI Network.
This will introduce Canary’s list of cryptocurrency applications to the Securities and Exchange Commission to six, and once again expand the new ETF filing roster of growing coins seeking regulatory approval, filed since President Donald Trump’s filing last November.
Trump’s pledge to shake up the regulatory treatment of the digital asset space has prompted optimism that the SEC’s new leadership will move rapidly and approve numerous pending applications.
Canary founder Stephen McCrug said that since the election, there has been “a major change in the landscape and mood” among participants in the cryptocurrency market.
“I’m pretty optimistic that we’re on track to see many of these being approved by the end of 2025.”
Already, regulators have dropped enforcement actions against several large cryptocurrency industry participants and are considering disposal rules proposed by previous administrators that will strengthen custody requirements for investment advisors working with cryptocurrencies.
McClurg said the SEC is unlikely to push forward to approving the new ETF until SEC Chairman Trump’s candidate Paul Atkins is confirmed in the role.
The Canary submission represents the first SUI to launch an ETF tied to SUI, a COIN with a market capitalization of over $7.4 billion, according to digital asset data and trading company CoinmarketCap.
So far, the issuer has applied for regulatory approval to list at least 10 coins of ETFs other than Bitcoin and ether. These two coin ETFs debuted in 2024.
The most popular new coins among the publishers are Solana and XRP, coins tied to Crypto Company Ripple.
(Reporting by Suzanne McGee, Editing by Stephen Coates)