Canary Capital proposes Sui cryptocurrency ETF in US

Canary Capital Group announced on Monday that it is applying to launch an exchange-traded fund (ETF) linked to the spot price of Sui, a cryptocurrency from Sui Network. This is Canary's sixth filing with the U.S. Securities and Exchange Commission (SEC) for cryptocurrency ETFs. The number of ETF filings has increased since last November when Donald Trump was elected president. Trump aims to change how regulators treat digital assets, creating optimism in the market. Steven McClurg, founder of Canary, believes that many of these applications could be approved by the end of 2025. Recently, regulators have eased some enforcement actions against major players in the cryptocurrency industry. They are also reconsidering rules that would make it harder for advisors to manage cryptocurrencies. However, any new ETF approvals will likely wait until Paul Atkins, Trump's nominee for SEC chair, is confirmed. Canary's filing is notable because it is the first proposal for an ETF tied to the Sui coin, which has a market value of over $7.4 billion, making it one of the top 25 cryptocurrencies. So far, issuers have sought approval for ETFs linked to more than ten cryptocurrencies, excluding Bitcoin and Ethereum. The most frequently applied-for coins include Solana and XRP, with each having six pending ETF applications.