Canary Capital Group, a digital asset investment company, announced that it has applied to US regulators to launch an exchange-traded fund (ETF) linked to the spot price of the cryptocurrency Sui, associated with the blockchain service provider Sui Network. This brings the number of crypto ETF applications submitted by Canary Capital to the Securities and Exchange Commission (SEC) to six.

While regulatory uncertainties persist in the US crypto market, especially after the November presidential elections, there has been an increase in new ETF applications. The re-election of Donald Trump strengthened expectations of relaxed regulations in the sector. Trump’s promise to review the regulatory framework for digital assets increased market expectations and encouraged many issuers to make new applications. Steven McClurg, the founder of Canary Capital, emphasized that the atmosphere in the crypto market has changed significantly since the elections, saying, “I believe that most of these applications will be approved by the end of 2025.”

As a new era begins for crypto regulations in the US, the priorities of the SEC are also starting to change. Under the previous administration, many major crypto companies faced sanctions due to strict regulatory policies on the sector. However, with Trump taking office, it is stated that the SEC is considering lifting some regulatory restrictions imposed by the previous administration. Especially regulations tightening crypto asset storage requirements for investment advisors are under review.

However, McClurg mentioned that Paul Atkins, whom Trump nominated for the SEC chairmanship, has not yet been approved by the Senate, indicating that the SEC will not give the green light to new ETFs until this process is completed.

Supported by Sui, Canary Capital’s application stands out as the first official initiative aimed at creating an ETF. With a market value exceeding $7.4 billion, Sui ranks among the top 25 cryptocurrencies. So far, only Bitcoin and Ethereum spot ETFs are available in the market. Following the approval of these ETFs by the SEC in 2024, issuers made new ETF applications containing more than 10 different crypto assets. Among the most popular new applications, Solana (SOL) and Ripple (XRP) stand out, with six separate ETF applications each.