Trump’s pledge to shake up the regulatory treatment of the digital assets space has fueled optimism that the SEC’s new leadership will move rapidly to approve a large number of pending filings.
“There’s been a tremendous shift in the landscape and mood” among cryptocurrency market participants since the election, said Steven McClurg, founder of Canary.
“I’m pretty optimistic that we’re on track to see many of these approved before the end of 2025.”
Already, regulators have dropped enforcement actions against several large cryptocurrency industry participants and are considering scrapping rules proposed by the previous administration that would toughen custody requirements for investment advisors dealing in cryptocurrencies.
The SEC is not likely to push ahead with approving new ETFs until Paul Atkins, Trump’s nominee for SEC chair, is confirmed in that role by the Senate, McClurg said.
Canary’s filing represents the first seeking to launch an ETF tied to Sui, a coin that has a market capitalization of more than $7.4 billion, placing it within the 25 largest coins, according to CoinMarketCap, a digital assets data and trading firm.
Issuers so far have filed for regulatory approval to list ETFs on at least 10 coins beyond bitcoin and ether. ETFs on those two coins made their debut in 2024.
The most popular new coins among issuers are Solana and XRP, the coin tied to crypto company Ripple, each of which has six ETF applications pending with the SEC.
(Reporting by Suzanne McGee; Editing by Stephen Coates)
