The Canary Capital Group, a digital asset investment company, announced that it has applied to US regulators to launch an exchange-traded fund (ETF) tied 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. As regulatory uncertainty in the US crypto market persists, there has been an increase in new ETF applications, especially after the US presidential elections in November. The re-election of Donald Trump strengthened expectations that regulations for the sector would be loosened. 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, stating, “I think that most of these applications will be approved by the end of 2025.” SEC Enters New Phase in Crypto ETF Applications As the US enters a new phase in crypto regulations, the Securities and Exchange Commission’s (SEC) priorities are beginning to shift. Under previous management, many major crypto companies were subject to sanctions due to strict regulatory policies. However, with Trump taking office, it is reported that the SEC is considering lifting some regulatory restrictions imposed by the previous administration. Reviews are underway for regulations that tightened crypto asset custody requirements for investment advisers. However, McClurg noted that Paul Atkins, whom Trump nominated for SEC chairman, has not yet been approved by the Senate, indicating that the SEC will not greenlight new ETFs until this process is completed. First ETF Application Supported by Sui The application from Canary Capital stands out as the first official initiative aiming to create an ETF supported by Sui. Sui, which ranks among the top 25 cryptocurrencies with a market value exceeding $7.4 billion according to CoinMarketCap data, has the potential to offer investors a new alternative. Thus far, the market has only seen Bitcoin and Ethereum spot ETFs. Following the approval by the SEC in 2024, these ETFs started trading for the first time, leading issuers to submit new ETF applications containing more than 10 different crypto assets. Among the most popular new applications are Solana (SOL) and Ripple (XRP), with six separate ETF applications each.