SEC Delays 21Shares SUI ETF Decision Amid Ongoing Crypto ETF Rules

TLDR

• The SEC has delayed its decision on the approval of the 21Shares SUI ETF.
• The delay is due to the SEC’s ongoing work on generic listing standards for spot crypto ETFs.
• Nasdaq, NYSE, and CBOE BZX are collaborating with the SEC to finalize these listing rules.
• The final decision on the 21Shares SUI ETF is set for December 21.
• Market interest in SUI has decreased, with its price down 0.5% in the last 24 hours.

The US Securities and Exchange Commission (SEC) has delayed its decision on the 21Shares Spot SUI ETF. The SEC extended the timeline for deciding on the approval or rejection of the ETF, which aims to list and trade under the commodity-based trust shares rule. The decision has been postponed as the SEC works on establishing generic listing standards for spot crypto ETFs. The latest development came as part of the ongoing review process.

SEC Continues Efforts to Finalize Generic Listing Standards for Spot Crypto ETFs

The SEC has been collaborating with major exchanges such as Nasdaq, NYSE, and CBOE BZX on the listing rules for spot crypto ETFs. As part of the ongoing process, these exchanges submitted amendments to the SEC’s Commodity-Based Trust Shares ETP Generic Listing Standards. These amendments aim to revise the definition of “commodity” by removing “excluded commodities” from the listing standard.

The SEC’s decision to extend the timeline for the 21Shares Spot SUI ETF is part of this broader effort. Nate Geraci, co-founder of the ETF Institute, highlighted that the generic listing rules could be finalized by early October.

The SEC is seeking input from interested parties on whether to approve or reject the proposed changes. The commission has requested public submissions regarding the SUI ETF and the proposed rule change. This input will help the SEC determine whether the listing of the SUI ETF complies with the new regulations.

Final Deadline for 21Shares SUI ETF Approval Set for December 21

The SEC has set December 21 as the final deadline for a decision on the 21Shares SUI ETF. While the regulatory body could approve the ETF sooner, it is likely to wait for the finalization of the generic listing rules. The approval of the SUI ETF could potentially be synchronized with the approval of other altcoin ETFs expected in October.

SUI’s market performance has shown a slight downturn. The price has decreased by nearly 0.5% in the past 24 hours, trading at $3.33. SUI’s trading volume has also declined by 15%, reflecting reduced interest among traders. Additionally, SUI’s price is still trading below the 50-MA and 100-MA, suggesting that the price may continue to face downward pressure.

Despite this, some market analysts believe that the price could bounce back. The Relative Strength Index (RSI) has increased to 45, indicating potential for upward movement. In the derivatives market, SUI futures open interest dropped by 2% but has shown signs of recovery, with a 0.75% increase across exchanges.

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