SEC Delays 21Shares SUI ETF Amid Listing Rule Review
SEC Postpones Decision on 21Shares Spot SUI ETF
The U.S. Securities and Exchange Commission (SEC) has delayed its decision regarding the 21Shares Spot SUI ETF. This postponement arrives as the SEC collaborates with major exchanges to establish generic listing standards for spot crypto ETFs.
According to an SEC filing, the agency requires more time to either approve or deny the proposed ETF. Nasdaq initially filed to list and trade shares of the 21Shares SUI ETF on May 23, operating under the exchange's commodity-based trust shares rule.
A longer review period was designated on July 22, prompting the SEC to initiate proceedings to assess the ETF's viability. The commission is soliciting feedback from interested parties, stating:
“The Commission requests that interested persons provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal.”
The SEC's final deadline for a decision on the 21Shares SUI ETF is December 21. However, approval could potentially occur in October, aligning with other altcoin ETF applications under consideration.
SEC's Work on Generic Listing Standards
Exchanges like Nasdaq, NYSE, and CBOE BZX are actively engaged with the SEC to refine generic listing standards for spot crypto ETFs. Recent amendments to their Commodity-Based Trust Shares ETP Generic Listing Standards reflect ongoing adjustments, including the removal of “excluded commodities” from the standard's definition of “commodity.”
Nate Geraci, co-founder of ETF Institute, anticipates these generic listing rules could be implemented by early October, influenced by existing spot crypto ETF filing deadlines.
SUI Price Analysis
SUI's price is currently trading around $3.33, a decrease of approximately 0.5% over the past 24 hours. Trading volume has also decreased by 15%, signaling reduced trader interest. Technical indicators suggest potential for further downside, with the price trading below key moving averages. The Relative Strength Index (RSI) is at 45, indicating possible upward movement.
Derivatives market data from CoinGlass indicates recent buying activity, with total SUI futures open interest down 2% to $1.82 billion. However, SUI futures OI has shown a slight recovery, averaging a 0.75% increase across crypto exchanges.