SEC Ponders Trading Shares of Mysterious SUI Crypto Fund
Published Date: 7/25/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the Canary SUI ETF, a new commodity-based fund. The SEC is now deciding whether to approve or reject this plan by July 24, 2025. If approved, investors will get a fresh way to invest, but no money changes hands yet—just a decision on the new trading option.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
New SUI ETF Proposed to Trade
The SEC is deciding whether to allow the Cboe BZX Exchange to list and trade the Canary SUI ETF, which would hold the SUI cryptographic token and seek to track the CoinDesk SUI USD CCIX 60 min NY Rate. The Commission designated July 24, 2025 as the date to approve, disapprove, or institute proceedings. If approved, investors would have a new way to invest in SUI, with the Trust valuing its shares daily at 4:00 p.m. ET using that pricing benchmark.
ETF May Earn Staking Rewards
The Trust's sponsor may stake some or all of the Trust's SUI through one or more trusted staking providers, and the Trust would receive all or a portion of any staking rewards generated. If the ETF is approved, those staking rewards could be a component of the Trust's returns.
Redemptions Limited to 10,000-Share Blocks
The Trust will sell or redeem its shares only in cash transactions with authorized participants and only in blocks of 10,000 Shares. That means creations and redemptions are structured as large institutional-sized transactions rather than individual share redemptions.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
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2026-10373, Registered Offering Reform
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2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
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2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-14027, Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by The Options Clearing Corporation Concerning Changes To Codify in OCC's By-Laws That a Clearing Member May Submit Adjustments to Its Positions With OCC for Any Purpose Permissable Under Exchange Rules
The Options Clearing Corporation (OCC) just updated its rules to clearly say that clearing members can adjust their option positions for any reason allowed by exchange rules. This change keeps OCC’s rules in sync with the exchanges and removes a confusing duplicate term. The update took effect immediately on July 15, 2025, making it easier and clearer for members to manage their trades without delay.
Next: 2025-14029, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of 21Shares SUI ETF Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares)
The SEC is taking extra time to review Nasdaq’s plan to list and trade shares of the 21Shares SUI ETF, a new commodity-based fund. This means investors and the market will wait until September 8, 2025, for a final decision. The delay helps ensure the SEC carefully considers all details before giving the green light or a no-go.