The U.S. Securities and Exchange Commission, that most ponderous of regulatory bodies, has once again demonstrated its unparalleled talent for procrastination by postponing its verdict on 21Shares’ SUI ETF application until late December 2025. One might think they’re baking a soufflé instead of adjudicating financial instruments. 🥚⚖️
- The SEC has delayed its decision on 21Shares’ SUI ETF to December, because why not let the calendar do the work? 📅
- Other crypto ETFs will face their fates in October, a month now synonymous with regulatory suspense. 🧵
In its latest filing, the SEC declared it would “institute proceedings” to determine the fate of the SUI ETF, a process that sounds like a bureaucratic ballet. Market participants are now invited to submit comments, as if the SEC needs a pep talk from the peanut gallery. 🎭
“Institution of proceedings does not indicate that the Commission has reached any conclusions,” the SEC clarified, which is about as helpful as a weather forecast from a groundhog. They simply crave your opinions on the proposed rule change, because democracy! 🗳️
21Shares, ever the optimist, filed for the SUI ETF on May 23, after completing their S-1 registration like a seasoned bureaucrat. The fund, if approved, would track SUI’s price using a benchmark from CF Benchmarks, with BitGo and Coinbase Custody playing custodians. A veritable crypto dream team, or as one might call it, “less than a miracle.” 💡
By July 22, the SEC had already extended its review period, opting for a leisurely 240-day window-a mere 240 days to decide the future of finance. The final deadline now looms around December 21, 2025, which is either a Yuletide surprise or a bureaucratic Christmas cracker. 🎁
However, the SEC may yet spring a surprise in October, alongside other crypto ETF applications. This merry band includes the Canary Spot PENGU ETF, Grayscale’s Cardano Trust, and Solana-focused proposals from Bitwise and Canary. One suspects the SEC is compiling a holiday shopping list. 🐧
The delay, while a minor setback, barely dented SUI’s price, which rose 2.0% at press time. Perhaps the market is betting on the SEC’s next move, or perhaps it’s just laughing at the spectacle. 😂
Under President Trump’s pro-crypto administration, the SEC has vowed to overhaul its “regulation by enforcement” approach, now favoring clarity. Or, as one might call it, “taking forever to say ‘maybe.’” 🕰️
SEC Chairman Paul Atkins recently unveiled the Spring 2025 regulatory agenda, which aims to integrate crypto into traditional markets. One imagines the SEC now views itself as a reindeer pulling a bureaucratic sleigh through a snowstorm of paperwork. 🦌
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2025-09-05 11:31