US SEC’s Work on Generic Listing Rules Delays 21Shares SUI ETF Approval

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the 21Shares Spot SUI ETF. Yet another altcoin spot ETF to face a longer waiting period as the securities regulator works with major exchanges on generic listing standards for spot crypto ETFs.

US SEC Postpones 21Shares SUI ETF Approval

According to the latest US SEC filing, the government agency has extended the time for deciding to approve or deny the 21Shares Spot SUI ETF.

The move comes as the commission is instituting proceedings to determine whether the proposed rule change should be approved or disapproved. Notably, Nasdaq filed with the SEC to list and trade shares of 21Shares SUI ETF under commodity-based trust shares rule on May 23.

On July 22, the US SEC designated a longer period to approve the ETF under the proposed commodity rule change. In response to this, the commission has started proceedings to determine whether to approve the SUI ETF. It said:

“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 final deadline for the SEC to approve the 21Shares SUI ETF is December 21. However, the commission could approve the ETF along with other altcoin ETFs in October.

SEC Silently Works on Generic Listing Standards

Nasdaq, NYSE, and CBOE BZX exchanges continue to work with the US SEC silently on generic listing standards for spot crypto ETFs. The exchange filed amendments to their Commodity-Based Trust Shares ETP Generic Listing Standards today.

The amendments were made to remove “excluded commodities” from the definition of “commodity” in the listing standard.

Nate Geraci, co-founder of ETF Institute, expects the generic listing rules to take effect by early October. He cites the final deadlines on existing spot crypto ETF filings as the reason behind the timeline.

SUI Price Holding Strongly

SUI price is down nearly 0.5% in the past 24 hours, with the price currently trading at $3.33. The 24-hour low and high are $3.24 and $3.36, respectively. Furthermore, the trading volume has decreased by 15% in the last 24 hours, indicating a decline in interest among traders.

In the daily timeframe, the price continues to move under the 50-MA and 100-MA. The price could drop and take support at the 200-MA at $3.14 again, losing which can trigger a drop below $3. The Relative Strength Index (RSI) rises to 45, signaling potential for further upside move.

CoinGlass data showed buying in the derivatives market in the last few hours. The total SUI futures open interest dropped 2% to $1.82 billion in the last 24 hours. However, SUI futures OI has jumped back on average by 0.75% across crypto exchanges.