21Shares SUI ETF Faces Delay as SEC Works on New Crypto Listing Standards

Highlights:

• SEC postpones ruling on 21Shares SUI ETF until December 21, 2025
• The delay in approving ETFs aligns with more general rules in crypto.
• Market participants are invited to comment on the proposed listing.

The U.S. Securities and Exchange Commission has postponed its ruling regarding the 21Shares SUI ETF. This is another step in the agency’s overall review of altcoin-related exchange-traded funds. Under the decision, the new deadline date is now December 21, 2025.

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The ETF will have a reference price of SUI, the native token of the Sui blockchain. If approved, it will be traded on Nasdaq and supported by BitGo and Coinbase Custody solutions. The fund will utilize a pricing benchmark supplied by CF Benchmarks

⏸️ TODAY: SEC POSTPONES RULING ON 21SHARES $SUI ETF. pic.twitter.com/2n018v0p7N

— Coinwaft (@coinwaft) September 5, 2025

SEC Extends Review Period for 21Shares SUI ETF

SUI ETF was originally filed by 21Shares on May 23, after the S-1 SEC registration ended in late April. Shortly thereafter, on June 10, the SEC released the application for public comment. On July 22, the SEC announced its intention to extend the Section 19(b)(2) review and to initiate formal proceedings to review the proposal in detail. The extension provides the SEC up to 240 days to make a final decision.

In its recent filing, the agency stated,

“The institution of proceedings does not imply that the Commission has arrived at any conclusions.” The Commission invites and requests that interested persons submit comments on the proposed rule change.”

The price of SUI held strong after the announcement with a 2% increase. However, in the past 24 hours, the volume of trading has decreased by more than 10%. SUI’s current price is about $3.37 at the time of writing.

Generic Listing Standards Slow Crypto ETF Approvals

The SEC is working closely with Nasdaq, NYSE, and CBOE BZX to update listing requirements. These amendments would enable more crypto ETFs to launch based on broad rules. In addition, recent filings contain amendments to eliminate “excluded commodities” from listing definitions.

Cboe just filed 19b-4 requesting a rule change which would allow crypto ETFs to list & trade under a standard framework…

In other words, issuers wouldn’t have to request specific approval for each crypto ETF as long as it meets certain criteria. pic.twitter.com/BXC2fSZGxB

— Nate Geraci (@NateGeraci) July 30, 2025

ETF Institute Co-Founder Nate Geraci predicts that all new listing rules might be in place by the end of October. Moreover, he anticipates a few ETF decisions, including that of the 21Shares SUI ETF, to happen around the same time.

This broader initiative could help prevent the piecemeal “regulation by enforcement” criticized in the past. Furthermore, under the current administration, the SEC is focusing on regulatory clarity in the digital asset space. Other pending altcoin ETF proposals could also receive a thumbs-up in October. These consist of the Grayscale Litecoin ETF, Canary Spot PENGU ETF, and an array of funds focused on Solana.

Public Input and October Decision Window Remain Possible

While December 21 is the official deadline, the SEC can issue its ruling sooner. October is still a plausible month because several other ETFs have overlapping deadlines. In addition, stakeholders have been invited to provide comprehensive consultations on the SUI ETF proposal. It encourages stakeholders to submit data, opinions, and arguments about the proposal.

Market experts believe that the chances of final approval are tied to the success of the SEC’s ongoing collaboration with exchanges. If new generic standards are put in place by October, several altcoin ETFs could get approved simultaneously.

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