Financial firm Canary’s proposed exchange-traded fund (ETF) for the price of SUI has been met with a delay from the SEC, reflecting broader regulatory hesitation toward spot crypto ETFs. While futures-based ETFs have already received approval, the SEC remains cautious about potential market manipulation and investor protection concerns surrounding direct exposure to cryptocurrency assets. This proposal marked Canary’s first attempt to introduce a spot ETF tied to SUI, designed for high-speed blockchain transactions, has ignited interest in the digital asset space. Recent moves by major institutions like JPMorgan and BlackRock further demonstrate growing acceptance of crypto-backed investment products. However, the SEC is not likely to make any quick decisions as their review process often involves extended public comment periods and comprehensive legal analysis. This delay has left Canary and the broader cryptocurrency community in uncertainty. The lack of clear timelines for the SEC’s next move will continue to impact the industry’s development.