The Crypto Asset Manager 21shares filed with the US Securities and Exchange Commission (SEC) to launch a funds exchanged by the SEI price exchange, following a Canary Capital application in April.
The S-1 registration statement Filed Along with the SEC on Thursday suggests to use a Crypto Price Index Provider CF Benchmark to monitor SEI price, using data from Multiple crypto exchanges.
SEI is the native token of the SEI network, both launched in August 2023. The network itself is a layer 1 blockchain that specializes in trading infrastructure for decentralized exchanges and markets. Its native token can be used to pay for network gas fees and participate in management.
Coinbase Custody Trust Company will act as SEI Custodian, while 21shares also float in Possibility of staking sei To produce further returns. However, the firm said it is still investigating if there is no “inappropriate legal, regulation or tax risk.”
Race for the first sei etf
There are currently no approved area of Crypto ETFs in the US outside of Bitcoin and Ethereum, although there are many applications for ETFs that target other cryptocurrencies.
In an X post on Thursday, 21shares Says FILING ETF is a “major milestone in our vision to expand access to the exchange exchange on the SEI network.”
The cointelegraph reaches 21shares for further feedback.
SEI is currently trading $ 0.30 after increased by 4.2% in the last 24 hours. Coingecko rank SEI in the 74th place in terms of market capitalization.
Another SEI ETF is that -FILE that
The US Digital Asset Investment Firm Canary Capital also applied for a SEI ETF in April, which will “offer institutional and retail investors to direct exposure to staked SEI,” and also have “passive income by staking reward,” According to In a statement of April 30 from the SEI Network.
Justin Barlow, executive director of the SEI Development Foundation, said in a statement following the Canary Capital filing that the ETFs were “a gateway for a broader adoption, providing an important bridge between the crypto and mainstream markets.”
A flood of other ETF applications that await the wings
21shares already have ETFs on the market, including Ark 21shares Bitcoin ETF, which monitors the price of Bitcoin (Btc), and applied for others to track sui (Sui), XRP (XRP) and ondo, the Token of defi platform ondo finance.
Other ETF gives such as Vaneck, Bitwise, and Grayscale submitted applications For Solana (Sol), while other gives are chasing products tied to XRP, Cardano (Ada) and become memecoins like dogecoin (Doge).
Related: Crypto ETPs posted $ 1.4B losses amidst the recent bitcoin, ether seller
In an effort to –streamline the approval process, the SEC has been reported to explore a simplified listing structure that will automate a significant portion of the approval process, According to Crypto journalist Eleanor Terrett.
Terrett said under the new system, the providers will submit the standard SEC Form S-1 and wait 75 days. If the SEC does not post a formal resistance, the ETF is automatically approved for the list, possibly reducing the recurrent communication between fund managers and the regulator.
Magazine: 3 people who unexpectedly became crypto millionaires … and one that is not
