Crypto Asset Manager 21Shares presented to the US stock and values commission. UU. (Sec) to launch a negotiated fund in the stock market that tracked SEI’s price, after the similar application of Canary Capital in April.
The registration declaration S-1 filed With the SEC on Thursday, he proposes to use the reference points of the CF cryptographic price index to trace the SEI price, using multiple cryptography exchanges data.
SEI is the native token of the SEI network, which was launched in August 2023. The network itself is a layer 1 block chain that specializes in commercial infrastructure for decentralized exchanges and markets. Your native token can be used to pay the gas rates of the network and participate in the government.
Coinbase Custody Trust Company would act as the custodian of the SEI, while 21Shares also raised the possibility of betting on SEI to generate additional yields. However, the firm said in the presentation that it is still investigating whether there would be “undue regulatory or fiscal risk.”
Race for the first SEI ETF
There are currently no spot cryptographic ETF approved in the US.
In an X post on Thursday, 21Shares saying The presentation of the ETF was a “key milestone in our vision to expand the access quoted in exchange to the SEI network.”
Cointelegraph contacted 21Shares to make more comments.
Sei currently trades for $ 0.30 after the 4.2% increase in the last 24 hours. Coingcko range SEI in the 74th place in terms of market capitalization.
Another sei ETF has already been filed
The US Digital Assets Investment Firm, Canary Capital, also requested an ETF SEI, in April, which “would offer institutional and retail investors direct exposure to sei staked”, and also has “passive income through betting rewards”, according to a statement of April 30 of the SEI network.
Justin Barlow, executive director of the SEI Development Foundation, said in a statement after the presentation of Canary Capital that the ETFs are “an entrance door for a broader adoption, providing a vital bridge between cryptographic and main markets.”
An avalanche from other ETF applications that wait on wings
21Shares already has ETF in the market, including the ETF Bitcoin Ark 21shares, which tracks the price of Bitcoin (BTC), and has asked others to track sui (SUI), XRP (XRP) and Ondo, the token of the defiating platform.
Other ETF emitters such as Vaneck, Bitwise and Grayscale have submitted applications for Solana (Sol), while other emitters look for products linked to XRP, Cardano (ADA) and even memecoras such as Dogecoin (Doge).
Related: Crypto ETPS Post $ 1.4b Losses in recent bitcoin medium, Ether liquidations
In an effort to optimize approvals, the SEC is exploring a simplified listing structure that would automate a significant part of the process, according to crypto journalist Eleanor Terrett.
Terrett said that under the new system, the issuers would present the standard S-1 form and wait 75 days. If the SEC does not publish a formal objection, the ETF will be approved automatically for the list, possibly reducing the round trip communication between the fund managers and the regulator.
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