21Shares Files for Spot SEI ETF in US, May Include Staking
Crypto asset supervisor 21Shares has filed an S-1 registration with the US SEC for spot SEI exchange-traded funds (ETFs). The agency follows Canary Capital’s similar filing in April.
Per the registration submitted Thursday, the 21Shares SEI ETF, if permitted, would observe the CF SEI-Greenback Reference Fee in USD. Additional, the corporate said that it might interact in staking if tax standing permits.
The proposed product goals to “replicate rewards from staking a portion” of the ETF’s SEI tokens “with out undue authorized or regulatory threat.”
The submitting comes at a time when the US regulatory company is eager on reviewing several altcoin ETF applications. Amongst different crypto ETF filings, funds monitoring the worth of XRP have gained momentum, notably after the token has lengthy been on the heart of authorized and regulatory debates.
The submitting has named Coinbase Custody Belief Firm because the ETF’s custodian, with Coinbase performing as prime dealer.
SEC’s Latest Crypto ETF Delays Are Presumably Not Denials
Following a number of delays, the SEC is anticipated to difficulty selections on a number of pending functions in October, together with merchandise tied to Trump Media and Solana (SOL).
Altcoin ETF issuers are urgent ahead with new amendments, hoping that October deadlines might be a turning level for the crypto ETF panorama.
The SEC recently delayed decisions on the approval of Reality Social’s Bitcoin and Ethereum ETF, in addition to XRP and Litecoin funds. The US watchdog has marked Oct. 8 as its subsequent deadline for each Reality Social’s crypto ETF merchandise.
Nate Geraci, president of NovaDius Wealth, wrote on X, “crypto ETF floodgates about to open quickly.”
“Fairly quickly there will probably be extra crypto ETF filings than shares,” said Bloomberg Intelligence senior ETF analyst Eric Balchunas.
SEI Token Surges Previous 4% – Will it Go Additional?
Following the 21Shares’ spot SEI ETF submitting, the native token rose 4.06% up to now 24 hours. The transfer alerts bullish chart construction after a 60% 90-day acquire.
Parallelly, SEI’s TVL hit $682 million with DeFi protocols like Dragonswap driving utilization. The surge can be attributed to the latest institutional adoption drive.
Circle’s IPO submitting reveals that by the tip of 2024, the corporate held 6.25 million SEI tokens. The holdings take advantage of important token on its stability sheet in comparison with different crypto. In addition to, the state of Wyoming shortlisted SEI for its state-backed stablecoin (WYST).
SEI is seen buying and selling at $0.302 at press time, per CoinMarketCap data. The token’s worth trajectory hinges on technical upgrades, institutional adoption, and ecosystem progress.
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