Canary Capital submitted a S-1 registration statement to the Securities and Exchange Commission late on Wednesday and bid to manage the first Sei Exchange-Traded Fund in the United States, including staying components.
The proposed funds will provide direct exposure to the price of SEI, the default cryptocurrency of the SEI network.
TRUST plans to raise some of the assets through one or more infrastructure providers to generate additional returns to investors. It will not reflect the structure used by the existing Spot Bitcoin and Etherum ETF, but will deal with shared creations and repayment in cash.
SEI is an EVM compatible layer 1 block chain built using Cosmos SDK and provides quick run and IBC support for crosschain interoperability. I want to combine Ethereum’s development standards with the performance of Solana.
In recent weeks, Canary has applied for numerous Crypto ETFs, including funds related to Pengu, SUI, HEDERA, and Litecoin. The most recent application for Spot Tron ETF included staying elements.
Earlier this month, SEI Foundation started the SEI Development Foundation, supporting the growth of the SEI protocol and supporting the development of Crypto Innovation in the United States.
According to Block’s SEI price page, SEI has increased 8.6% to $ 0.23 over the last 24 hours.
SEI/USD price chart. Image: Block/Trading View.
XRP and Solana ETF are most likely to approve
Other asset managers, such as Bitwise, GrayScale, Franklin Templeton and REX stocks, include products focused on XRP, Solana, Dogecoin, Cardano, Avalanche, Hedera, Litecoin and Polkadot. I want to get it. Fly has reached the new era of institutions under the professional Crypto Trump administration, and there is a expectation that it will provide more friendly ears than the previous Biden administration.
Bloomberg ETF analyst ERIC BALCHUNAS and James Seyffart are most likely to approve Litecoin and Solana Fund applications to 90%by updating the probability of SPOT CRYPTO ETF on Wednesday, and 85%and Dogecoin and HEDERA 80%of the XRP fund has been placed for applications. Analysts also proposed a 75%chance for Cardano, Avalanche and Polkadot ETF applications.
The agency previously approved the list of Spot Ethereum ETFs, which previously led the SEC by the SPOT BITCOIN ETFS list in January 2024 and the late July Gensler. However, only after the decisive court ruling filed by ETF publisher GrayScale, the agency has not yet approved other SPOT Crypto ETFs.
Since Donald Trump became president in January, the SEC has been open to the encryption industry through a public cryptocurrency roundtable, suspended several lawsuits against Crypto companies, and the industry -friendly Paul Atkins has recently played a role as chairman.
Industry leaders require a sec for Crypto Stacking Clarity.
Unlike Canada and Europe’s opponents, the SEC did not approve the encryption ETF product that integrates the staying elements. Spot Etther Leeum ETF can already be used in the United States, but they can’t stay some of the basic assets.
Wednesday, Wednesday, with 30 major players in the industry, including the encryption innovation council and A16ZCRYPTO, ConsenSys, Galaxy, Krake, LIDO, MOONPAY and Paradigm, and submitted a letter to the new Crypto Task Force of SEC in the US SEC SEC SEC SEC. We urged to provide clear guidelines for regulatory and staying services.
Staying is a process of locking Cryptocurrency to help secure steak proof chain and verify transactions. In return, participants are generally compensated for the same token.
This letter, mentioned by Hester Peirce, chief commissioner of crypto task force, claims that Stay King is a technical process rather than investment activities, and urges that the SEC to clarify that the Staying and related services are not securities transactions. In addition, the SEC requires that the exchanged trading product is responsible for the staying functions, freezing the market structure and interfering with the steaking innovation.
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