21Shares has submitted a proposal to US regulators to launch a fund that will comply with the market worth of SEI, the native token of the Sei blockchain.
The applying, filed with the US Securities and Trade Fee (SEC) on August 28, outlines plans to make use of pricing information from CF Benchmarks, which mixes charges from a number of crypto exchanges to offer a reference level.
If permitted, the fund could be among the many first within the US to supply entry to SEI within the type of an exchange-traded product. At present, the one crypto exchange-traded funds (ETFs) buying and selling within the US monitor Bitcoin
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The Sei blockchain launched in August 2023. It’s designed to assist decentralized exchanges and on-line marketplaces. The SEI token is used for transaction charges and neighborhood governance.
In keeping with the submitting, Coinbase
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21Shares additionally talked about the risk of staking the tokens to earn further earnings, though it famous that this side remains to be below evaluation resulting from potential authorized, tax, and regulatory considerations.
In a publish on X on August 28, 21Shares described this submitting as an essential step in increasing investor entry to the Sei community by regulated funding automobiles.
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