Canary Capital has taken the first step towards launching an ETF fund based on the staked SEI token by registering a statutory trust for the 'Staked SEI ETF' in Delaware on April 23. This is the formal beginning of the process, which will conclude with the submission of the S-1 form to the U.S. Securities and Exchange Commission (SEC).
The fund aims to mirror the price of the SEI token while passing on staking rewards from the accumulated assets to investors, which distinguishes it from previously approved ETFs in the USA. Registration in Delaware is a standard but necessary step before beginning the SEC approval process.
The next step is to submit a formal S-1 application and wait for the regulator's decision. If the SEC grants approval, investors will gain convenient access to staking SEI through a traditional exchange, without the need to manage a cryptocurrency portfolio themselves.