Sei Establishes US Non-Profit Foundation, Opens New York Office

Sei Foundation, the independent organization dedicated to the governance of the Layer-1 blockchain Sei, has revealed the funding of a US non-profit, Sei Development Foundation. Its goal is to promote the growth and awareness of the Sei protocol and other open source software initiatives, the press release shared with Cryptonews says.

The novel foundation is also independent, and as such, it will focus on the adoption of open source, permissionless protocols. It plans to do so through education, funding, and ecosystem support, the team says.

Additionally, the Foundation already collaborates with builders and users globally to boost the benefits and utilization of Sei and similar projects.

Introducing the Sei Development Foundation, a U.S. nonprofit organization headquartered in Manhattan, the financial capital of the world

Established by Sei Foundation, the Sei Development Foundation will provide the infrastructure required for institutional adoption and for… pic.twitter.com/iHm0Lg71wd

Therefore, Sei Development Foundation will provide support and resources to builders and developers in the North American country. The goal is to help “position the US as a global leader in crypto” and “a premier destination for crypto entrepreneurship.”

To accomplish this task, the foundation says it will “seek to harness the growing optimism among US regulators and policymakers.”

Justin Barlow, Executive Director at the Sei Development Foundation, commented that the new US organization is dedicated to leveraging transformative technologies to foster innovation.

This is what they plan to do in the US, where the crypto optimism has been quelled for a while now, Barlow suggested.

At the time of writing, the SEI price stands at $0.1736. It’s down 1.5% in a day, 30% in a month, and 76% in a year.

It hit its all-time high of $1.14 in March 2024, decreasing 85% since then.

The press release notes that the Sei Development Foundation is seeing positive changes in the broader crypto industry in the US.

The shift follows years of animosity towards and heavy restrictions placed upon the industry by the US regulators. Additionally, the country has failed to provide clear regulations. This has pushed many companies out of the country, weakening its position on the global crypto map.

Many in the industry hope for clearer regulations in the near future. They promote friendlier policies that would foster innovation and attract talent.

Therefore, to further advance its above-stated mission, the Sei Development Foundation will establish its headquarters in Manhattan.

“Establishing a US foundation and headquarters in New York cements the Sei ecosystem’s strong presence in America and further empowers a decentralized future,” the press release says.

Additionally, the Sei Foundation recently launched Crypto in America, a weekly podcast and newsletter featuring discussions with US policymakers. These include the Securities and Exchange Commission (SEC) Commissioner Hester Peirce and Executive Director of the Presidential Council of Advisers on Digital Assets Bo Hines.

“With growing adoption and continuing regulatory reform underway, and the deepest capital markets in the world, the US is on track to become a global crypto leader,” says Gerald Gallagher, General Counsel at Sei Labs and Board Member at the Sei Development Foundation. At the same time, Sei will work to make digital assets less complex and more accessible to US residents.

Sei launched its mainnet in 2023. The team says that the blockchain has processed billions of transactions across 18 million wallets since then.

Additionally, Sei’s total value locked (TVL) currently stands at $414.69 million, according to DeFiLlama.

Meanwhile, the Sei Foundation recently said it was considering acquiring the bankrupt genomics firm 23andMe. The goal, it said, is safeguarding genetic privacy by securing data on blockchain.

The post Sei Establishes US Non-Profit Foundation, Opens New York Office appeared first on Cryptonews.