VanEck Seeks SEC Approval to Launch ETF
- VanEck has filed a request with the SEC to launch a digital asset-related ETF.
- The fund would track the performance of companies operating in the crypto industry.
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Investment management company VanEck has filed a request with the SEC to launch a digital asset-related Exchange Traded Fund (ETF).
According to a U.S. Securities and Exchange Commission filing, the company’s product is called the Digital Assets ETF. The proposed exchange-traded fund will track the performance of the MVIS® Global Digital Asset Equity Index, which tracks the performance of companies in the crypto industry. MV Index Solutions is a company owned and operated by VanEck.
Aside from cryptocurrency exchanges and large mining operators, the index also tracks the performance of various crypto payment gateways and companies that hold cryptocurrencies in their reserves. Companies that generate at least 50% of their revenues from digital asset projects are eligible for inclusion in the index.
The SEC filing details the Digital Assets Fund plans to invest at least 80% of its total assets in securities that comprise its benchmark index.
The 21 January filing represents the third time VanEck has filed for an ETF. The company previously filed a Bitcoin ETF application on 31 December 2020, which is still in review. In 2019, VanEck withdrew its joint ETF proposal with SolidX on two separate occasions.
- The U.S. SEC, CFTC, and FTC have all filed separate lawsuits against bankrupt crypto lender Celsius and its former CEO Alex Mashinsky, charging them with multiple counts of fraud.
- Mashinsky was also arrested in New York on Thursday, and later charged by the Department of Justice with securities fraud, commodities fraud, and wire fraud.
Former Celsius CEO Alex Mashinsky on Centre Stage during day three of Web Summit, Lisbon, Portugal, 4 November 2021.Piaras Ó Mídheach/Web Summit via Sportsfile/Flickr
- The U.S. regulator has alleged that the platforms offered unregistered securities to the general pubic in the form of the BNB token and BUSD stablecoin.
- Binance was also accused of failing to register as an exchange, and that it had comingled funds between its global and U.S. platforms.
- Bankruptcy Judge Michael Wiles gave Voyager the permission to close its $1 billion deal with Binance.US, and issue repayment tokens to affected customers.
- Judge Wiles also rejected the SEC’s arguments that the deal could potentially violate U.S. securities laws, and criticized the regulator for attacking the sale without first concluding if it was illegal.