VanEck, an investment firm managing nearly $82 billion, has applied to the US SEC for launching a new exchange-traded fund (ETF), according to a report by SEC on Thursday.
The fund will target securities in an index that indicates the performance of gold mining and digital assets mining firms. The proposed VanEck fund will not invest in cryptocurrencies directly or via derivatives.
The news of VanEck’s Fund emerges as concerns over a possible round of new regulations. The US president is anticipated to sign an executive order this week that will outline the country’s crypto strategy.
The order will direct federal agencies, including the SEC, to send reports on what measures should be implemented relating to digital assets later this year.
The Biden administration has come under fire for not providing adequate clarity over cryptocurrency regulation.
In November, the regulator rejected a VanEck ETF. SEC appears to be delaying the approval of such ETFs until a solid regulatory framework is implemented. BTC USD up +2.40%