On September 26, 2025, investment management firm VanEck, which oversees $132.9 billion in assets under management as of June 30, 2025, held a meeting with the U.S. Securities and Exchange Commission's (SEC) Crypto Task Force. The discussion centered on integrating blockchain technology into traditional fund structures, specifically focusing on the tokenization of exchange-traded funds (ETFs).
VanEck sought regulatory clarity on how existing rules apply when fund shares are represented as blockchain tokens, questioning how investor protections and market dynamics would evolve. The firm also addressed liquid staking tokens, inquiring whether the SEC's proposed Generic Listing Standards for Crypto-Based Exchange-Traded Products cover staking-related liquidity risks. VanEck emphasized the need for updated guidelines to manage emerging products effectively.
Broader topics included the regulation of decentralized finance (DeFi) platforms, tokenized securities, and initial coin offerings (ICOs) under current securities laws. VanEck proposed that the Advisers Act Custody Rule might require revisions to accommodate digital asset storage, suggesting Multi-Party Computation (MPC) as a secure technology for private key management. The meeting highlighted a proactive effort to balance innovation with compliance, signaling potential future regulatory adaptations.