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first_img ARK has received approval from the U.S. SEC for the tokenization of venture capital fund share classes

ARK Investment Management has submitted a waiver application to the U.S. SEC, seeking to issue tokenized share classes for its venture capital fund, ARK Venture Fund. The SEC issued a related notice on August 24 and set September 18 as the deadline for hearing requests. The fund is a continuously offered closed-end interval fund, with total assets of $562 million as of January 31.The application proposes to establish two categories: the exchange category will be listed on national securities exchanges, while the tokenized category will record ownership through distributed ledger technology, allowing for peer-to-peer transfers between registered alternative trading systems or whitelisted wallets. Tokenized shares will be issued at net asset value, exempt from sales fees, distributed by registered brokers or fund transfer agents, and will bear the costs of trading fees and other expenses. ARK seeks relief under Sections 6(c), 18, and 17(d) of the Investment Company Act and Rules 23c-3 and 17d-1, with Dechert serving as legal counsel.The application does not specify a tokenization service provider or blockchain, only listing the categories of "tokenization agent" and "fund transfer agent" fees. Currently, BNY Mellon serves as the fund transfer agent, manager, and custodian. The ARK Venture Fund holds equity in Securitize and $10 million in convertible notes; Securitize is the transfer agent for the BlackRock BUIDL Fund. The SEC has not yet formally approved the industry's anticipated tokenization "innovation waiver" framework, and relevant rules are still being advanced.

first_img The Ethereum Foundation launches the better.codes challenge to advance the provable security of hash SNARKs

The open automated research challenge better.codes, created by the Ethereum Foundation's formal verification team in collaboration with Yukon and zkSecurity, is now live. This platform formalizes the self-contained problems from the Proximity Prize in Lean and places the machine-checked reliability bounds of koalaIRS12 on a public leaderboard, allowing anyone to contribute to improvements, advancing hash-based SNARK and post-quantum Ethereum-related security benchmarks.Solvers can bring their own AI agents to prove higher lower bounds of reliability for this Reed-Solomon proximity problem, moving towards a fixed target of 128 bits. The Lean kernel verifies each submission, and the promoted proofs will enhance the public bounds, with new lemmas, proof techniques, and impossibility results being synchronized upstream for reuse by all participants. Most hash SNARKs in production environments rely on related proximity gaps and related conclusion agreements, while the currently provable results remain below the benchmarks trusted by researchers; this challenge aims to narrow this gap in an open, incremental, and verifiable manner.koalaIRS12 originates from related papers and is end-to-end formalized in ArkLib. Participants can log in via GitHub and clone the challenge repository, submitting under fixed theorem statements and verification frameworks; results confirmed by the comparator and Lean kernel are recorded in a public repository, noting the solver and the model used. Today's launch features the reliability challenge that raises the proven lower bound of koalaIRS12 to 128 bits, with more problems potentially added later, subject to project terms.
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