BTC $78,454.73 -0.70%
ETH $2,484.55 +0.04%
BNB $752.45 +1.87%
XRP $1.42 +1.62%
SOL $103.37 -0.33%
TRX $0.3389 +1.42%
DOGE $0.0900 -0.56%
ADA $0.2200 +0.11%
BCH $258.51 +0.14%
LINK $12.53 -1.56%
HYPE $85.02 -0.08%
AAVE $128.87 -2.26%
SUI $0.8115 -0.45%
XLM $0.1879 -2.73%
ZEC $1,180.18 +3.95%
BTC $78,454.73 -0.70%
ETH $2,484.55 +0.04%
BNB $752.45 +1.87%
XRP $1.42 +1.62%
SOL $103.37 -0.33%
TRX $0.3389 +1.42%
DOGE $0.0900 -0.56%
ADA $0.2200 +0.11%
BCH $258.51 +0.14%
LINK $12.53 -1.56%
HYPE $85.02 -0.08%
AAVE $128.87 -2.26%
SUI $0.8115 -0.45%
XLM $0.1879 -2.73%
ZEC $1,180.18 +3.95%

t

All
Article
Flash

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 Loomis criticizes the Democratic Party for delaying the Clarity Act, stating that further compromise is still needed

U.S. Republican Senator Cynthia Lummis has once again criticized the Democrats for delaying the much-anticipated Clarity Act. Lummis stated in response to a Semafor report on the X platform that if the bill fails, the responsibility lies with the Democrats for failing to join Republicans in supporting this bipartisan legislation. She pointed out that the Democrats' continued demands for amendments could lead future regulatory agencies to "stifle the crypto industry." Lummis added that if the differences can be bridged, she believes the Clarity Act could pass, but this requires further compromise from the Democrats, rather than concessions from the White House. Lummis had previously stated that if the bill fails, it will be due to the Democrats. The U.S. Senate is set to hold a procedural vote on the bill next week, and Lummis warned that if it does not pass next week, there will be no realistic opportunity within this decade. The Clarity Act aims to formally delineate the responsibilities of regulatory agencies and distinguish whether digital assets are classified as securities, commodities, or stablecoins. The bill was passed by the House of Representatives last July but was shelved due to conflicts between banking lobbyists and crypto companies over customer stablecoin yield issues. A new draft circulating in July prohibits government officials from promoting or profiting from crypto, with Democrats criticizing the Trump family for venturing into this area, yet still deeming the bill insufficient and calling for amendments.
app_icon
ChainCatcher Building the Web3 world with innovations.