On Monday, VanEck submitted an S-1 document to the SEC for a BNB ETF, marking the first such filing in the U.S. The ETF will track Binance's BNB Chain, launched in 2017. BNB currently has a market capitalization of $83.9 billion and was trading at $596, up 0.27% over the past 24 hours.
If approved, investors in the fund could earn staking rewards and additional tokens. The SEC, under former chair Gary Gensler, opposed staking, but there is hope that new chair Paul Atkins will be more open to it. Grayscale recently filed an amended document to allow staking in its Ethereum ETFs.
The SEC has not yet made a decision on these applications, delaying deadlines for crypto ETFs. VanEck is expected to follow its initial filing with a 19b-4 document, which would obligate the SEC to respond within a set timeframe.
This article is based on our author's analysis of materials taken from the following resource: Coindesk.