SEC Cracks Down On Van Eck For Failing To Disclose Influencer Involvement In ETF Launch
February 18, 2024
American investment advisers, VanEck Associates, have been formally penalized by the United States Securities and Exchange Commission (SEC) for violating transparency laws. The investment company has agreed to pay a substantial penalty fee related to their failure to disclose information about a prominent influencer’s participation in the launch of its Spot Bitcoin Exchange Traded Fund (ETF).
SEC Charges Van Eck Associates
On Friday, February 16, the SEC issued a press release on its official website, confirming the formal charges against Van Eck Associates. The charges are related to the SEC’s order in 2021 where the regulatory agency alleged that the investment advisers’ had launched its ETF to track an index based on the favorable sentiments from social media and other sources.
Van Eck Associates Agree To $1.7M Settlement
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Author: Scott Matherson