Asset management company VanEck has abandoned its earlier plan to stake assets in the proposed spot BNB exchange-traded fund (ETF), despite its recently launched Solana product offering staking features.

In an updated S-1 filing submitted to the U.S. Securities and Exchange Commission (SEC) on Friday, VanEck stated, "The trust will not use its BNB for staking activities at the time of listing, and therefore will not receive any form of staking rewards or any type of income from staking activities." The document further warned that "there is no guarantee that the trust will participate in any staking activities in the future."

The company acknowledged that avoiding staking could lead to the ETF's performance lagging behind direct holdings of BNB, noting that investors would forgo potential staking rewards.

Previously, VanEck applied for a spot BNB exchange-traded fund (ETF) in May. The earlier filing indicated that it "may periodically stake a portion of its assets through one or more trusted staking providers." Earlier this month, VanEck also launched the third Solana (SOL) ETF in the U.S., offering staking yields.

In its updated filing, VanEck distanced itself from any potential staking efforts, stating it would implement staking through one or more third-party "staking service providers." Additionally, the company explicitly stated that it cannot guarantee any staking of ETF assets, and if they were to participate in such activities, they would first submit a prospectus to the SEC.

Nevertheless, the document failed to clearly outline the reasons for its cautious stance on BNB staking, but hinted at concerns over regulatory issues. A part of the document explicitly noted that the SEC's determination that BNB is a security could adversely affect the stock value and the termination of the trust.

VanEck stated, "The test for determining whether a specific digital asset is a 'security' is complex and difficult to apply, and the results are unpredictable." The fund management company "acknowledges that based on the facts currently available, BNB may currently be a security, or may in the future be deemed a security by the SEC or a federal court."

In this scenario, VanEck may dissolve the ETF—either by independently determining that BNB is a security or after a conclusion is reached by the SEC or a federal court. The document stated, "As long as the sponsor believes there is sufficient reason to conclude that the trust's BNB is not a security, the sponsor does not intend to dissolve the trust on the grounds that BNB may be deemed a security at some point in the future."

As VanEck pointed out, in 2023, the SEC filed lawsuits against cryptocurrency exchanges Binance, its U.S. competitor Coinbase, and Kraken, accusing them of facilitating the trading of unregistered securities. At that time, the regulator identified 68 digital assets as securities, including BNB. Nevertheless, in early July last year, a U.S. federal court ruled that secondary sales of BNB tokens do not constitute securities transactions.

The classification of staking and cryptocurrencies that adopt staking under securities law has been a topic of intense debate. In late May last year, the SEC's Division of Corporation Finance stated in a release that "protocol staking activities," such as staking cryptocurrencies on proof-of-stake blockchains, "do not require registration with the Commission under the Securities Act," or fall under "one of the exemptions from registration under the Securities Act."

However, this did not quell the debate. At that time, Caroline Crenshaw was the only commissioner to oppose the guidance, stating that it "fails to provide a reliable roadmap for determining whether staking services" fall under investment contracts as defined by securities law.

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Original article: “VanEck Quietly Withdraws BNB ETF Staking Plan in Latest SEC Filing”

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