Company: HODL
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0000930413-25-003438
Chunk: 81

Company: VanEck Bitcoin ETF
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 81
---
 are not prohibited from crypto-asset related activities, the agencies have expressed significant
safety and soundness concerns with business models that are concentrated in crypto-asset related activities or have concentrated
exposures to the crypto-asset sector.

U.S. federal and state regulators, as well as the White House, have
issued reports and releases concerning crypto assets, including bitcoin and crypto asset markets. Further, in 2023 the House of
Representatives formed two new subcommittees: the Digital Assets, Financial Technology and Inclusion Subcommittee and the Commodity
Markets, Digital Assets, and Rural Development Subcommittee, each of which were formed in part to analyze issues concerning crypto
assets and demonstrate a legislative intent to develop and consider the adoption of federal legislation designed to address the
perceived need for regulation of and concerns surrounding the crypto industry. However, the extent and content of any forthcoming
laws and regulations are not yet ascertainable with certainty, and it may not be ascertainable in the near future. We cannot predict
how these and other related events will affect us or the crypto asset business.

In August 2021, the chair of the SEC stated that he believed investors
using digital asset trading platforms are not adequately protected, and that activities on the platforms can implicate the securities
laws, commodities laws and banking laws, raising a number of issues related to protecting investors and consumers, guarding against
illicit activity, and ensuring financial stability. The chair expressed a need for the SEC to have additional authorities to prevent
transactions, products, and platforms from “falling between regulatory cracks,” as well as for more resources to protect
investors in “this growing and volatile sector.” The chair called for federal legislation centering on digital asset
trading, lending, and decentralized finance platforms, seeking “additional plenary authority” to write rules for digital
asset trading and lending. It is not possible to predict whether, or when, any of these developments will lead to Congress granting
additional authorities to the CFTC, SEC or other regulators, what the nature of such additional authorities might be, how additional
legislation and/or regulatory oversight might impact the ability of digital asset markets to function or how any new regulations
or changes to existing regulations might impact the value of digital assets generally and bitcoin held by the Trust specifically.
The consequences of increased federal regulation of digital assets and digital asset activities could have a material adverse effect
on the Trust and the Shares.

FinCEN requires any administrator or exchanger of convertible virtual