An issued statement on the White House’s long-awaited crypto executive order, from U.S. Treasury Secretary Janet Yellen, that has since been taken down, stated that “Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy."

Goldman Sachs is offering interested clients access to an Ethereum (ETH) fund issued by Galaxy Digital. Goldman Sachs receives an introduction fee for clients it brings to the Galaxy Institutional Ethereum Fund.

VanEck, an investment firm with nearly $82 billion in assets under management, has launched a cryptocurrency mining exchange-traded fund (ETF) offering targeted exposure to companies in the crypto mining industry.

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Top stories in the Crypto Roundup today:

• Biden’s Crypto Executive Order to Support’ Responsible Innovation’
• Goldman Sachs Offers Clients Access to Ethereum Fund
• VanEck Launches Cryptocurrency Mining ETF
• What is Proof-of-Stake?
• Sponsored: Register for a Rewarding Bybit Experience

Biden’s Crypto Executive Order to Support’ Responsible Innovation’

An issued statement on the White House’s long-awaited crypto executive order, from U.S. Treasury Secretary Janet Yellen, that has since been taken down, stated that “Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy."

The statement adds that this approach will “support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses.” It also mentions that it will address risks related to illicit finance, consumer and investor protections, and threats to the financial system and the broader economy.

The Treasury Department is set to partner with “interagency colleagues to produce a report on the future of money and payment systems” and to “convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place:”

Yellen’s statement concludes that the work will be guided by consumer and investor protection groups as well as market participants and leading experts. The Treasury Department, it says, will promote a fairer, more inclusive, and more efficient financial system.

Goldman Sachs Offers Clients Access to Ethereum Fund

Goldman Sachs is offering interested clients access to an Ethereum (ETH) fund issued by Galaxy Digital. Goldman Sachs received an introduction fee for clients it brings to the Galaxy Institutional Ethereum Fund.

Galaxy Digital’s fund has a $250,000 minimum investment and has sold over $50 million to 28 clients, according to filings with the U.S. Securities and Exchange Commission (SEC). It’s unclear whether Goldman Sachs is responsible for any of that flow.

Both firms have worked together in the past, with Galaxy Digital agreeing to funnel liquidity to Goldman Sachs’ Bitcoin futures offering in June 2021.

Galaxy is also offering a BTC fund to Morgan Stanley’s clients in an arrangement that is similar to the one it has with Goldman, the filings show.

VanEck Launches Cryptocurrency Mining ETF

VanEck, an investment firm with nearly $82 billion in assets under management, has launched a cryptocurrency mining exchange-traded fund (ETF) offering targeted exposure to companies in the crypto mining industry.

The ETF, the VanEck Digital Assets Mining ETF (DAM), will invest at least 80% of its total assets in securities of crypto miners that generate or have the potential to earn at least 50% of their revenue from cryptocurrency mining or related technologies.

The fund will have an expense ratio of 0.5% and track the MVIS Digital Assets Mining Index. The top holdings of the fund include miners, mining manufacturing companies, aspiring mining manufacturers and a blockchain-focused bank.

VanEck also has a futures-based bitcoin ETF product, the Bitcoin Strategy ETF (XBTF) that was launched in mid-November, and a Digital Transformation ETF (DAPP).

What Is Proof-of-Stake (PoS)?

To understand a Proof-of-Stake mechanism, we believe it’s easier to understand a Proof-of-Work mechanism first. PoW consensus algorithms gather transactions into blocks and link them together to create a blockchain.

Miners commit computational energy to solve complex mathematical puzzles to add new blocks to the blockchain, and that energy is used to keep the network secure. Miners compete with each other for the base reward associated with each block - known as the coinbase reward - and the transaction fees within them. This competition incentivizes more miners to join the network and improves decentralization.

The more resources committed, the safer a network is.  The more miners a network has, the more decentralized it is. The carbon footprint associated with PoW has drawn criticism, with Tesla at one point dropping bitcoin payments over environmental concerns.

A solution is Proof-of-Stake. Under a PoS consensus mechanism, network participants lock coins – their stake in the network – and at particular intervals, the network assigns them the right to validate the next block. Find out more on CryptoCompare’s guide on staking.

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