Component of the velvet transcription factor complex that controls sexual/asexual developmental ratio in response to light, promoting sexual development in the darkness while stimulating asexual sporulation under illumination (By similarity). The velvet complex hat acts as a global regulator for secondary metabolite gene expression (PubMed:22247572). Controls the expression of the cycotoxins fumonisins and fusarins gene cluster (PubMed:22247572, PubMed:19382792, PubMed:24792348). Involved in cell wall integrity, cell surface hydrophobicity, hyphal polarity and conidiation pattern (PubMed:17054442, PubMed:24792348). Required for pathogenicity against maize seedlings (PubMed:22247572). Involved in oxidative stress resistance by positively regulating the transcription of the catalase-encoding gene CAT2 (PubMed:24792348). Component of the heterotrimeric velvet complex composed of LAE1, VE1 and VELB; VE1 acting as a bridging protein between LAE1 and VELB (By similarity). Interacts with VELB and VELC (PubMed:24792348). Enriched in the nucleus in the dark (By similarity). The C-terminal PEST domain is a region rich in proline, glutamic acid, serine and threonine residues that is required for the light-dependent regulation of development and secondary metabolism (By similarity). Suppresses aerial hyphal growth,reduced colony surface hydrophobicity on solid media, and increases the ratio of macroconidia to microconidia (PubMed:17054442, PubMed:24792348). Impairs production of fumonisins and fusarins, and reduces pathogenicity against maize seedlings (PubMed:22247572, PubMed:19382792, PubMed:24792348). Belongs to the velvet family. VeA subfamily.