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:22140571). Controls the expression of the aurofusarin and trichothecene gene clusters (PubMed:22013911). Controls also the expression of the deoxynivalenol (DON) gene cluster (PubMed:22140571). Regulates hyphal growth and pigment formation (PubMed:22140571). Acts as a positive regulator of virulence (PubMed:22013911, PubMed:22140571). Component of the heterotrimeric velvet complex composed of laeA, ve1 and velB; Ve1 acting as a bridging protein between laeA and velB (By similarity). Interacts directly with laeA and velB (PubMed:23874628). 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). Impairs aurofusarin and trichothecene biosynthesis (PubMed:22013911). Reduces deoxynivalenol (DON) biosynthesis (PubMed:22140571). Results in highly reduced sporulation (PubMed:22013911). Reduces the hydrophobicity of the cell surface (PubMed:22140571, PubMed:22013911). Shows increased resistance to osmotic stress and cell wall-damaging agents, but increased sensitivity to iprodione and fludioxonil fungicides (PubMed:22140571, PubMed:22713714). Belongs to the velvet family. VeA subfamily.