The SEC removes crypto staking from its legal scrutiny
Amid the American regulatory saga, the latest SEC staff statement declares that crypto staking does not violate securities laws. While not legally binding, this regulator’s signal could reshape the landscape for staking participants in the United States.
Towards a treatment similar to mining
According to the Division of Corporation Finance document, activities related to proof-of-stake, such as direct staking, delegated staking, custody, or pooling, do not involve ‘the offering or sale of securities.’ This is a thinly veiled way of saying: the SEC does not intend to pursue entities involved in staking.
The message is clear: validators, node operators, custodians, and staking service providers are not under scrutiny, as long as they do not link their offerings to promises of future returns or profits.
An acknowledged parallel with Bitcoin mining, which the SEC had already formally excluded from its scope in another staff statement issued last month.
American staking providers can breathe a sigh of relief
For companies like Figment, specializing in institutional staking, this text changes everything.
They even specified that related services, such as coverage against slashing or modified unbonding periods, do not make us asset managers.
Lorien Gabel, CEO of Figment
In other words: staking, even in its most sophisticated forms, is not considered a regulated collective management activity, a relief after months of regulatory crackdowns under the Gensler era.
A strategic turning point just before the decision on ETH ETFs
The timing is no coincidence. This text arrives a few days before a crucial deadline for the approval of Ethereum ETFs incorporating staking services. According to Alison Mangiero, the head of staking policies at the Crypto Council for Innovation, the publication “confirms that stakers will benefit from the same treatment as miners”, and should expedite the approval of these products.
While the staff statement has no formal legal value, the SEC emphasizes,— but in practice, it is a strong guidance that ushers in a new era for staking in the United States.
