The U.S. Securities and Exchange Commission (SEC) has announced that cryptocurrency staking does not fall under the provisions of the Securities Act. The regulator compared staking to mining, noting its technical nature. This decision paves the way for the legalization of related services and simplifies the launch of Ethereum ETFs that include staking functionality.
This is reported by Finway
According to the SEC’s statement, activities related to staking do not involve the offer or sale of securities, which means the regulator does not plan to file lawsuits against participants in these processes, such as validators, custodians, delegates, and companies providing similar services. The document emphasizes that staking serves a similar role to mining and does not change the status of providers, despite associated services such as insurance or control over staking periods.
“Participants in staking activities are not required to register transactions with the Commission under the Securities Act and fall under one of the exceptions of the law.”
Experts believe that this statement creates a clear regulatory space for the further development of staking in the U.S. While the statement does not have mandatory legal force, it serves as an important benchmark for the cryptocurrency industry, especially in light of legal cases where the SEC has attempted to classify staking as investment contracts, particularly in the investigation against Consensys.
Most lawsuits related to staking have been dismissed or terminated, undermining the SEC’s legal position. The agency’s new statement boosts the confidence of American cryptocurrency service providers and increases the likelihood of approval for an Ethereum ETF with staking. This decision could be made in the coming weeks, and the current statement will help expedite the process.
While the document focuses on specific types of activity, it is perceived in the industry as a softening of the SEC’s approach to the cryptocurrency sector. Market participants believe that the SEC is beginning to implement a more technocratic and flexible policy regarding Proof-of-Stake (PoS) directions.
It is worth noting that earlier, BlackRock submitted an application to the SEC to change the rules regarding Ethereum ETFs.