SEC Clarifies Staking Regulation: A Positive Shift for U.S. Crypto Companies

The U.S. Securities and Exchange Commission (SEC) announced that, under certain conditions, staking does not violate American securities laws.

The document prepared by the Division of Corporate Finance is not a legally binding guideline but rather an analysis from the regulator.

Experts told CoinDesk that this statement effectively permits companies to offer staking services, including pools, custodial storage, and other related services. The SEC will not pursue individuals or companies involved in these activities.

According to the statement, this definition includes node operators, validators, custodians, delegates, nominators, and organizations involved in staking both their own and their clients’ assets.

Lorien Gable, CEO of Figment, noted that the main advantage of this document lies in the legitimization of various activities that American companies may have previously been wary of.

«They included some ancillary staking activities. For instance, we provide insurance against slashing and modified unbonding periods. According to [SEC representatives], this does not mean that you are an asset manager as a staking provider,» he added.

Gable pointed out that companies can now offer such services, including staking pools.

Alison Mangiero from the Crypto Council for Innovation believes that the SEC’s initiative is a gradual but significant update from the regulator.

«It confirms that stakers will be treated similarly to miners. I think this is particularly important, given that under [former SEC chair Gary] Gensler, there were many enforcement actions focused on staking as a service,» she stated.

She remarked that it is telling that the announcement came just days before the SEC’s deadline for reviewing applications to incorporate staking into spot Ethereum-ETFs.

Gable speculated that exchange-traded fund providers would likely receive approval for staking regardless, but the regulator’s statement would probably expedite the process.

In a separate footnote, it’s emphasized that the document is highly specialized. It does not replace legislative action undertaken by the commissioners and «does not hold legal weight.»

Another footnote clarifies:

«This statement addresses only specific activities related to secured crypto-assets that lack intrinsic economic attributes or rights, such as generating passive income or transferring rights to future income, profits, or assets of a commercial entity.»

To recall, in January, ConsenSys founder Joe Lubin mentioned that issuers of spot Ethereum ETFs in the U.S. are anticipating a «prompt» SEC approval for staking.