The US SEC disclosed "Ethereum staking": PoS Staking is not a securities transaction, and participants do not need to sign up.

The U.S. Securities and Exchange Commission's (SEC) Corporate Finance Division issued a statement saying that "protocol pledge" activities on public, unlicensed networks using proof-of-stake (PoS) mechanisms do not constitute securities transactions within the meaning of the Securities Act. The statement noted that pledges on PoS networks by covered crypto assets (assets closely related to the programmatic functions of the network) are administrative or ancillary in nature and do not meet the "investment contract" criteria tested by Howey, so participants are not required to register transactions with the SEC. BlackRock and SEC Key Meeting!) Deep talk about crypto ETF staking and option supervision, institutional entry will accelerate? (Background Addition: Understanding the 2025 US Cryptocurrency ETFs: Stake, Solana and the Listing Frenzy) The U.S. Securities and Exchange Commission's (SEC) corporate finance division issued a statement on May 29, local time in the United States, aiming to further clarify the applicability of federal securities laws to crypto assets. In a statement, the SEC's Corporate Finance Division states: The statement provides its views on certain "staking" activities on networks that use proof-of-stake (PoS) as a consensus mechanism (the "PoS Network"). This Statement specifically addresses crypto asset staking activities that are closely related to the programmatic functionality of the public and unlicensed network, which are used to participate in or be rewarded for participating in the consensus mechanism of the network, or to maintain the technical operation and security of the network, or to be rewarded as a result. This statement refers to such crypto assets as "Covered Crypto Assets" and their staking activities on the PoS network as "Protocol Staking." The SEC's Key Views on Protocol Staking This statement provides important regulatory guidance for the cryptocurrency industry, particularly for PoS networks, covering the roles of node operators, validators, custodians, and related ancillary service providers. The following is a detailed summary of the SEC's views on agreement pledge activities based on the content of the statement: Agreement pledge activities do not constitute securities transactions The Corporate Finance Department believes that agreement pledge activities do not involve Section 2(a)(1) of the Securities Act of 1933 or Section 1934 of the Securities Exchange Act Offering and sale of securities as defined in Section 3(a)(10). As a result, participants participating in an agreement pledge are not required to register with the SEC for transactions under the Securities Act or to apply the exempt registration requirements of the Securities Act. Definition and characteristics of covered crypto assets Covered crypto assets refer to crypto assets that are closely related to the programmatic functions of public and permissionless networks, and are used to participate in the network consensus mechanism or maintain the technical operation and security of the network. These assets do not constitute financial instruments in the definition of securities, and based on the analysis of the Howey test, agreement staking activities do not meet the conditions of an "investment contract", that is, there is no reasonable expectation of profit from the entrepreneurial or management efforts of others. Scope of protocol staking activities Self-(or separately) staking: Node operators use resources they own and control to stake covered crypto assets, facilitate network operations by validating new blocks, and receive rewards. This activity is of an administrative or ancillary nature, not an entrepreneurial or managerial effort, and therefore does not constitute a securities transaction. Self-custodial staking directly with third parties: The owner of the covered crypto asset grants verification rights to the third-party node operator, and the owner retains ownership of the asset and control of the private key. The service of the node operator is administrative or ancillary, and the reward is derived from the protocol staking activity, not the success of the network or third party. Escrow arrangement: A covered crypto asset pledged by a custodian on behalf of an owner whose assets are controlled by the custodian but ownership remains with the owner. The custodian's activities (e.g. selection of node operators) are administrative or ancillary in nature, do not involve entrepreneurial or managerial efforts, and do not guarantee or fix the amount of the reward. Ancillary services: including impairment protection (to protect customers from derogation losses), early unlocking (shortening the agreement unlock period), alternative reward payout schedules and amounts (adjusting the frequency or amount of reward payouts but not fixed or guaranteed), and asset aggregation (assisting in meeting staking minimums). These services are administrative or ancillary in nature and do not involve entrepreneurial or managerial efforts. Application of the Howey Test The SEC evaluates protocol staking activities based on the Howey test as not involving an investment in money, a joint venture, or a reasonable expectation of profit from someone else's entrepreneurial or managerial efforts. The activities of a node operator, custodian or service provider are administrative or ancillary in nature and do not meet the "effort of others" requirement of the Howey test. Impact on Participants Node operators, validators, custodians, and service providers participating in protocol staking are not required to register transactions with the SEC. This view provides regulatory clarity for stakers and "staking as a service" providers, potentially facilitating the inclusion of cryptocurrency exchange-traded funds (ETFs) in staking products. Limitations of the Statement This Statement applies only to protocol staking activities related to public and de-licensed PoS networks, and does not cover other types of crypto assets or activities. The statement emphasized that deposited covered crypto assets may not be used for the custodian's operations, lending, pledging or re-stake, and must be held in a manner that avoids third-party claims. 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