cryptoinnovation

The U.S. Securities and Exchange Commission (SEC) has issued a landmark statement that could reshape the landscape of decentralized finance (DeFi). According to its latest position, certain liquid staking services and their associated tokens – known as Staking Receipt Tokens – do not qualify as securities. That means: no mandatory registration, no regulatory roadblocks to innovation.

🔍 What exactly did the SEC acknowledge?
The Commission clarified that when a user stakes crypto assets through a protocol and receives a token that confirms their share (Staking Receipt Token), that token does not constitute an investment contract under the Howey Test. Why?
🔹 The value of the token comes directly from the underlying crypto asset

🔹 It is not dependent on the entrepreneurial efforts of third parties

🔹 Activities such as minting or redeeming the token are considered administrative, not investment-based
This is a huge relief for developers and operators of liquid staking protocols who have been concerned about regulatory crackdowns.

✅ A signal of shifting approach
This statement comes shortly after firms like Jito Labs, VanEck, and Bitwise filed petitions to the SEC seeking approval for liquid staking strategies within Solana (SOL)-based funds. Under the new SEC chair Atkins, the agency is taking a more welcoming stance toward the crypto industry, departing from the “regulation by enforcement” era championed by Gary Gensler.
Atkins is promoting:

🔹 Regulatory clarity over legal threats

🔹 Support for innovation

🔹 Reduced compliance burdens for crypto ETFs

⚠️ A divided commission and uncertain future
Despite this step forward, tensions remain within the SEC. Commissioner Caroline Crenshaw, a supporter of tighter enforcement, continues to warn that some staking services might still qualify as securities, suggesting closer scrutiny. Her stance has triggered backlash from the crypto community, with many calling for her removal.
While Atkins’ leadership prioritizes innovation, old-guard regulators still push for caution, citing fraud prevention and investor protection as key concerns.

#SEC , #crypto , #Regulation , #defi , #CryptoInnovation

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