【U.S. SEC Meets with Everstake to Explore a Clearer Regulatory Definition for Blockchain Network Staking】Golden Finance reports that the U.S. Securities and Exchange Commission (SEC) cryptocurrency special working group has recently met with non-custodial staking service provider Everstake, which advocates that non-custodial staking should be viewed as a technical protocol mechanism rather than a securities transaction. Everstake founder Sergii Vasylchuk stated that users maintain control over their digital assets during the staking process and do not transfer ownership of the assets to third parties, thus staking is more akin to a fundamental technological function of the blockchain network rather than an investment product. According to the legal opinion submitted by Everstake, non-custodial staking does not meet the four criteria of an “investment contract” under the Howey test: users do not invest their funds in a common enterprise, there is no expectation of profits from the efforts of others, there is no reliance on the management of the service provider, and staking rewards are automatically distributed by the blockchain protocol. Therefore, it is recommended to provide clear guidelines to confirm that non-custodial staking does not constitute a securities issuance, to promote blockchain innovation and reduce regulatory uncertainty. As of now, the U.S. SEC has not issued a clear stance on this matter but has indicated that it will continue to listen to industry opinions.

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