The U.S. Securities and Exchange Commission (SEC) is facing a wave of sharp criticism from both current officials and former leaders after suddenly changing its stance on staking – one of the key activities in the cryptocurrency ecosystem.
🗓 On May 29, the Corporate Finance Division of the SEC issued new guidance, stating that some forms of staking may not constitute securities, thereby excluding Proof-of-Stake blockchains from registration requirements under the Securities Act.
❗ However, this move is seen as a "flip-flop" as just a year ago, the SEC pursued a series of lawsuits against major exchanges for staking services.
🔹 Specifically regarding Binance, the SEC previously alleged that the staking service was an offering of unregistered securities. However, this lawsuit was definitively dismissed in May 2025, preventing the agency from re-filing the same claim.
🔹 Meanwhile, in the case of Coinbase, the staking lawsuit was approved to proceed in March 2024, but was also dismissed in February 2025 as part of SEC's shift in management strategy regarding the crypto sector.
⚖️ SEC Commissioner Caroline Crenshaw publicly opposed the new guidance on May 29, warning that the agency's viewpoint does not align with current case law or the Howey test – the legal standard that determines whether a financial product is a security.
💬 Web3 Community: Many support a more open approach, but also do not hide concerns that inconsistencies in policy will continue to make it difficult for cryptocurrency projects and erode trust in the legal process.
