PANews reported on June 25, according to Cryptoslate, that on June 23, representatives from the University of California, Berkeley School of Law, Georgetown University Law Center, University of Chicago Law School, and Placeholder met with the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group to discuss the staking rules handbook. The discussion focused on the narrow definition of digital asset staking, economic safeguards, and open-source requirements.
The delegation requests that the SEC only validate the term 'staking' for product certification at the execution agreement level. Related retail marketing must be pre-approved. It is proposed that the announced yield cap be set at the base reward rate, with intermediary fees limited to no more than 5%. Auditable cost data can support fee adjustments, and it is also suggested that interface standardization disclose data. Various universities believe that mere disclosure cannot solve issues such as the concentration of validator power in staking agreements, and they demand mandatory public disclosure of validator information dashboards. Client software must be open-source, and it is suggested that entities controlling a large share of staking be subject to licensing thresholds. The SEC has included these suggestions in its review, and all parties are awaiting further regulatory guidance.