The SEC confirms that some liquid staking services do not fall under federal securities law, helping to accelerate the potential approval of staking ETFs in the U.S.
The SEC treats liquid staking similarly to protocol staking, meaning many liquid staking projects do not need to register under U.S. securities law, and the market expects to open a new era for staking ETFs.
MAIN CONTENT
The SEC asserts that not all liquid staking services are considered securities and provides new accuracy.
Citing the CEO, experts expect the new regulations to facilitate the approval of staking ETFs, especially for Ethereum.
The SEC's perspective lays the groundwork for asset tokenization, making the global digital financial market more transparent.
How does the SEC define liquid staking and its regulatory scope?
According to the SEC, some liquid staking services are similar to protocol staking and are not subject to federal securities regulations. This was confirmed in the guidance dated 6/8 from the Division of Corporation Finance (SEC).
"According to the Division's perspective, offering and selling Staking Receipt Tokens, in the manner and conditions described in this statement, is not related to the offering or trading of securities."
Division of Corporation Finance, SEC, 6/8/2025 (Source)
The SEC emphasizes that liquid staking providers only serve as intermediaries, issuing staking confirmation tokens (staking receipt Tokens), and do not control or coordinate the staking process. Therefore, these entities do not operate investments and thus are not classified as investment contracts.
This assessment helps clearly distinguish between technology-driven staking activities and services regulated by U.S. federal securities law. This provides U.S. businesses with clearer legal obligations when offering products.
Are Liquid Staking Tokens (LST) like stETH, JITOSOL... considered securities?
According to the new guidance, liquid staking tokens like stETH (staked Ethereum), JITOSOL (staked Solana) are not considered securities.
"Such moves help free projects from registration obligations with regulators."
Paul Atkins, SEC Chairman (confirmed via X, August 2025)
Platforms like Lido (LDO) and Rocket Pool (RPL) are no longer required to register with the SEC for liquid staking activities. This removes many legal barriers, contributing to the promotion of the DeFi market in the U.S.
The recognition that tokens are not securities helps protect users, increase liquidity, and encourage innovation in the liquid staking space.
What factors does the SEC classify liquid staking services based on?
The SEC clarifies: liquid staking providers are merely agents, issuing staking tokens to validate the rights of asset depositors. They do not control the staking process or choose validators.
The key point is that the provider does not actively manage cash flow like a traditional investment manager, nor do they decide how staking operates. Therefore, staking confirmation tokens only serve as receipts, not investment contracts.
This classification excludes the obligation to register securities, clarifying the legal framework for liquid staking startups looking to expand in the U.S.
What are the conflicting opinions within the SEC?
In addition to support, this guidance also faces internal opposition from the SEC.
"Liquid staking is a new solution to an old problem: protecting investors while fostering technological innovation. Staking tokens become legal receipts, increasing liquidity and optimizing payments for asset depositors."
Hester Peirce, SEC Commissioner, August 2025 (Source)
Hester Peirce, SEC Commissioner, welcomes the policy, emphasizing that staking tokens simplify the payment process from both legal and technical perspectives. She sees this as a step forward in promoting financial innovation in the U.S.
On the contrary, Commissioner Caroline Crenshaw opposes. She warns that liquid staking projects should not be too complacent as this policy may change and there are still many potential legal risks.
"Liquid staking providers should not be too complacent - as soon as systemic risks increase, policies can be completely reversed."
Caroline Crenshaw, SEC Commissioner, August 2025 (Source)
This divide reflects the SEC's challenge in balancing investor protection with encouraging innovation in the cryptocurrency space.
Will the new policy accelerate the approval process for staking ETFs?
Many experts and staking providers hope that guidance from the SEC will pave the way for staking ETFs, especially for Ethereum.
Rebecca Rettig, Legal Director of Jito, and Nate Geraci, co-founder of the ETF Institute, both state that this move removes the last legal obstacle to the formation of staking ETFs in the U.S.
"This guidance removes an important barrier, paving the way for the quick approval of Ethereum staking ETFs."
Nate Geraci, co-founder of the ETF Institute, August 2025 (Source)
After the SEC issued guidance on protocol staking in May 2025, liquid staking is now clearly defined legally. The market public expects Ethereum ETFs with staking features to be approved soon, increasing appeal to institutional investors.
When staking ETFs become a reality, the U.S. market could rise to the forefront of transparent and standardized digital assets, creating a wave of large-scale legal investment.
Does the new SEC policy give an advantage to asset tokenization in the U.S.?
Many assessments affirm that the SEC's policies not only address the staking barrier but also lay the groundwork for asset tokenization in the U.S.
"The new regulations pave the way for asset tokenization, building a transparent and compliant digital financial system, strengthening the U.S. position in the global Web3 digital economy."
Ray Youssef, CEO of NoOnes, August 2025 (Source: AMBCrypto)
Experts note that clear legal guidelines on staking will make digital asset products like bonds, real estate, and tokenized shares easier to implement, thanks to reduced legal barriers and increased trust from institutional investors.
The U.S. proactively clarifying liquid staking regulations, according to The Block magazine (2025), also lays the groundwork for a significant investment wave into the digital economy, increasing competition with financial hubs like the EU and Singapore.
Compare liquid staking, traditional staking, and staking ETFs in terms of regulation, liquidity, and market impact.
Traditional staking and liquid staking are clearly different in terms of regulation, liquidity, and investment appeal. In particular, staking ETFs, if approved, are expected to profoundly change the structure of the U.S. digital asset market.
Characteristics Traditional Staking Liquid Staking ETF Staking (projected) Legal Regulation May be considered securities (case-dependent) Clearly not securities (according to SEC guidance 8/2025) Expected highest transparency and legality, compliant with investment fund laws Liquidity Low, assets are locked High due to receiving tradeable confirmation tokens Very high, like traditional fund securities Main Investors Individuals, cryptocurrency community Individual, institutional investors Individual, institutional, large funds Accessibility Limited (as assets often need to be locked directly on the blockchain) Expanded due to the representative nature of staking tokens Public, transparent in the U.S. fund market Growth Potential Large but limited by legal and liquidity constraints Rapidly increasing due to the new legal framework, good liquidity Huge if approved by the SEC, attracting significant traditional capital flows.
How does the new policy affect major liquid staking companies in the market?
Lido, Rocket Pool, and Jito greatly benefit from having reduced legal risks, while also opening up the institutional investor market due to safety and transparency.
According to DeFiLlama data from June 2025, Lido controls nearly 28% of total ETH staking, Rocket Pool holds 4.5%; these figures are expected to rise rapidly as the legal framework is clarified.
Some other liquid staking projects like Jito (on Solana), Stader are also actively developing diverse products, standardizing staking assets to welcome the new investment wave.
Can the SEC's legal framework for liquid staking change?
Despite a large consensus, Commissioner Caroline Crenshaw's perspective reminds that any SEC guidance can be adjusted when systemic risks arise or the market undergoes significant changes.
Investors and businesses need to closely monitor updates from the SEC, proactively reassess risks, and avoid complete dependence on temporary guidance. In the past, the SEC has adjusted its views on stablecoins, ICOs, indicating that policies can change flexibly as the market evolves rapidly.
How does this affect the U.S. position in the global Web3 market?
According to NoOnes CEO Ray Youssef, clarifying liquid staking helps the U.S. maintain a dominant role in legal and financial innovation in the global Web3 space while increasing competitiveness with Europe and Asia.
Major investment banks (BlackRock, Fidelity) have warned about the risk of falling behind if the U.S. does not clarify NFT, liquid staking, and digital asset regulations soon. This policy thus plays a decisive role in the race to dominate the international digital asset market.
What are the long-term impacts on DeFi innovation?
The SEC's policy helps shape a legal operating framework for the entire DeFi industry in the U.S., especially in yield farming, lending, and cross-chain staking. With clear legal guidelines, technology will more easily access large capital flows, and traditional businesses will list new products.
According to the Market Research Future report (2024), the global market capitalization of liquid staking could exceed $50 billion by 2027, thanks to positive legal effects from the U.S. In the context of international competition, the country leading the legal framework will have an advantage in global capital flows.
What new drivers for liquid staking growth follow the SEC policy?
Once legal barriers are removed, liquid staking platforms will focus on optimizing products, increasing on-chain transparency, and collaborating with major exchanges and investment funds to expand market share.
The emergence of the first staking ETFs will be a strong growth catalyst for the entire digital asset market, making liquid staking a pillar of modern DeFi infrastructure.
Frequently Asked Questions
Does the SEC view all liquid staking services as not being securities?
No, the SEC only confirms that certain liquid staking services, where the provider acts as an intermediary and does not control staking, are not classified as securities.
Does the SEC's guidance help investors feel secure when participating in liquid staking in the U.S.?
Yes, thanks to the transparent legal framework and confirmation of not being securities, investors reduce legal risks and can more easily access safer staking products.
Are Ethereum staking ETFs likely to be approved soon due to the new policy?
Experts and financial institutions believe that the SEC's move will accelerate the approval process for Ethereum staking ETFs in the near future.
How will the trend of asset tokenization change after the SEC's decision?
The removal of legal barriers to staking paves the way for the tokenization of traditional assets like real estate, stocks, and bonds to become more popular.
Will the SEC's policies change in the future?
It is possible, as there are still conflicting views within the SEC. Investors should continuously update themselves on the latest policy developments.
What major advantages will Lido, Rocket Pool, and Jito gain?
They can expand their services, increase institutional investor confidence, and significantly reduce the risk of legal hindrances in the U.S. market.
Does the classification of liquid staking impact global DeFi?
Yes, other markets may use the U.S. as a reference model, helping the international digital asset industry become standardized and grow sustainably.
Source: https://tintucbitcoin.com/sec-liquid-staking-tac-dong-etf-ethereum/
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