The U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a staff statement on certain liquid staking activities, aiming to clarify how federal securities laws apply to this segment of crypto asset activity. Depending on the facts and circumstances, the division’s view is that the liquid staking activities covered in the statement do not involve the offer and sale of securities under Section 2(a)(1) of the Securities Act of 1933 or Section 3(a)(10) of the Securities Exchange Act of 1934. The statement describes liquid staking as staking crypto assets through a software protocol or service provider while receiving a liquid staking receipt token that evidences the staker’s ownership of the staked crypto assets and any rewards that accrue. Chairman Paul S. Atkins linked the staff statement to the SEC’s Project Crypto initiative and framed it as guidance on crypto asset activities that may fall outside the SEC’s jurisdiction.
U.S. Securities & Exchange Commission 2025-08-05
U.S. Securities and Exchange Commission Division of Corporation Finance issues staff statement saying certain liquid staking activities may not be securities offerings
The U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a staff statement clarifying that certain liquid staking activities do not constitute the offer and sale of securities under the Securities Act of 1933 or the Securities Exchange Act of 1934. The statement, part of the SEC’s Project Crypto initiative, provides guidance on crypto asset activities potentially outside the SEC’s jurisdiction.