The US Securities and Exchange Commission has formally excluded certain liquid staking activities from securities regulations, according to guidance released Tuesday.
The agency determined that staking receipt tokens—issued when users stake assets via protocols or service providers—do not meet the legal definition of securities unless linked to an investment contract.
This clarification provides regulatory relief for key players like Lido and Marinade Finance, which no longer face mandatory SEC registration for these operations. The decision underscores the SEC’s shifting priorities under the Trump administration, which has embraced a more crypto-accommodating stance.
Chair Paul Atkins highlighted that the exemption applies when users receive tokens representing staked assets and rewards. The agency’s recent “Project Crypto” initiative further signals its intent to modernize digital asset regulations, following its May statement that proof-of-stake staking is not inherently a securities transaction.
