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The SEC says certain liquid staking activities don’t count as securities.
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This could clear the way for Ethereum ETFs to include staking.
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Liquid staking tokens are now officially treated as “receipts,” not investments.
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The move is part of the SEC’s new “Project Crypto” initiative.
New SEC Guidance Clarifies Liquid Staking Rules
In a new statement, the U.S. Securities and Exchange Commission (SEC) announced that liquid staking tokens do not qualify as securities in many cases. This decision is part of a broader shift under the SEC’s new crypto-focused plan, known as “Project Crypto.”
The agency said that platforms offering liquid staking—like Lido, JitoSOL, Marinade Finance, and Stakewise—don’t need to register under current securities laws, as long as the activity does not involve an investment contract.
Why It Matters
This is a big step for crypto regulation. It gives platforms more clarity and helps remove one of the major concerns surrounding Ethereum ETFs that want to offer staking. The SEC says staking tokens are more like “receipts” showing that a user owns staked crypto, rather than a security being offered to investors.
The announcement could also help clarify how other crypto features, like wrapped tokens or cross-chain bridging, are treated under U.S. law.
Industry Reaction
SEC Chair Paul Atkins called the update “a significant step forward” and said it’s part of the agency’s effort to modernize crypto rules. Financial experts agree this may pave the way for Ethereum spot ETFs with staking options to be approved in the near future.
Jason Gottlieb, a lawyer with Morrison Cohen, noted that this clarification could apply to other areas of crypto too, especially where receipt-like tokens are involved.
What Comes Next
Crypto insiders believe this clears the last major hurdle for Ethereum ETFs to include staking. Nate Geraci of NovaDius Wealth said the SEC’s main concern was how these ETFs would handle liquidity, and now that issue seems resolved.
Firms like BlackRock have already started looking into changing their ETF applications to allow for staking features.
