The SEC releases statements about staking receipt token
06 August 2025 US
Image: TadaImages/stock.images.com
Staking receipt tokens — which represent a depositor’s claim on their staked crypto assets and associated rewards — are not considered securities, provided they simply mirror the underlying deposited assets, according to a new statement from the US Securities and Exchange Commission’s Division of Corporation Finance.
The statement, according to the SEC, aims to provide greater clarity on the application of federal securities laws to cryptoassets, specifically addressing a type of protocol staking known as ‘liquid staking’.
The SEC refers to liquid staking as a type of protocol staking whereby owners of covered cryptoassets deposit them with a third-party protocol staking service provider and receive newly minted cryptoassets — staking receipt tokens — that evidence ownership of the deposited assets and any rewards that accrue.
According to the statement, liquid staking activities described in the release do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1933 or Section 3(a)(10) of the Securities Exchange Act of 1934.
It further states that the offer and sale of staking receipt tokens, in the manner and under the circumstances described, also do not involve the offer and sale of securities — unless the deposited cryptoassets are part of or subject to an investment contract.
According to the division, activities that are undertaken by liquid staking providers, including the minting, issuing, and redeeming of staking receipt tokens, and providing ancillary services, are administrative or ministerial in nature and do not involve entrepreneurial or managerial efforts.
Secondary market offers and sales of staking receipt tokens also do not require registration under the Securities Act, unless the deposited cryptoassets are part of or subject to an investment contract.
The Commission adds that its views do not extend to activities that go beyond administrative and ministerial functions, or to arrangements inconsistent with the descriptions set forth in the statement.
Paul S. Atkins, chairman at the SEC, says: “Under my leadership, the SEC is committed to providing clear guidance on the application of the federal securities laws to emerging technologies and financial activities. Today’s staff statement on liquid staking is a significant step forward in clarifying the staff’s view about crypto asset activities that do not fall within the SEC’s jurisdiction.
“I am pleased that the SEC’s Project Crypto initiative is already producing results for the American people.”
The statement, according to the SEC, aims to provide greater clarity on the application of federal securities laws to cryptoassets, specifically addressing a type of protocol staking known as ‘liquid staking’.
The SEC refers to liquid staking as a type of protocol staking whereby owners of covered cryptoassets deposit them with a third-party protocol staking service provider and receive newly minted cryptoassets — staking receipt tokens — that evidence ownership of the deposited assets and any rewards that accrue.
According to the statement, liquid staking activities described in the release do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1933 or Section 3(a)(10) of the Securities Exchange Act of 1934.
It further states that the offer and sale of staking receipt tokens, in the manner and under the circumstances described, also do not involve the offer and sale of securities — unless the deposited cryptoassets are part of or subject to an investment contract.
According to the division, activities that are undertaken by liquid staking providers, including the minting, issuing, and redeeming of staking receipt tokens, and providing ancillary services, are administrative or ministerial in nature and do not involve entrepreneurial or managerial efforts.
Secondary market offers and sales of staking receipt tokens also do not require registration under the Securities Act, unless the deposited cryptoassets are part of or subject to an investment contract.
The Commission adds that its views do not extend to activities that go beyond administrative and ministerial functions, or to arrangements inconsistent with the descriptions set forth in the statement.
Paul S. Atkins, chairman at the SEC, says: “Under my leadership, the SEC is committed to providing clear guidance on the application of the federal securities laws to emerging technologies and financial activities. Today’s staff statement on liquid staking is a significant step forward in clarifying the staff’s view about crypto asset activities that do not fall within the SEC’s jurisdiction.
“I am pleased that the SEC’s Project Crypto initiative is already producing results for the American people.”
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