Skip to Primary Navigation

SEC says liquid staking receipt tokens are not securities

Picture of a wave.
Photo: Georgeta Olaru/Getty Images

The agency clarified that the tokens do not qualify as investment contracts under the Howey test.

The SEC has issued a staff statement clarifying that liquid crypto staking falls outside the ambit of securities law under the Howey test.

The nonbinding statement continues the SEC’s efforts to exempt certain blockchain activities from formal securities regulation, such as proof-of-work mining.

Liquid staking involves crypto holders delegating their

Get full access, free for a month

Start your 28-day free trial to continue reading and access
all content on GRIP – no payment details required.

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience