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U.S. SEC Policy Statement: Staking Activities of Three Types of PoS Networks Do Not Constitute Securities Offerings

ChainCatcher news, according to the official website, the U.S. Securities and Exchange Commission (SEC) has released a policy statement regarding PoS network staking activities, clarifying that three types of staking activities do not constitute securities issuance: 1) Self-staking (node operators using their own crypto assets to participate in network validation); 2) Third-party non-custodial staking (asset owners retain control, only delegating validation rights); 3) Compliant custodial staking (custodians strictly segregate client assets, not used for operations or re-hypothecation).The statement points out that the network rewards obtained from the above staking activities are considered compensation for validation services, rather than investment returns based on the efforts of others in managing and operating, and therefore do not meet the securities definition standards of the Howey test. It also clarifies that four types of supporting services (penalty insurance, early unbonding, reward restructuring, asset aggregation) do not change the nature of staking. This policy does not apply to staking services that provide fixed returns or engage in trading using client assets.The SEC emphasizes that custodial institutions must ensure that staking assets: 1) are independent of operating funds; 2) are prohibited from being lent or re-hypothecated; 3) are not subject to third-party claims. This policy aims to provide regulatory certainty for compliant staking activities while maintaining enforcement authority over security tokens.
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