The Staff provides the market with additional crypto clarity, holding that liquid staking does not qualify as a security under the Howey test.
By Jenny Cieplak, Zachary Fallon, Yvette D. Valdez, Stephen P. Wink, Hank Balaban,* Adam Bruce Fovent, Daphne Lambadariou, and Deric Behar
On August 5, 2025, the SEC’s Division of Corporation Finance (the Staff or Division) published a Statement on Certain Liquid Staking Activities clarifying that, in the Staff’s view, liquid
The Staff clarifies that protocol staking does not qualify as a security under the Howey test, clearing the way for market participants to engage in staking.
By Jenny Cieplak, Zachary Fallon, Yvette D. Valdez, Stephen P. Wink, Naim Culhaci, Adam Bruce Fovent, Donald Thompson, and Deric Behar
On May 29, 2025, the SEC’s Division of Corporation Finance (the Staff or Division) published a Statement on Protocol Staking Activities clarifying that, in the Staff’s view