U.S. SEC Says Crypto Liquid Staking Does Not Qualify as a Security

The United States Securities and Exchange Commission has stated that some forms of crypto liquid staking do not fall under federal securities laws. The clarification was part of updated guidance released by the agency on Tuesday.

ICYMI: The @SECGov declared today that, in general, liquid staking activities/liquid staking tokens are not considered securities. https://t.co/0vGFUqHSL9

— Eleanor Terrett (@EleanorTerrett) August 5, 2025

Under this guidance, users of liquid staking platforms who receive tokens representing their staked assets may not need to register with the SEC.

Liquid Staking Tokens Exempted

The agency noted that these “staking receipt tokens” are not considered securities if they don’t involve an investment contract. However, this could change if the staked assets are tied to schemes that promise profits from the efforts of others.

The SEC identified several platforms whose models may fall outside securities laws, including Lido, Marinade Finance, Stakewise, and JitoSOL. These services allow users to stake crypto and receive a liquid token in return, which can be used within other decentralized applications.

Commenting on the update, Chair Paul Atkins said the move reflects the agency’s broader push to clarify crypto-related rules. He noted that staking through software protocols or service providers does not automatically trigger securities laws.

Clearer Rules Under Project Crypto

Atkins also highlighted the role of liquid staking tokens in this setup, saying they simply represent ownership of the staked assets and any benefits they may generate. He called the update a meaningful step forward in outlining what is and isn’t under SEC oversight.

His comments align with the launch of “Project Crypto,” a new SEC initiative aimed at rewriting digital asset rules. The project covers key issues such as custody, token distribution, and on-chain participation.

The updated guidance, along with the broader regulatory shift, was welcomed by market participants. Some see it as a sign that the SEC’s stance on crypto is evolving, especially in how staking may be handled in future financial products.

Nate Geraci, head of NovaDius Wealth, suggested that the clarity could support the approval of spot Ethereum ETFs that include staking. He added that liquid staking tokens may address earlier liquidity concerns raised in talks with the agency.

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