SEC Issues Landmark Guidance: Liquid Staking Exempt from Securities Laws

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In a significant move for the cryptocurrency industry, the US Securities and Exchange Commission (SEC) declared that certain forms of liquid staking do not fall under securities regulations.

The agency’s latest guidance, released Tuesday, exempts participants in these activities from mandatory registration—a decision that benefits major staking providers such as Lido, Marinade Finance, and Stakewise.

The SEC’s Division of Corporation Finance stated that staking receipt tokens, when structured as described, do not constitute securities under the Securities Act or Exchange Act—unless the underlying assets are part of an investment contract.

This development reflects the SEC’s evolving stance under the Trump administration, which has prioritized clearer, more accommodating crypto policies. Recently, Chair Paul Atkins introduced “Project Crypto” to overhaul regulations on digital asset trading, custody, and distributions. The agency also affirmed in May that proof-of-stake staking does not inherently qualify as a securities transaction.