SEC Clarifies Staking Receipt Tokens as Digital Tools
The SEC's Division of Corporation Finance has clarified when staking receipt tokens may be treated as digital tools rather than securities under U.S. law.
In a recent FAQ update, the staff explained that a staking receipt for a digital commodity can qualify as a digital tool if it serves as proof of ownership of an underlying asset not subject to an investment contract.
The staff also noted that a receipt issued by a protocol-based liquid staking provider may be classified as a digital commodity when its value is linked to the operation of a functional crypto system and market supply and demand.
The clarification addresses how the SEC classifies certain tokens and assesses an issuer's promises to buyers. The answers are staff views and do not create new legal obligations, but rather provide guidance on existing interpretations.