SEC Clarifies Stance on Staking Receipt Tokens as Securities

The Securities and Exchange Commission (SEC) has clarified its stance on staking receipt tokens. According to the agency, certain receipts issued through liquid-staking arrangements can fall outside federal securities laws if they represent non-security crypto assets that are not subject to investment contracts and meet specified conditions.

In particular, the interpretation covers receipts where rewards come from the underlying protocol-staking activity, not from the receipt token itself. This means that a receipt token representing a digital security or an asset still tied to an investment contract would remain a security.

The SEC also addressed protocol staking activities conducted under similar circumstances. Additionally, a wrapped token may fall outside securities laws when it is backed and redeemable one-for-one, offers no additional return, yield, profit opportunity, or service, and is linked to an asset not subject to an investment contract.

SEC Chairman Paul S. Atkins described the move as an effort to 'draw clear lines in clear terms'. The interpretation was issued on March 17, 2026, with publication in the Federal Register on March 23.