U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce released a statement on May 29 endorsing new guidance from the agency’s Division of Corporation Finance that clarifies certain crypto staking activities are not considered securities transactions under federal law. The statement, which Peirce characterized as a welcome move, aims to eliminate ambiguity that has discouraged participation in proof-of-stake (PoS) blockchain networks. She noted that the absence of clear regulatory positioning in the past had negative effects: “This artificially constrained participation in network consensus and undermined the decentralization, censorship resistance, and credible neutrality of proof-of-stake blockchains.”

Commissioner Peirce explained:

The Division’s statement is applicable to persons who self-stake certain covered crypto assets on a proof-of-stake or delegated proof-of-stake network. It also applies to non-custodial and custodial staking-as-a-service providers that facilitate this type of staking on behalf of others.

“Additionally, the statement explains that the pairing of certain ancillary services together with non-custodial or custodial staking services, in staff’s view, does not make providing staking services a securities offering,” the SEC commissioner continued. “These ancillary services include the provision of slashing coverage, allowing crypto assets to be returned to a staker prior to the end of the protocol’s ‘unbonding’ period, delivering earned rewards based on an alternative rewards payment schedule and in alternative amounts, and aggregating stakers’ crypto assets together for purposes of satisfying a network’s minimum staking requirements.”

The Division of Corporation Finance’s statement builds on its prior clarifications concerning proof-of-work (PoW) mining, furthering the SEC’s evolving interpretation of blockchain-related activities. Peirce expressed her expectation that both the Division and the SEC’s Crypto Task Force will continue refining their views.

The announcement has been met with cautious optimism across the crypto ecosystem. Industry voices in favor of decentralization argue that the guidance can reduce fear of legal repercussions and expand legitimate participation in consensus protocols. Others remain skeptical, noting that while the clarification is a step forward, more comprehensive legislation may still be required to ensure consistent treatment of blockchain-based services.

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