The US SEC's Division of Corporation Finance clarified that some liquid staking activities, including issuance and redemption of receipt tokens, do not count as securities offerings.



When staking is structured through self, custodial, or delegated models without entrepreneurial efforts, it falls outside securities law.

The guidance applies to protocol-based and third-party provider models, provided their activities remain consistent with the outlined parameters.

However, the SEC cautioned that liquid staking services extending beyond the described scope or involving additional managerial functions could still trigger securities laws.

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