Summary
The US SEC issued a staff FAQ on September 25, 2026, distinguishing two types of staking assets under securities law: qualifying staking receipts representing only ownership of the underlying digital commodity may be considered digital tools; protocol-issued liquid staking tokens may be classified…
Key points
- Helps holders of liquid staking tokens understand the gap risk between redemption paths and secondary market liquidity.
- The SEC classifies by function rather than token name, emphasizing the regulatory line between staking receipts and protocol tokens and their exit risks.
- Holders of cbETH or stETH must note redemption conditions and market price deviations, while platforms must review product disclosures and liquidity arrangements.
Editorial note
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