Caroline Crenshaw, a commissioner of the U.S. Securities and Exchange Commission (SEC), harshly criticized a staff statement released by the agency's corporate finance division on Tuesday, which praised the SEC's stance on liquid staking activities, stating that it caused more confusion than clarity.
"Some things are better left unsaid," Crenshaw wrote at the beginning of her rebuttal, arguing that the staff statement "only serves to confuse" as it relies on unverified assumptions.
Crenshaw stated that the statement created a "wobbly wall of facts not anchored in industry reality," warning liquid staking entities to proceed with caution: "Liquid stakers, beware."
The SEC staff statement claimed that certain liquid staking activities do not constitute securities offerings, depending on how they are structured. Chairman Paul Atkins called the move "an important step forward," outlining which crypto asset activities fall outside the agency's jurisdiction.
SEC Commissioner Hester Peirce also commented after the agency's statement, asserting that liquid staking is a familiar practice, akin to depositing commodities with an agent who issues receipts. "Today's statement clarifies the department's view that liquid staking activities related to protocol staking do not involve the issuance and sale of securities," Peirce wrote.
Liquid staking allows cryptocurrency holders to earn rewards by staking their assets while using tokenized versions (liquid staking tokens) for trading, lending, or otherwise participating in DeFi. It increases liquidity and flexibility within proof-of-stake networks, enabling more efficient capital use and broader access to staking yields.
According to DefiLlama data, liquid staking has rapidly evolved into a significant part of the cryptocurrency market, with nearly $67 billion locked across various protocols.
Currently, Ethereum dominates this space, accounting for about $51 billion of the total. Leading platforms for liquid staking include Lido Finance, Rocket Pool, and Ankr, which have driven much of the growth by allowing users to stake assets while maintaining liquidity.
Related: The U.S. Securities and Exchange Commission (SEC) cryptocurrency special task force will embark on a nationwide tour, holding 10 roundtable discussions across the country.
Original: “U.S. SEC Commissioner Slams Agency's Liquid Staking Statement: 'Confusing'”
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