Source: cryptoslate

Translation: Blockchain Knight

The latest guidance on liquid staking released by SEC staff has sparked market expectations that U.S. regulators are about to allow cryptocurrency spot ETFs to engage in staking activities.

Nate Geraci, co-founder of the ETF Institute, stated that this guidance is the "final hurdle" before the SEC approves Ethereum spot ETFs to conduct staking operations.

Additionally, he pointed out that liquid staking tokens (LSTs) will be used to manage internal liquidity within funds, which is a core concern for the SEC.

His views align with the stance of the SEC's Division of Corporation Finance, which indicates that, under the described structure, liquid staking activities do not involve the issuance or sale of securities.

Moreover, staking receipt tokens (SRTs) serve merely as receipts for the underlying assets and are not securities themselves.

LSTs allow funds to maintain liquidity while having staking exposure, preserving on-chain staking rewards, and holding transferable receipt tokens that can be used for portfolio operations, collateral, or redemption without fully unwinding staking positions.

Lucas Bruder, CEO of Jito Labs, stated in a statement that this guidance reflects an "extremely detailed understanding" of the current liquid staking mechanisms.

He added, "We will see the application of LSTs expand in traditional and new financial instruments, including ETFs."

Regarding the impact of this decision, Bruder looks forward to the listing of fully staked ETFs made possible through LSTs.

The CEO of Jito Labs and other industry participants met with the SEC in mid-February to discuss the staking rules for ETFs.

According to meeting records, both parties discussed LSTs to address the SEC's concerns about redemption timing. Participants emphasized that LSTs within the ETP framework can avoid direct participation in the staking process, thereby simplifying the procedure.

This liquid staking guidance is based on staff views from May 29, indicating that other forms of agreement-based staking also do not require registration, and features such as early redemption and penalty protection do not, in themselves, convert staking into a securities issuance.

However, the SEC emphasized that its views apply only to administrative and transactional service provider roles and specific factual scenarios. Therefore, mechanisms that extend beyond these boundaries may be treated differently.

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