SEC issues policy statement on PoS network staking activities, clarifying that three types of staking activities do not constitute securities issuance According to the official website, the US Securities and Exchange Commission (SEC) has issued a policy statement regarding PoS network staking activities, clarifying that three types of staking activities do not constitute securities issuance: 1) Autonomous staking (node operators use their own encrypted assets to participate in network verification); 2) Third party non custodial pledge (asset owners retain control and only entrust verification rights); 3) Compliant custody pledge (the custodian strictly isolates customer assets and does not use them for operation or re pledging). The statement points out that the network rewards obtained from the above-mentioned pledge activities are verification service consideration, rather than investment income obtained based on the management efforts of others, and therefore do not meet the securities recognition standards of Howey's test. At the same time, it is clarified that the four types of supporting services (confiscation insurance, early unbinding, reward restructuring, asset aggregation) will not change the nature of the pledge. This policy does not apply to pledge services that provide fixed income or use customer assets for business activities such as trading. The SEC emphasizes that custodian institutions must ensure that pledged assets are: 1) independent of operating funds; 2) Prohibit lending or re mortgaging; 3) Not subject to third-party claims. This policy aims to provide regulatory certainty for compliant staking activities while maintaining enforcement authority over securities tokens.