The SEC Finance Department has just released an article on whether PoS protocol staking constitutes securities issuance In short: As long as you are participating in protocol staking activities in PoS networks, whether you are staking yourself, hosting staking, or staking through a third party, this is not considered a securities behavior, does not require approval registration, and is not illegal. The SEC believes that: Protocol staking is a "technical participation in the network" behavior, essentially "execution and operation", rather than handing over money and letting others help you make money. So you received the reward not because you 'invested in others', but because you' personally participated in the operation of the network ', so it does not constitute securities investment behavior (does not meet the Howey test). Pledge rewards are 'income from labor' You maintain the operation of a PoS network through staking (such as ETH), and the rewards you earn are due to your contributions. It's not about 'relying on the efforts of others', but about' receiving motivation according to online rules'. So this is not securities, it does not require SEC approval and registration, and it is not illegal. https://www.sec.gov/newsroom/speeches-statements/statement-certain-protocol-staking-activities-052925