The division said its view applies to staking of "covered crypto assets" on proof-of-stake networks, activities of third-party service providers such as custodians and node operators, and ancillary services.
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SEC says proof-of-stake staking activities do not constitute securities transactions
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The SEC’s Division of Corporation Finance defined eligible staking activities as those involving covered crypto assets on proof-of-stake networks, including self-staking, staking via custodians, and other ancillary services offered by third-party providers
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The SEC’s Division of Corporation Finance stated in its May 2025 staff guidance that node operators, validators, custodians, delegates, and nominators are included among those whose staking activities are not considered securities transactions
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