Legal limitations and criticism

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The SEC’s Division of Corporation Finance clarified in its staff guidance that liquid staking and restaking are not covered by the current exemptions, implying these practices may still be subject to securities regulations

Commissioner Caroline Crenshaw dissented from the staff statement, arguing it contradicts legal precedents from enforcement actions against Kraken and Coinbase

The SEC’s Division of Corporation Finance included footnotes in its staff statement clarifying that the guidance is narrowly tailored to specific staking activities, is non-binding, and does not carry the force of law or represent formal rulemaking by the Commission

Caroline Crenshaw warned that the new guidance does not promote regulatory clarity and instead fosters further uncertainty in the legal treatment of crypto staking

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