In August 2025, the SEC Division of Corporation Finance issued guidance distinguishing administrative liquid staking activities from arrangements involving managerial efforts that could constitute securities transactions.

From the articleVanEck cancels plans for Lido staked Ethereum ETFAlso in Ethereum News: VanEck Withdraws Unlaunched Lido stETH ETF, VanEck Pulls Plug on Lido Staked ETH ETF After Yearlong Wait, VanEck withdraws SEC registration for its Lido Staked Ethereum ETF