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.

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.

Tokenized staking derivatives that let users earn validator rewards while keeping capital liquid and deployable.