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SEC staff FAQ draws a line between staking receipts and tokens
The guidance says a qualifying staking receipt could be treated as a “digital tool,” while a protocol-issued liquid-staking token may be a “digital commodity.”
CryptoSlate reports that an SEC Division of Corporation Finance staff FAQ dated Sept. 25 makes a conditional distinction in how staking receipts and certain staking-related tokens may be characterized.
According to the SEC staff guidance, a receipt that evidence ownership and the rights it represents may qualify as a “digital tool,” while a token issued by a protocol-based liquid-staking provider may be viewed as a “digital commodity.”
The guidance does not name specific tokens, but CryptoSlate notes that practical outcomes for holders depend on the terms used by issuers such as Coinbase and Lido, including how deposited ETH can be redeemed.
CryptoSlate adds that, under the FAQ description, ownership and control of deposited assets do not pass to the receipt issuer, which cannot transfer, lend, pledge, rehypothecate, or otherwise use the deposited ETH or expose it to third-party claims.
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