The U.S. Securities and Exchange Commission (SEC) recently issued an important statement regarding liquid staking of crypto assets. The statement indicated that under certain specific structures, liquid staking and its associated certificate tokens are generally not regarded as the issuance and sale of securities, and therefore do not require registration or the seeking of exemptions.

This statement primarily targets situations where users deposit encryption assets into protocols or third-party service providers for staking and receive equivalent certificates to prove ownership. The SEC emphasizes that the value of such staking certificates mainly derives from the underlying staked assets themselves, rather than relying on third-party management or entrepreneurial efforts, and therefore does not meet the definition of a security.

This move provides important regulatory clarity for the encryption industry, especially for blockchain projects that adopt liquid staking protocols, which is good news. It reflects the recognition of regulatory agencies regarding the characteristics of encryption technology and clarifies the legal boundaries between passive staking and active issuance.

However, it is worth noting that the SEC's position only applies to "specific structures" of liquid staking. This means that the SEC's enforcement standards for specific cases may need to be observed further in the future. Nevertheless, this statement will undoubtedly promote the compliant development of the liquid staking market and provide industry participants with clearer operational guidance.

This shift in regulatory attitude could have far-reaching effects on the entire encryption ecosystem. It not only helps to bolster investor confidence but may also stimulate the emergence of more innovative projects. However, market participants still need to proceed with caution to ensure that their business models fully comply with the "specific structure" described by the SEC, in order to avoid potential legal risks.