SEC talk say Liquid Staking Token no be Security

SEC talk say liquid staking receipt tokens no be securities under federal law if providers just dey act as agents wey dey do administrative work like mint and redemption. According to Howey test, the value of these tokens depend on how the underlying assets perform, mainly ETH and protocol-driven yields. The exemption no dey for providers wey get discretionary control—like to set reward rates, pick validators, or change product structures—or those wey dey offer investment contract features; such arrangements still dey securities. Secondary trading fit also qualify for exemption if e meet the same criteria. With $67 billion locked for liquid staking on Ethereum, this regulatory clarity remove SEC registration requirement for compliant liquid staking services. E support DeFi innovation, boost crypto liquidity, and open road for spot ETH ETFs and institutional adoption. Market participants suppose maintain strict compliance to enjoy this relief and avoid being classified as securities.