SEC Staff Clarifies Staked Ethereum Tokens Are Not Securities

The US Securities and Exchange Commission (SEC) Division of Corporation Finance has issued guidance stating that tokens received for staking ether are not securities, provided they function strictly as receipts. This clarification follows previous enforcement actions, including a 2023 settlement with Kraken and a lawsuit against Coinbase, which was dropped in February 2025. The SEC and the Commodity Futures Trading Commission (CFTC) previously identified ether as a digital commodity, and current staff interpretations confirm that protocol and liquid staking do not constitute unregistered securities offerings as long as the tokens do not alter underlying rights.