SEC Staff Guidance on Staking Tokens Highlights Exit Risks for Liquid Staking

A September 25 SEC staff FAQ clarifies the distinction between staking receipts and protocol-issued tokens, emphasizing that transferable liquid-staking tokens do not guarantee immediate redemption or value parity with underlying assets. The guidance suggests that a receipt evidencing ownership of a digital commodity may be classified as a digital tool, whereas tokens issued by protocol-based providers may be considered digital commodities themselves. The staff noted that these classifications depend on specific terms regarding custody, control, and the rights associated with the deposited assets, rather than a blanket rule for all staking products.