A May 29, 2025, U.S. Securities and Exchange Commission ("SEC") Division of Corporation Finance statement explains that "Covered Crypto Assets"—crypto tokens without any inherent rights to passive income, business enterprise interest, or profit distribution—are not offers or sales of securities under federal law and can be staked on proof-of-stake ("PoS") networks without triggering Securities Act or Exchange Act registration requirements.

Covered Crypto Assets and Staking Methods

In its Statement on Certain Protocol Staking Activities , the SEC staff defines "Covered Crypto Assets" as tokens integral to a PoS network's operation but lacking intrinsic economic rights (e.g., no guaranteed yield or profit share), confirming that participating in protocol staking of such assets is not con

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