ChainCatcher reported on May 23, 2025, that U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, head of the crypto working group, made a landmark statement during a May 19th speech. She confirmed that direct technical participation in Proof-of-Stake (PoS) and Delegated Proof-of-Stake (DPoS) systems does not fall under securities law jurisdiction.
Key Regulatory Developments
- Historic Clarification: This marks the first time an SEC senior official has publicly differentiated staking activities from securities regulations.
- Upcoming Guidance: The SEC will soon publish detailed guidelines outlining which blockchain consensus-related activities remain exempt from securities laws, including technical support services for network participation.
- Regulatory Shift: Commissioner Peirce acknowledged past enforcement shortcomings, noting that aggressive oversight failed to prevent fraud while creating compliance uncertainties for legitimate operators.
Industry Implications
👉 How this decision impacts institutional crypto adoption
- Institutional Adoption: Staking service provider Figment anticipates accelerated U.S. institutional participation in staking ecosystems following this regulatory clarity.
- Market Confidence: The announcement signals reduced legal uncertainty for American entities exploring proof-of-stake network validation.
Risk Management Reminder
ChainCatcher emphasizes:
- Maintain rational perspectives on blockchain technology
- Exercise heightened risk awareness regarding virtual currency speculation
- Remember that all content represents market information or opinions—not investment advice
FAQs
Q: Does this mean all staking services are now SEC-compliant?
A: No—the guidance will specify exempt activities. Projects should await official documentation before assuming compliance status.
Q: When will the SEC release its staking guidelines?
A: Commissioner Peirce confirmed forthcoming publication but didn't specify exact timelines. Updates are expected within months.
Q: How does this affect existing SEC lawsuits against staking providers?
A: Case-by-case determinations still apply, though this policy shift may influence ongoing litigation strategies.