The United States Stock Exchange and Securities Commission (SEC) has heroes discussions with Everstake, one of the largest non -custodial strike suppliers worldwide, to explore regulatory definitions around the strike in blockchain networks.
The meeting, which also involved the Crypto Task Force of the SEC, arrives at a time when more than $ 193 billion in digital assets are served in the main participation test networks (POS).
However, despite the massive participation scale, the strike remains in a legal gray area in the United States, since regulators fight their classification under the existing values.
The previous administration of the SEC also has actions to apply the law against the main actors such as Kraken, Coinbase and Consensys due to its strike services. The agency, under President Pro-Crypto Donald Trump, recently dismissed these application actions.
Duration The meeting, Everstake told the SEC that the non -custodial strike should not be classified as a transaction of values. The company said users maintain total control over their digital assets through the needle process and do not transfer the property to a third party.
They argued that this makes the strike a technical function, not an investment product.
“Our main statement is that the strike is not a financial instrument or a security transaction, but rather a technical process, a base layer protocol mechanism, an oracle in a database, Mintains, the integrity and functionality of decentralized networks,
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Everstake asks for regulatory clarity
In a letter presented to the Crypto task force of the SEC on April 8, 2025, Everstake asked the agency to extend regulatory clarity to the strike and custody strike models without custody without custody.
In the letter, which occurred in response to the call of Commissioner Hester Peirce for the contribution on the regulatory treatment of Blockchain services, Everstake argued that an offer of rooms should not be consulted to the non -custodial strike.
He affirmed that the non -custodial strike, where users retain the control of their tokens, does not imply the grouping of assets or the expectation of profits of management efforts.
In his model, Everstake said that users delegate only validation rights while maintaining ownership of their digital assets. The strike rewards are distributed algorithmically by the Blockchain network itself, and the company simply provides technical infrastructure.
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The non -custodial strike fails the Howey test
The letter also details why the non -custodial strike fails each tip of the Howhey test. Users do not make an investment of money in a common company, do not expect profit -efforts and do not depend on the company’s management for financial returns.
Instead, any reward comes from incentives at the network level and fluctuates with the market value of the underlying asset.
Everstake proposes specific criteria that should exempt the non -custodial strike of the classification of values. These include user asset control, the absence of grouped funds, disapproval without permission and the provision of purely technical services.
It compensates the non -custodial strike with the work proof mining, which the SEC has previously ruled out as a transaction of values.
Margaret Rosenfeld, legal director of Everstake, also told Cointelegraph that “with a non -custodial strike, there is no asset delivery, no investment contract and no third party risk.” She added:
“Treat it as a sacrifice of values undermines the decentralized model and runs the risk of cooling innovation in the blockchain sector.”
Nuncaberness, the SEC has so far with hero a definitive posture. Rosenfeld said the agency did not make any “specific commitment” about rethinking orientation. However, he continues to listen to the interested parties of the industry.
“The working group is actively involved with a variety of interested parties that include people involved with non -custodial attack, ETF and broader blockchain infrastructure to collect the entrance.”
In the letter of April 30 to the SEC, almost 30 groups of cryptography defenders led by the Lobby group, the Crypto for Innovation (CCI) council requested the agency for a clear regulatory guide on cryptographic and strike services.
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