Everstake’s Call to the SEC
Everstake, a prominent player in the non-custodial staking space, has recently called upon the U.S. Securities and Exchange Commission (SEC) to assert that non-custodial staking activities should be exempt from securities regulations. This appeal comes at a time when the landscape of regulatory guidelines remains murky, casting doubt on the essential role of staking in the blockchain realm.
Key Discussions with the SEC
In a meeting with the SEC’s Crypto Task Force last week, the executives from Everstake highlighted their position that staking services, which allow users to retain control over their digital assets, should not be classified as securities transactions. This discourse reflects a broader worry within the blockchain community, especially considering that around $193 billion is actively staked in significant proof-of-stake (PoS) networks—a testament to the vital contribution that staking makes to decentralized network infrastructure.
Distinction from Securities Transactions
In a letter submitted in conjunction with their discussions with the SEC, Everstake underscored key points that distinguish non-custodial staking from qualified securities transactions, specifically pointing out the absence of asset transfers or profit-sharing agreements typical of securities as defined by the Howey Test.
Statements from Everstake’s Founder
Sergii Vasylchuk, the Founder of Everstake, expressed his views on the necessity of engaging with regulatory bodies like the SEC, stating, “Our meeting with the SEC was a vital step towards enhancing public comprehension of non-custodial staking’s significance within the blockchain framework. We are committed to fostering collaboration with regulators to create a secure and trustworthy environment for the industry. We are ready to provide our technological infrastructure, data, and expertise to assist regulators in grasping the intricacies of non-custodial staking and foundational blockchain technologies.”
Proactive Stance for Clearer Regulation
Everstake’s initiative indicates a proactive stance from infrastructure providers looking to safeguard the innovativeness that characterizes PoS networks while simultaneously advocating for clearer regulatory guidelines. The decisions arising from this engagement could significantly shape the manner in which staking services are utilized, governed, and regulated across the United States.
