SEC: Three forms of PoS on chain staking do not constitute securities issuance

According to a report by Golden Finance, the Corporate Finance Department of the US Securities and Exchange Commission (SEC) issued a statement on May 29th stating that it believes "agreement pledging activities" do not fall under the definition of securities issuance under Section 2 (a) (1) of the 1933 Securities Act or Section 3 (a) (10) of the 1934 Exchange Act. Therefore, participants in the agreement pledge do not need to register for related transactions, nor do they need to apply exemption clauses. This statement covers three types of protocol pledge forms: (1) "self pledge" in which node operators pledge their own encrypted assets; (2) The "self custody pledge" conducted by asset holders through third-party node operators; (3) The "custody arrangement" in which the custodian institution represents the client in lending encrypted assets and pledging them. The statement pointed out that these pledge behaviors only involve administrative or transactional services and do not meet the key standard of the Howey Test, which is the reasonable expectation of obtaining profits through the management or entrepreneurial activities of others.