I don't know how many people overlooked the Protocol Staking Statement released by the SEC's finance department at the end of last month, Clear node self pledge, entrusted non custodial pledge, and custodial pledge, as long as they meet the conditions of only providing administrative/transactional services and not guaranteeing returns, do not constitute securities issuance, To put it simply, 99% of staking on current or future PoS chains is not securities trading. The SEC basically serves as the basis for ETH spot ETFs to come with collateral returns and for Bank of America to directly provide collateral custody. This is also the reason for the stable price of ETH - the amount of ETH pledged increased by 1.3 million in one week, and the locked position was close to 4.17 million ETH (accounting for 28.4% of the supply). I think this document can be called a true 'conspiracy group' setting up a narrative around ETH, because before that: -BlackRock iShares Ethereum Trust already holds 1.43 million ETH and has publicly stated that if policy allows, it will participate in staking some of its holdings -The four major banks in the United States have been approved for digital asset custody and agency trading in OCC May Interpretive Letter 1184 Not long after the release of this document, the market revealed that the ETF pledge function is expected to be approved before the end of June. It may be too obvious to set the tone of "non securities" first and then approve the ETF pledge, The enforcement of Kraken and Coinbase's pledge business by the SEC in 2023 has basically been announced as invalid.