Wu said that the US Securities and Exchange Commission's Corporate Finance Department has issued a statement clarifying that under specific structures, Liquid Staking and related Staking Receipt Tokens typically do not involve the issuance and sale of securities as defined in Section 2 (a) (1) of the 1933 Securities Act or Section 3 (a) (10) of the 1934 Securities Exchange Act, and therefore do not require registration or exemption. This type of arrangement refers to users depositing encrypted assets into protocols or third-party service providers for pledge, and obtaining equivalent certificates to prove ownership of the pledged assets and their rewards. The voucher itself does not generate any income, and its value comes from the underlying pledged assets, rather than any third-party management or entrepreneurial efforts. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=46734