SEC: Certain "Protocol Staking Activities" Are Not Securities Transactions

The latest crypto guidance from the SEC is in: Common forms of cryptoasset staking activities do not, standing alone, constitute securities transactions subject to regulation under the federal securities laws. Partners Alexander Drylewski and Stuart Levi and counsel Shaud Tavakoli discuss how this guidance clarifies that these activities are administrative or ministerial and do not meet the “efforts of others” prong of the Howey test.