According to Coinbase, core staking services just don’t meet the criteria of the Howey test.
United States-based crypto exchange Coinbase decided to communicate proactively on the topic of crypto staking, which had recently gained regulators’ attention. In its petition to the Securities and Exchange Commission , the company explains why staking can’t be universally labeled as securities.by Coinbase on March 20. In an 18-page document, the firm focus on the securities law treatment of services related to the validation of proof-of-stake protocols.
There is also no common enterprise among stakers or between stakers and service providers. Users retain full authority over their assets, with the ability to unstake them, sell, hypothecate, vote, pledge or otherwise dispose of them independent of the service provider.
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