'Getting it right on staking matters,' wrote Coinbase's chief legal officer Paul Grewal.
that"staking is not a security under the US Securities Act, nor under the Howey test." Grewal also noted:
Grewal argues that staking fails to meet the four elements of the Howey test: investment of money, common enterprise, reasonable expectation of profits, and efforts of others."The Howey test comes from a 1946 Supreme Court case – and there is a separate discussion to be had about whether that test makes sense for modern assets like crypto," he noted.
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