Opinion: Staked crypto-assets do not constitute securities, and the law isn't especially vague about it.
between Kraken and the United States Securities and Exchange Commission set off alarm bells in the crypto community this month. Apparently, Kraken — one of the most compliance-minded crypto exchanges in existence — decided to buy its peace rather than fight with the SEC for years over whether it was offering unregistered “securities” through its staking program.
Settlements are not law. They're a decision that the economics of settling are better than fighting, no more.It may be a tough question, but the SEC hasn't answered it either way today.Stakers don’t necessarily know who the other stakers are, nor do they need to know, as the fate of one’s stake is dependent only on following the rules of that blockchain as to “liveness” and other technical considerations.
It is true that third parties, such as Kraken, serve a custodial role in the staking relationship — that is, they may hold the private keys to the particular coins the client intended to stake. However, serving as a custodian of a fungible asset, especially where such a custodian holds collateral on a 1:1 basis to back every customer account, is a discreet service.
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