Cryptocurrency industry groups have urged the US Securities and Exchange Commission (SEC) to issue a formal staking guide, citing ongoing uncertainty for web3 infrastructure providers, according to Allison Muehr, head of staking policy for the crypto council for innovation, a group of tradition.
The clarification of the SEC position on staking has been the top priority for the crypto industry, Muehr said during Solana’s accelerate conference in New York.
“We’re about 25% of the way there,” Muehr said. “The SEC has developed more constructive relationships with us over the past four months than the last four years, but we still have no formal guide to care.”
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Change of regulation
Under the previous US president administration, the SEC has brought implementation actions against several crypto companies for offering staking services that are said to be unregistered security offerings.
Since President Donald Trump received the office in January, the SEC softened its stance.
In February, the agency released a guide saying that Memecoins Do not qualify as investment contracts under US law.
In April, the regulator clarified that Stablecoins also did not qualify as security if they had been -market only as a way of making payments.
However, the agency has not yet approved staking on funds that fund (ETF) (ETF) have issued a formal guide to how to offer staking services in the US.
Other Policy Objectives
Muehr said he was optimistic that the SEC would eventually approve staking for cryptocurrency ETFs, including for the proposed Solana (Sol) fund.
“Going there means that the SEC first is comfortable in the structure,” he said, noticing that the industry has recently been “some productive meetings with the agency.”
“I hope we can see a Solana ETF and even a staked Solana ETF in the US once soon.”
The SEC is not the only agency that the crypto industry is looking to encourage. Muehr said the Internal Revenue Service (IRS) – the leading US tax authority – also gained a position opposed to the industry.
“The IRS finally released a statement that staking rewards are service revenues,” he said. “We do not agree with that interpretation and continue to engage.”
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