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A Big Day for Ethereum: SEC Clarity on Liquid Staking Yesterday's SEC guidance confirming that liquid staking and receipt tokens like stETH do not constitute securities provides the much needed guidance that Lido and the industry have needed. As the leading liquid staking protocol, Lido now operates with far greater regulatory clarity in the U.S., removing a cloud of uncertainty that previously deterred institutional adoption and DeFi integrations. The SEC’s Division of Corporation Finance clarified that liquid staking does not involve the offer or sale of securities, and Commissioner Hester Peirce compared liquid staking activities to “the longstanding practice of depositing goods with an agent who performs a ministerial function in exchange for a receipt that evidences ownership of the goods.” This opens the door for U.S.-based platforms, financial institutions, and users to engage with Lido more freely. Without the fear of triggering securities laws, more protocols may integrate stETH, further expanding its utility across DeFi. It also strengthens the case for centralized exchanges and fintech platforms to support Lido’s liquid staking, potentially increasing inflows. For Lido, the guidance not only legitimizes its design but also paves the way for deeper adoption, innovation, and ecosystem growth - especially in the U.S., one of the world’s largest capital markets.