- Everstake defends non-custodial staking during SEC talks.
- Advocates for excluding it from securities laws.
- Stance could affect U.S. blockchain market leadership.
Everstake’s advocacy for regulatory clarity may influence the future of blockchain technology in the U.S., impacting its global competitive stance.
Everstake, led by founder Sergii Vasylchuk, has approached the SEC to argue that non-custodial staking should not be classified as a securities transaction. Vasylchuk stated that it’s a technical process, similar to an oracle in a database.
Margaret Rosenfeld, Chief Legal Officer, emphasizes that non-custodial staking does not involve handing over assets, which remain in the user’s control. The involvement of SEC’s Hester M. Peirce could indicate a potential shift in regulatory outlook.
The absence of a definitive SEC stance on non-custodial staking has left the industry without clear guidelines. Everstake suggests that this could deter innovation in the U.S., impacting the country’s standing in the blockchain ecosystem.
“Staking is not a financial instrument or security transaction, but rather a technical process, similar to an oracle in a database.” — Sergii Vasylchuk, Founder, Everstake source
Previous SEC actions against firms like Kraken have raised concerns within the crypto industry. However, recent withdrawals indicate a possible policy rethink, although clarity remains elusive.
The ongoing dialogue suggests varied future scenarios for non-custodial staking, potentially affecting regulation, technological adoption, and market dynamics. Historical trends and current discussions underscore the importance of clear policies in encouraging innovation.
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