There is quite a bit of news today. Just now, the SEC's cryptocurrency working group discussed the possibility of adding staking to spot ETFs with Jito Labs and Multicoin Capital.
Currently, two proposals have been provided:
- Services Model
A portion of the assets held by the spot ETF can be staked by professional staking service providers (such as Jito Labs).
A staking ratio (e.g., 40%-60%) is set to ensure that redemption needs can be met within the T+1 settlement cycle.
Staking rewards can be included in the asset value of the spot ETF or distributed proportionally to investors.
- Liquid Staking Tokens (LST Model)
The spot ETF can hold liquid staking tokens (LST), such as JitoSOL (Solana staking version of SOL).
This addresses the unlocking period issue of PoS assets (i.e., staked assets cannot be redeemed immediately).
It allows asset holders to continuously earn staking rewards without affecting the redemption efficiency of the spot ETF.
It adopts a structure similar to precious metal ETFs (e.g., GLTR), which can optimize accounting treatment and tax compliance.
However, the SEC still has some concerns:
How to meet the T+1 redemption settlement requirement? (PoS assets have a lock-up period)
How to address the tax implications of staking rewards? (involves trust structures)
Does staking constitute a securities transaction? (may trigger regulatory disputes)
In addition, there are concerns about how to trust third-party staking. If a third party misappropriates assets or does not fully stake, how to handle it is still under discussion. However, it can be seen that @solana's staking providers are actively discussing with the SEC.
In contrast, there are no signs of communication between @ethereum's official and third-party staking institutions with the SEC. (If there were communication, it would be disclosed.)
Original link: https://www.sec.gov/files/jito-memo-020525.pdf
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