There's a lot of news today, just now the SEC's cryptocurrency working group discussed the possibility of adding staking in spot ETFs with Jito Labs and Multicoin Capital. There are currently two options available, namely 1. Service Model Pledge Part of the assets held by spot ETFs can be pledged by professional pledge service providers such as Jito Labs. Set a pledge ratio (such as 40% -60%) to ensure that redemption needs can be met within the T+1 settlement cycle. Pledge rewards can be included in the asset value of spot ETFs or distributed proportionally to investors. 2. Liquidity collateral token (LST model) Spot ETFs can hold liquid collateral tokens (LSTs), such as JitoSOL (Solana Pledged SOL). Resolve the unbinding cycle issue of PoS assets (i.e. pledged assets cannot be immediately redeemed). Allow asset holders to continue receiving pledged returns without affecting the redemption efficiency of spot ETFs. Adopting a structure similar to precious metal ETFs (such as GLTR) can optimize accounting treatment and tax compliance. But currently, the SEC still has some concerns: How to meet the T+1 redemption settlement requirements? (PoS assets have an unlocking period) How to address the tax impact of pledged income? (Involving trust structure) Does pledge constitute securities trading? (May cause regulatory disputes) In addition, there are also discussions on how to trust third-party pledges, and how to handle third-party pledges such as asset misappropriation or incomplete pledges. However, it can be seen that @ solana's pledge provider is actively discussing with the SEC. On the contrary, there is no sign of any communication between the official and third-party staking institutions of @ Ethereum and the SEC. (If there is communication, it will be disclosed) This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex