$ETH - SEC staff say liquid staking tokens backed by ETH avoid security classification when they function solely as receipts.

Guidance draws a line at pure representation of staked ETH without extra rights or yield mechanisms.
Tokens adding governance, enhanced returns, or other features may still trigger securities laws.
The distinction aims to separate simple staking access from investment contracts.

Clarity helps protocols like Lido but leaves enforcement discretion for more complex staking derivatives.

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