Regulatory U-Turn Draws Fire

The SEC's May 29 guidance exempting certain proof-of-stake blockchains from securities registration has ignited a firestorm of criticism. Former SEC enforcement chief John Reed Stark lambasted the move as "a shameful abdication" of investor protection duties, noting it contradicts federal court rulings in cases against Binance and Coinbase. ——This policy reversal comes despite judges previously allowing claims that staking products qualified as securities——.

Judicial Precedent vs. New Guidance

【Key Conflict】: The SEC's Corporation Finance Division now asserts some staking services may not constitute securities, directly opposing:

1. 2024 rulings permitting Coinbase staking program lawsuits
2. Ongoing Binance litigation positions (dismissed May 2025)
3. Established Howey test criteria

Commissioner Caroline Crenshaw warned the analysis "does not square with court decisions," creating regulatory whiplash for an industry that saw 【$2.3 billion】 in staking revenues last quarter.

Deregulation Wave Raises Eyebrows

The SEC's recent actions form a pattern:

• Closed 7 crypto investigations since January
• Dropped 3 major exchange lawsuits
• Launched industry roundtables

Stark's scathing critique calls this a "crypto-deregulatory blitzkrieg" eroding the agency's 90-year legacy. Meanwhile, Commissioner Hester Peirce defended the approach at Bitcoin 2025, arguing securities classification depends on transaction context rather than asset type.

Consistency Questions Emerge

Crenshaw highlighted contradictions in the SEC's treatment of assets like ETH and SOL—deemed non-securities for registration but securities for product sales. "How is this logical?" she questioned in a June 2 statement. The debate exposes deeper tensions as the SEC attempts to reconcile:

1. Technological innovation demands
2. Investor protection mandates
3. Judicial interpretations

With 【83%】 of staking providers now reassessing compliance strategies, the regulatory fog appears thicker than ever.

Industry at Crossroads

As the SEC pivots toward lighter crypto oversight, exchanges face mounting uncertainty. ——The real casualty may be market stability——, with competing interpretations creating compliance minefields. With neither legislation nor clear precedent emerging, stakeholders brace for more turbulence in this $1.7 trillion sector.