Pretty sure Taylor Swift concert tickets are a security under the Howey Test as applied by Gensler’s SEC. All sold out in presale and you can sell a $200 for $4000 on the stubhub exchange. Sold to support building the platform for the concert.

9/ Bottom line:.- Covered Crypto Assets = not securities.- Staking Receipt Tokens = not securities.- Secondary market activity in those tokens = not a securities transaction (when structured as described).

8/ This follows earlier May 2025 SEC staff guidance on solo, custodial, and self-custodial staking, showing a clear regulatory view: if structured properly, common staking models including liquid staking do not involve securities.

7/ The key factor: providers involved must not exercise discretion or managerial control over how assets are staked. These activities must be administrative and ministerial only to stay outside securities definitions.

6/ Small caveat in the Statement: "unless the Covered Crypto Assets ar5e pat o or subject to an investment contract." Make sure you read Footnote 12 for anything you are doing. This is not a blanket exemption and fit into the accepted structure of the statement.

5/ The SEC also states that persons involved solely in the secondary market offer or sale of these Staking Receipt Tokens do not engage in a securities transaction if the structure meets the described parameters.

4/ The SEC states that neither the Covered Crypto Assets deposited, nor the Staking Receipt Tokens issued and redeemed under these ministerial frameworks, are securities under the Securities Act or Exchange Act.

3/ This is great news for protocols like @LidoFinance and @jito_labs that allow types of deposits, giving stakers liquidity through Staking Receipt Tokens while keeping their Covered Crypto Assets staked.

2/ The SEC Statement defines:. Covered Crypto Assets = crypto assets deposited for staking. Staking Receipt Tokens = 1:1 tokens received back, representing ownership of those Covered Crypto Assets and rights to staking rewards

1/ 🧵 The SEC has just released a "Statement on Certain Liquid Staking Activities." Full statement her5e

RT @propelforward: Everyone interested in thinking about rebuilding the US federal securities laws around direct holdings should read this….

8/. What it means:.• The White House and the SEC are on the same page.• Self‑custody rights are being elevated as core .• Developers may see safe‑harbors for simply publishing wallet or contract code.• A shift from enforcement‑led to rulemaking‑driven crypto regulation.

9/ Bottom line:.The U.S. is moving from crypto conflict to crypto clarity. Atkins’ speech and the White House strategy report signal the strongest coordinated pro‑crypto policy shift ever.

8/ What it means:.• Self‑custody rights are being elevated as core feature of industry.• Developers may see safe‑harbors for simply publishing wallet or contract code.• A shift from enforcement‑led → rulemaking‑driven crypto regulation.

7/ He also proposed an “innovation exemption”—a regulatory sandbox for on‑chain products. That aligns directly with the White House’s call for experimental frameworks.

6/ Atkins pushed for distinct rules for decentralized, self‑executing protocols—arguing legacy rules built for intermediaries don’t fit pure on‑chain code.

5/ My favorite quote from the speech: “The right to have self‑custody of one’s private property is a foundational American value that should not disappear when one logs onto the internet.” – Paul Atkins, SEC.

4/ On staking & network participation:.Atkins welcomed clarifications that miners, validators & staking providers aren’t automatically securities issuers—but urged formal rulemaking for lasting certainty.

3/ Atkins echoed that vision, calling DeFi a natural extension of economic liberty, private property, and innovation, echoing the same core values of the White House strategy. Read his full remarks here: statements/atkins‑remarks‑defi‑roundtable‑060925.

2/ The White House strategy lays out a plan to make the U.S. a crypto innovation hub:.• Protecting self‑custody.• Clear SEC & CFTC roles.• Stablecoin + tokenized asset frameworks.• Innovation sandboxes.• Tax & retirement crypto integration.

1/ On the heels of the White House’s “National Digital Assets Strategy: Strengthening American Leadership in Digital Financial Technology” (July 30, 2025), today SEC Chair Paul Atkins gave one of the most pro‑crypto speeches yet from the SEC. 🧵.