Proof of Stake Alliance (POSA)

POSA is a @crypto_council project that supports the growth & protection of proof of stake-based technologies that will power the next generation of the internet

[Proof of Stake Alliance (POSA) @TeamPOSA]

Staking secures networks. It is not a security.

Read our letter to the SEC here 👇 https://t.co/JauIQZRJmg

[Alison Mangiero @AMangiero]

Today we @crypto_council @TeamPOSA — with 30+ leading orgs — submitted a letter urging the SEC to clarify that staking is a technical process, not a securities activity.

We are aligned across the industry. The time for clarity is now.

[Alison Mangiero @AMangiero]

Today's @USTreasury and @IRSnews guidance removes a major barrier that prevented institutions from participating in staking. It also affirms what the market already knows: staking is here to stay, and thoughtful policy can ensure it thrives responsibly in the United States.

This guidance not only concretely builds on @SECGov's recent staking guidance, it also shows that Treasury is delivering on key areas of focus outlined in the President’s Working Group Report.

Another meaningful step toward a coherent digital asset policy framework in the United States.

[Crypto Council for Innovation @crypto_council]

Today, CCI, CCI’s @teamPOSA, and a broad industry coalition submitted a letter requesting accounting guidance for Liquid Staking Tokens. Why?

[Nikhil Raghuveera @pumpernikhil]

Spot on from @ameensol. We (@0xPredicate) literally co-authored a report on the policy and legal implication of inclusion lists with @TeamPOSA and discussed how something like this is a bad idea. And then we gave a talk on these same points at the @BlockchainAssn Summit last year.

FOCIL simply invites more regulatory scrutiny and portrays Ethereum as less neutral. And this won't just be a US issue, this would be relevant for other regulated markets as well (Europe, Singapore, ADGM, etc.).

And lets say you don't care if validators have to move to more permissive markets (which I take as a relatively privileged position), they may still have to consider regulations and tracking sanctions requirements across different jurisdictions. Here's some notes on the risks for block builders:

If you're wondering why a fintech would launch their own L1 rather than use Ethereum, this how it starts...

[Alison Mangiero @AMangiero]

How it Started v. How its Going

Today, building on their May staking guidance, and as the first announcement since Comm. Atkins announced Project Crypto last week, @SECGov issues new guidance stating that LSTs are not securities. 💪

[Alluvial @alluvialfinance]

From founding @TeamPOSA to his work at @alluvialfinance, our COO @evweiss1 has long focused on unlocking mainstream staking participation.

What's behind the recent surge in ETH ETF inflows, and what do recent regulatory movements mean for the industry?

Evan dives into the tech and regulatory shifts making it possible on @DefiantNews:
https://t.co/6ZgNbNaJtI

[Alexander Grieve @AlexanderGrieve]

@TeamPOSA has been banging this drum since 2021. Hugely important

[Alison Mangiero @AMangiero]

We at @TeamPOSA have been advocating for proper tax treatment of staking (and mining!) rewards for years. Ensuring that staking does not give rise to UBTI would pave the way for staking in ETPs. Let’s get this done.

[Bill Hughes 🦊 @BillHughesDC]

The most important part of the @SECGov 's staking guidance is the "ancillary services" section because these findings were far more uncertain than the rest of the memo. While it was predictable that Corp Fin would find that solo staking, noncustodial staking services, and even custodial staking services were not securities offerings, it wasn't clear at all that slashing protection, pooling, accelerated unstaking, or modification in the payment of rewards would be seen as administrative rather than managerial/entrepreneurial.

This opens up a whole range of service features that benefit stakers/users. It changes the game completely.

The line between administrative and managerial is never explicitly drawn in this memo, because it is really hard to draw in the abstract. I think it was drawn in this instance in a 100% sensible manner. But I recognize that it certainly doesn't have to be drawn as it was, and the last SEC regime would have most certainly drawn it differently. It's eye of the beholder stuff to some extent. People who want the SEC to rule everything will see it one way, and people who believe in regulatory restraint will see it another.

What a difference a year makes.

[Crypto Council for Innovation @crypto_council]

1/ Huge win for staking and the wider crypto community. @SECGov now recognizes staking as a core part of how modern blockchains operate, not an investment contract. 👏 @AMangiero @TeamPOSA

[Evan Weiss @evweiss1]

Today’s SEC statement marks a turning point: staking offered correctly isn’t a security. Incredibly thankful to the SEC staff for providing this clarity after 7 years of work alongside @TeamPOSA. Let the mainstream adoption begin 🚀

[Alison Mangiero @AMangiero]

🚨 🚨 SEC issues staking guidance 👇

[Crypto Council for Innovation @crypto_council]

1/ Today, CCI is proud to stand alongside nearly 30 key players in the industry to secure US leadership in staking. This kind of alignment matters. Here’s why:

[Blockchain Association @BlockchainAssn]

1/ We're proud to support @TeamPOSA's letter to @HesterPeirce and the SEC Crypto Task Force addressing crucial regulatory questions about staking and staking services in response to Commissioner Peirce's "There Must Be Some Way Out of Here" statement.

[Alison Mangiero @AMangiero]

Legal analysis is important - but so is ensuring that regulators & lawmakers understand the nuances re: how staking actually works. It was great to work w/ @TeamPOSA members led by @alluvialfinance @evanmthomas to put together this explainer on the mechanics of Ethereum staking👇

[Alluvial @alluvialfinance]

“Nobody's lugging around bars of gold or grain—they're putting it in a silo or in a warehouse. You get this receipt, this document of title, that evidences your legal and beneficial ownership of that commodity. Really, in the digital world, there's no reason that we shouldn't have these same types of primitive instruments that are used to transfer ownership of assets that might be staked.” - @michaelselig

Read more on the insightful take on liquid staking token from our newly appointed SEC Crypto Task Force chief counsel Mike Selig and @AMangiero, Executive Director at POSA at CCI @TeamPOSA @crypto_council

[Kiln 🧱🔥 @Kiln_finance]

@AMangiero, Executive Director of @TeamPOSA, will join Convergence in New York on March 17th to moderate our panel “Regulation - The race for Leadership: Will the US emerge as the global crypto hub?”

At @TeamPOSA, @AMangiero advocates for clear public policies that support the sustainable growth of the proof-of-stake industry.

🗽 Don’t miss the opportunity to hear @AMangiero's perspective during expert panels and private meetings at the invitation-only gathering: https://t.co/MDoLxC29W0

[Alison Mangiero @AMangiero]

We applaud @SenLummis @SenGillibrand @SteveDaines @RonWyden @SenThomTillis @SenatorHagerty @berniemoreno for sending a letter urging the SEC to allow staking in ETPs

We heard the agency is now hyperfocused on staking, so @_JennieLevin and I took some time to write about it👇

[Alison Mangiero @AMangiero]

It’s a good day for crypto. Now is not only the time to build, but to build sound crypto policy. LFG 💪

[Bill Hughes 🦊 @BillHughesDC]

We @Consensys are working with @TeamPOSA and others in the staking ecosystem to submit our analysis on different staking offerings and the implications of the securities laws. We look forward to the discussion with both the @SECGov and with the broader community about our recommendations. It's very refreshing to be able to engage in productive conversations on this and related subjects, and we appreciate @HesterPeirce's and @MarkUyedaUS for their leadership.