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The US Securities and Stock Exchange Commission (SEC) has led discussions with Everstake, one of the largest providers who are not on worldwide withdrawal to explore the clearer regulatory definitions around betting in blockchain networks.
Meeting, which also included a crypt group of SEC, comes at a time when more than $ 193 billion is set over Major evidence-stake (POS) Network.
Despite the huge scope of participation, the download remains in the legal gray zone in the US, as the regulators are struggling with its classification under the existing securities Act.
The previous SEC administration also took registered measures against main players such as Kraken, Coinbase and Concessys for their download services. According to Pro-Krypto President Donald Trump, the agency recently rejected these coercive measures.
During the meeting, Everstake told SEC that the non-confusion should not be classified as a securities transaction. The company said users maintain full control over their digital assets during the download process and do not transfer ownership to a third party.
They argued that it was a technical function, not an investment product.
“Our main statement is that betting is not a financial tool or security transaction, but rather a technical process, the mechanism of the basic layer-falling protocol-falling on the divorce in the database-which maintains the integrity and functionality of decentralized networks,” said Everstake founder Sergii Vasylchuk.
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EveStake requires regulatory clarity
In a letter submitted to the SEC working group on April 8, 2025, Everstake asked the agency to expand the regulatory clarity to the Nextal withdrawal and binding and liquid models.
In a letter to which he came to respond Commissioner Hester Peirce’s Everstake required that it should not be considered as an offer of securities that should be considered an offer of securities.
He argued that non -collapsing planting, where users retain control of their chips, does not include association of assets or expectations of profits from managerial efforts.
In his Everstake model, he said users only delegate the rights to verify while maintaining ownership of their digital assets. Download rewards are algorithmly distributed by the Blockchain network itself and the company only provides technical infrastructure.
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Neustodic download fails the Howy test
The letter also describes in detail why Nextal download fails Test Howey. Users do not produce the investment of money in a common enterprise, do not expect profits from Everstake and are not dependent on the management of the company for financial revenues.
Instead, any rewards come from the incentives at the network level and fluctuate with the market value of the basic asset.
Everstake proposes specific criteria to liberate non-lines from the classification of securities. This includes control of user assets, absence of associated funds, without permission and provision of pure technical services.
It compares a non-converting question to proof of work that SEC previously excluded as a securities transaction.
Margaret Rosenfeld, the Chief Legal Director of Everstake, also said Cointlegraph that “there is no assembly of assets, no investment contracts and no third -party risk.” She added:
“The treatment of securities is undermined by a decentralized model and risks cooling innovations in the blockchain sector.”
However, SEC has so far detained a definitive attitude. Rosenfeld said that the agency had not accepted any “specific obligations” regarding the instructions. However, it continues to listen to the part of the industry.
“The working group is actively involved in the number of participating pages-including those involved in Neustodial betting, ETF and wider blockchain-in to collect inputs.”
In the letter 30 April at SEC, nearly 30 groups for advocates of cryptomic advocates led by the Lobby Group The Crypto Council for Innovation (CCI) asked the agency for clear regulatory instructions About crypto -staging and downloading services.
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