SEC staff’s staking-token split spotlights the exit risks behind staked ETH tokens
Summary
A Sept. 25 SEC staff FAQ says qualifying staking receipts may be treated as digital tools, while protocol-issued liquid-staking tokens may be digital commodities; it does not classify cbETH or stETH by name. The distinction depends on product rights and structure, and the nonbinding guidance does not guarantee redemption or determine whether specific products are securities. Coinbase users can sell or transfer cbETH, but contractual unwrapping requires eligibility and returns staked ETH before Ethereum unstaking is complete. stETH holders can request ETH through Lido’s withdrawal queue or sell on the market. Both routes involve delays, liquidity and price risks, and the tokens can trade below the value of their underlying staked ETH.
