Crypto ETFs Just Hit a Brick Wall -- But Trump Might Blow It Wide Open
At the core is the 1946 Howey test, which says something is a security if investors expect profits from others' efforts. Staking arguably fits that mold. But here's the catch: the SEC has given mixed signals on what staking really is. Just last week, staff said federal securities laws generally don't apply to staking. Now they're saying the opposite. Commissioner Hester Peirce who leads the SEC's crypto task force publicly echoed the confusion, saying she's wrestling with the same questions. Meanwhile, the Trump administration is steering in a different direction entirely. President Trump has embraced crypto, stacked up a Bitcoin (BTC-USD) reserve, and welcomed memecoin fans into the fold. His message? The U.S. should be the crypto capital of the world.
Despite the tension, crypto insiders think the path forward is still open. Bitwise CIO Matt Hougan sees this as part of a deliberate evolution futures ETFs first, then spot, and now staking. And recent precedent suggests the SEC can be flexible. Earlier this year, staff initially blocked a private credit ETF by State Street and Apollo Global, but the firms adjusted and got it back on track. Whether the same happens here remains to be seen. But one thing's certain: yield-hungry investors and crypto-native funds are pushing hard, and regulators will need to make up their minds soon.
This article first appeared on GuruFocus.
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