Proof of Stake Alliance publishes white papers on legal aspects of liquidity staking
Experts from 10 industry organizations contributed to this pioneering examination of legal questions surrounding proof of stake.
Just to note that this is related to the USA - not globally (even if the SEC thinks so).
The papers:
U.S. Federal Securities and Commodity Law Analysis of Liquid Staking Receipt Tokens
U.S. Federal Income Tax Analysis of Liquid Staking
I haven't as yet read them in full, but it strikes me as very unlikely that such tokens would fail all the Howey test conditions.
It is important to name tokens appropriately based on the reality of the nature of the relationship between the underlying token and the receipt token. The group recommends accurately and appropriately describing liquid staking receipts as “Liquid Staking Tokens”or “LSTs” instead of the inaccurate but commonly used term “Liquid Staking Derivatives” or “LSDs.”
Yes, that is important, but accurate nomenclature should not obfuscate the reality behind the name.
The battle being fought here is with the SEC's recent (albeit cryptic) statement that tokens across a bridge need to be collateralised on top of the original tokens on the originating network.
Anyway, I need to read it all. You can keep up to date with POSA here:
A receipt can then be used as collateral for a loan ;-)
yep.
https://vikaspedia.in/agriculture/ict-applications-in-agriculture/electronic-negotiable-warehouse-receipt
in Swiss law, negotiable receipts are classed as securities.