New guidance from US Securities and Exchange Commission (SEC) staff says the tokens people get for staking ether are not securities, as long as they work purely as receipts.

The agency’s Division of Corporation Finance published the guidance on Friday. Three years ago, the same agency made a crypto exchange pay $30 million over staking.

What SEC Staff Said About Staked ETH

Staking means locking up coins to help run a blockchain, in return for rewards. Liquid staking services give users a tradable token as proof of the coins they locked up.

Securities come with…