Morning Minute: SEC Gives Crypto Staking The Green Light

Key Points

1. The SEC formally exempted Lido and Jito staking protocols from securities laws, clarifying that their tokens (e.g., stETH, jitoSOL) are not securities.

2. This decision removes legal uncertainty for staking and may facilitate approval of staking in spot ETH and SOL ETFs.

3. Market reaction was mixed, with ETH down 1% despite the bullish news, while other crypto majors like BTC and SOL also saw slight declines.

4. Stablecoin usage hit an all-time high of $1.5T in July, and institutional interest in crypto holdings grew (e.g., SharpLink Gaming added 83,561 ETH).

5. Notable NFT activity included an Ape CryptoPunk selling for 720 ETH ($2.58M), marking one of the largest Punk sales in months.