Securities Regulation Daily Wrap Up, VITAL BRIEFING—SEC crypto interpretation: protocol mining and protocol staking, (Jun 10, 2026)
A new three-part series explains the SEC’s recent crypto interpretation, which differs from some prior guidance but should still be familiar.
The SEC’s latest crypto guidance stated in a formal interpretation is more categorical than previous guidance, some of which has been rescinded, but the bulk of the new analysis remains focused on the profits prong of the Supreme Court’s Howey standard, thus reinforcing that Howey remains good law and is something with which crypto practitioners must still grapple.
A new three-part explainer follows the current SEC’s thinking across multiple topics, including a new classification of crypto assets, the various types of protocol mining, and the practices of wrapping and airdrops, which provide a kind of blockchain glue for assorted crypto trading and promotional activities.
Read the new explainer series here:
Part I—SEC crypto interpretation: Howey, non-security crypto assets, and separation
Part II—SEC crypto interpretation: protocol mining and protocol staking
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