The crypto industry is urging the SEC to clarify its stance on the staking business
PANews reported on May 27 that cryptocurrency industry groups are urging the U.S. Securities and Exchange Commission (SEC) to issue formal guidance on staking regulation, according to Cointelegraph. Allison Muehr, head of staking policy at the Crypto Innovation Council, said that clarifying the SEC's stance on staking has become a top priority for the crypto industry, and that Web3 infrastructure providers are still facing regulatory uncertainty despite the fact that the SEC's communication with the industry has been more active in the past four months than in the past four years. Muehr revealed that the industry is pushing for approval of staking products, including the Solana ETF, and has held "productive meetings" with regulators. In addition, the IRS's position on identifying staking earnings as service income has also been opposed by the industry, and related discussions are still ongoing.