The SEC Division of Corporation Finance issued a September 25 FAQ distinguishing staking receipts, potentially classified as digital tools, from tokens issued by liquid-staking protocols, potentially classified as digital commodities. Coinbase and Lido illustrate two different paths to recover ETH: Coinbase requires an unwrapping process followed by an unstaking request, while Lido uses a protocol withdrawal queue that can be slowed by capacity limits. Secondary-market prices for cbETH and stETH can diverge significantly from the value of underlying ETH, and sellers depend on buyer availability. This analysis represents nonbinding staff guidance and does not classify any specific product by name.
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