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#加密货币监管动态# The latest SEC guidelines identify liquid staking as not constituting securities, which undoubtedly brings favourable information to the encryption industry. However, the strong criticism from former SEC official Fischer, who likened it to the re-pledging that triggered the Lehman crisis, has sparked a new round of controversy. Objectively speaking, liquid staking does carry risks, but it is fundamentally different from the centralization of re-pledging in TradFi. The key lies in the transparency and auditability of smart contracts. Regulatory bodies need to update their understanding and grasp the characteristics of decentralization systems, rather than simply applying old frameworks. This incident once again highlights the complexity of crypto regulation, requiring cooperation among regulators, the industry, and technical experts to formulate more practical and feasible rules.