Liquid staking services don’t trigger securities disclosure requirements, the U.S. Securities and Exchange Commission said Tuesday in a staff statement.

The White House is drafting an executive order to punish banks that deny services to customers based on political or ideological views, including conservatives and crypto companies.

Michigan’s public pension fund significantly increased its exposure to bitcoin during the second quarter, tripling its holdings in the ARK 21Shares Bitcoin ETF (ARKB) to 300,000 shares, according to a recent SEC filing.

Top stories in the Crypto Roundup today:

• SEC Says Liquid Staking Doesn’t Break Securities Law
• Trump Prepares Order to Penalize Banks for Dropping Conservative, Crypto Clients
• Michigan State Pension Fund Triples Bitcoin ETF Holdings

SEC Says Liquid Staking Doesn’t Break Securities Law

Liquid staking services don’t trigger securities disclosure requirements, the U.S. Securities and Exchange Commission said Tuesday in a staff statement.

The update applies to crypto holders who deposit tokens with third-party staking providers in exchange for receipt tokens, which can be used in decentralized finance. 

The SEC said these arrangements don’t qualify as investment contracts, as long as providers act only as agents and don’t manage users’ funds.

The statement isn’t formal rulemaking, but offers insight into how the agency views the practice. It follows a previous note on staking and could reduce legal uncertainty for protocols like Lido, Rocket Pool and Jito.

Trump Prepares Order to Penalize Banks for Dropping Conservative, Crypto Clients

The White House is drafting an executive order to punish banks that deny services to customers based on political or ideological views, including conservatives and crypto companies.

The order would instruct regulators to probe whether account closures violated civil rights or consumer protection laws. President Trump, who says he was dropped by JPMorgan, could sign the order this week. A JPMorgan spokesperson said accounts aren’t closed for political reasons but supported regulatory clarity.

The draft also calls for agencies to review internal policies and the Small Business Administration to examine banks involved in federal loan programs.

Michigan State Pension Fund Triples Bitcoin ETF Holdings

Michigan’s public pension fund significantly increased its exposure to bitcoin during the second quarter, tripling its holdings in the ARK 21Shares Bitcoin ETF (ARKB) to 300,000 shares, according to a recent SEC filing.

The State of Michigan Retirement System, one of the largest pension funds in the U.S., had previously reported holding 100,000 shares of ARKB in April. The same filing confirmed that its 460,000-share position in the Grayscale Ethereum Trust remains unchanged, keeping it among the few pension funds with direct exposure to both bitcoin and ether.

This investment activity comes as Michigan lawmakers advance a series of crypto-focused bills aimed at integrating digital assets into state operations. One bill would allow the state treasurer to invest in major cryptocurrencies. 

Others seek to prevent restrictions on crypto use, reject government-issued digital currencies, and launch a Bitcoin mining program at abandoned energy sites.

State of the Crypto by Top Tier Exchange Volume

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