Crypto Assets Stake: The Evolution from London Cafés to Wall Street

In 1688, captains gathered in a coffee house in London, looking for those willing to insure their voyages. Wealthy merchants became "underwriters" by signing under the details of the ships, guaranteeing these high-risk voyage projects with their personal wealth. The higher the credibility of the underwriters, the safer the voyage, and the more business it attracted. This simple transaction model was: provide capital, reduce risk, and share profits.

A close examination of the new regulations from the US SEC reveals that Crypto Assets have essentially digitized this ancient model: individuals take on risks with their own assets to gain returns, thereby enhancing the overall system's security and credibility.

On May 29, 2025, the U.S. government made it clear that staking will not lead to legal disputes. The importance of this statement is self-evident.

In the stake mechanism, users lock up coins to enhance network security and earn stable returns. Validators use the staked coins to verify transactions, generate new blocks, and ensure the smooth operation of the blockchain. In return, the network pays them newly minted coins and transaction fees. Without stakers, proof-of-stake networks like Ethereum would struggle to maintain operations.

The Wave of Staking is Coming

On July 3rd, the first fund in the United States that offers direct exposure to Crypto Assets with staking rewards officially launched. The fund holds SOL coins through a subsidiary in the Cayman Islands and will stake at least half of its holdings.

This is just the beginning. Many platforms are launching or expanding their stake services:

• A trading platform has launched Crypto Assets stake services for US users, supporting Ethereum and Solana.
• Another platform has added Bitcoin stake functionality through a new protocol.
• VeChain launched a $15 million "StarGate" stake program
• Bit Digital even sold off all its Bitcoin mining operations to focus on Ethereum stake.

Significant Changes in the Regulatory Environment

Behind this series of actions is a significant shift in the regulatory environment:

1. The staking guidelines published by the SEC indicate that staking one's crypto assets to support blockchain operations is fully compliant and not considered a high-risk investment or security. This includes solo staking, delegated staking, and staking through trusted platforms.

2. The CLARITY Act proposed by the U.S. Congress aims to clarify the regulatory jurisdiction of different digital assets. The act specifically protects node operators, stake participants, and self-custody wallet users, ensuring they are not considered Wall Street brokers.

These changes provide a clearer and safer operational environment for Crypto Assets stake.

Ethereum: The Focus of the Staking Craze

Despite Ethereum's price hovering around $2500, its staking data is quite impressive. The total amount of staked ETH has surpassed 35 million coins, setting a new historical high and accounting for nearly 30% of the total circulating supply.

Many companies are actively laying out Ethereum stake:

• BitMine Immersion Technologies completed a $250 million financing, specifically for the purchase and stake of ETH.
• SharpLink Gaming expands ETH reserves to 198,167 coins, achieving 100% full stake.
• Multiple Ethereum ETF issuers are applying for stake qualifications.

Analysts predict that the probability of a stake ETF receiving regulatory approval in the coming months is as high as 95%. Such products are expected to reverse the outflow of funds from Ethereum funds since their inception.

Crypto Assets and Wall Street Resonance

Traditional finance has always struggled to understand the value proposition of Crypto Assets. However, the concept of "yield" is very familiar to Wall Street. Imagine a regulated crypto fund that generates 3-5% stake returns annually while also providing the potential for appreciation of the underlying assets; this combination is highly attractive to investors.

The core breakthrough lies in legitimacy. When pension funds can gain exposure to Ethereum through compliant ETFs, while generating returns by ensuring network security, it is undoubtedly a milestone for the industry.

The network effects brought by staking have already emerged: more institutions participating in staking → enhanced network security → attracting more users and developers → increased application scale driving up transaction fees → further rise in staking rewards. This is a virtuous cycle that benefits all participants.

For investors, there is no need to deeply understand blockchain technology or the concept of decentralization; one simply needs to grasp the simple logic of "holding assets can profit." Essentially, the network requires security assurance, and guardians should receive reasonable compensation.