Amerikan Menkul K\u0131ymetler ve Borsa Komisyonu (SEC), liquid staking i\u015flemlerinin menkul k\u0131ymet ticareti kapsam\u0131nda de\u011ferlendirilmedi\u011fini resmen a\u00e7\u0131klad\u0131. Bu karar, staking protokollerine kat\u0131lan bireylerin ve \u015firketlerin SEC\u2019e kay\u0131t yapt\u0131rmas\u0131n\u0131 gereksiz k\u0131l\u0131yor. Peki bu geli\u015fme kripto end\u00fcstrisi i\u00e7in neden bu kadar \u00f6nemli?<\/p>\n
A\u00e7\u0131klama, SEC<\/a> b\u00fcnyesindeki Division of Corporation Finance adl\u0131 b\u00f6l\u00fcm taraf\u0131ndan yap\u0131ld\u0131. Kurum, liquid staking\u2019in protokol bazl\u0131 i\u015flemleri kapsad\u0131\u011f\u0131 i\u00e7in Amerikan menkul k\u0131ymet yasalar\u0131na tabi olmad\u0131\u011f\u0131n\u0131 belirtti.<\/p>\n Liquid staking hizmeti sunan \u015firketlerin i\u015flemlerini SEC\u2019e kaydetmesine gerek kalm\u0131yor. Tabii ki bu yaln\u0131zca, faaliyetlerin mevcut muafiyetler kapsam\u0131nda olmas\u0131 ya da yasal kapsam\u0131n tamamen d\u0131\u015f\u0131nda kalmas\u0131 durumunda ge\u00e7erli.<\/p>\n Staking kar\u015f\u0131l\u0131\u011f\u0131nda verilen Liquid Staking Receipt Token\u2019lar (LST\u2019ler) da \u00e7o\u011fu zaman menkul k\u0131ymet say\u0131lm\u0131yor. Ancak burada \u00f6nemli bir istisna bulunmaktad\u0131r.<\/p>\n E\u011fer kullan\u0131lan kripto para<\/a> bir yat\u0131r\u0131m s\u00f6zle\u015fmesinin par\u00e7as\u0131ysa, bu token\u2019lar menkul k\u0131ymet kapsam\u0131na girebiliyor. B\u00f6yle bir s\u00f6zle\u015fmenin olmad\u0131\u011f\u0131 durumlarda ise \u015firketler bu token\u2019lar\u0131 serbest\u00e7e ihra\u00e7 edebiliyor, takas edebiliyor ve satabiliyor.<\/p>\n Karar, kripto borsalar\u0131<\/a> yat\u0131r\u0131m fonlar\u0131 (ETF) sunan \u015firketler i\u00e7in son derece olumlu bir geli\u015fme oldu. VanEck ve Bitwise gibi b\u00fcy\u00fck sa\u011flay\u0131c\u0131lar, SEC\u2019e staking tokenleri konusunda netlik \u00e7a\u011fr\u0131s\u0131 yapm\u0131\u015ft\u0131. Bu \u00e7a\u011fr\u0131lar, Solana Policy Institute gibi kurulu\u015flar taraf\u0131ndan da desteklenmi\u015ftir.<\/p>\n S\u00f6z konusu \u015firketler, staking tokenlerini ETF\u2019lerde likidite sa\u011flamak i\u00e7in \u00f6nemli bir ara\u00e7 olarak g\u00f6r\u00fcyor. SEC\u2019in yapt\u0131\u011f\u0131 bu a\u00e7\u0131klama, ethereum<\/a> ve solana gibi varl\u0131klar\u0131 i\u00e7eren ETF onaylar\u0131n\u0131 kolayla\u015ft\u0131racakt\u0131r. Staking gelirleriyle g\u00fc\u00e7lendirilmi\u015f bu t\u00fcr ETF\u2019lerin daha istikrarl\u0131 yap\u0131lar sunaca\u011f\u0131 \u00f6ng\u00f6r\u00fclmektedir.<\/p>\n It\u2019s what we\u2019ve been waiting for \u2026 @SECGov<\/a> just dropped guidance on liquid staking activities \ud83d\udca6 \u2014 Rebecca Rettig (@RebeccaRettig1) August 5, 2025<\/a><\/p><\/blockquote>\nETF \u0130hra\u00e7\u00e7\u0131lar\u0131 \u0130\u00e7in Stratejik Bir D\u00f6n\u00fcm Noktas\u0131<\/span><\/h2>\n
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tl;dr \u2013 liquid staking does not create a sec tx (in line w the SEC\u2019s prior PoS guidance) b\/c no entrepreneurial\/managerial activities.
\u2013 LSTs are not securities. (Ready to see them\u2026 pic.twitter.com\/hLNiTb1ER6<\/a><\/p>\n