{"id":161187,"date":"2025-08-06T09:30:00","date_gmt":"2025-08-06T09:30:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/?p=161187"},"modified":"2025-08-06T09:30:00","modified_gmt":"2025-08-06T09:30:00","slug":"liquid-staking-sec-nouvelle-regle","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/liquid-staking-sec-nouvelle-regle\/","title":{"rendered":"Liquid Staking : Pourquoi la D\u00e9cision de la SEC Change les R\u00e8gles du Jeu"},"content":{"rendered":"<p>Aujourd\u2019hui, l\u2019industrie crypto vit au rythme des annonces r\u00e9glementaires et la derni\u00e8re d\u00e9claration de la SEC pourrait bien marquer un <strong>tournant silencieux, mais fondamental<\/strong>. En effet, l\u2019agence am\u00e9ricaine a r\u00e9cemment mis \u00e0 jour une r\u00e8gle importante en lien avec le liquid staking. Dans des conditions bien sp\u00e9cifiques, les produits de cette cat\u00e9gorie ne seraient pas consid\u00e9r\u00e9s comme des offres de titres financiers. Une nuance technique en apparence, mais un message lourd de cons\u00e9quences pour un secteur en pleine expansion.<\/p><h2 class=\"wp-block-heading\">Ce que dit r\u00e9ellement la SEC<\/h2><span class=\"replacer\"><\/span><p>Le liquid staking s\u2019est progressivement impos\u00e9 comme une innovation cl\u00e9 de la finance d\u00e9centralis\u00e9e. Un proc\u00e9d\u00e9 technique qui permet aux utilisateurs de <strong>conserver leur liquidit\u00e9<\/strong> tout en participant \u00e0 la validation des r\u00e9seaux. La clarification de la SEC vient donc lever une incertitude qui pesait depuis des mois sur les acteurs de ce march\u00e9.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">SEC: Liquid staking activities and tokens are not securities <a href=\"https:\/\/t.co\/JqpcUWRgkP\">pic.twitter.com\/JqpcUWRgkP<\/a><\/p>&mdash; Messari (@MessariCrypto) <a href=\"https:\/\/twitter.com\/MessariCrypto\/status\/1952784596094820649?ref_src=twsrc%5Etfw\">August 5, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p>En fait, c\u2019est \u00e0 la faveur d\u2019un communiqu\u00e9 de clarification que le r\u00e9gulateur vient apporter ce signal clair \u00e0 l\u2019ensemble du march\u00e9. En substance, tous les <a href=\"https:\/\/cryptonews.com\/fr\/news\/coinbase-paypal-genius-act-rendement-stablecoin\/\">services de staking<\/a> ne rel\u00e8vent donc pas automatiquement du droit des valeurs mobili\u00e8res am\u00e9ricaines. Selon Paul Atkins, il faut mieux distinguer les <strong>prestations techniques<\/strong> de participation au r\u00e9seau des v\u00e9ritables contrats d\u2019investissement.<\/p><p>Autrement dit, si une plateforme de liquid staking propose uniquement un service technique sans promesse de rendement sp\u00e9culatif, elle pourrait op\u00e9rer hors du p\u00e9rim\u00e8tre r\u00e9glementaire. Cette approche au cas par cas et fond\u00e9e sur les \u201cfaits et circonstances\u201d offre une marge de man\u0153uvre nouvelle.<\/p><h2 class=\"wp-block-heading\">Soulagement dans les rangs de l&#8217;\u00e9cosyst\u00e8me DeFi<\/h2><span class=\"replacer\"><\/span><p>Pour les plateformes comme Lido, Rocket Pool ou encore les services de staking op\u00e9r\u00e9s par les exchanges, la nouvelle tombe \u00e0 point nomm\u00e9. Jusque-l\u00e0, le <strong>flou juridique<\/strong> sur la nature du staking faisait peser un risque d\u2019intervention brutale de la part des r\u00e9gulateurs.<\/p><p>D\u2019ailleurs, on peut citer en exemple les <strong>poursuites intent\u00e9es<\/strong> contre certaines plateformes d\u2019\u00e9change pour offres de titres non enregistr\u00e9es. Avec cette prise de position, la SEC desserre l\u00e9g\u00e8rement l\u2019\u00e9tau, ouvrant la voie \u00e0 une innovation plus sereine.<\/p><p>Les projets proposant des <strong>solutions non-custodiales<\/strong>, d\u00e9centralis\u00e9es et transparentes sont clairement avantag\u00e9s. En effet, ce sont celles qui s\u2019\u00e9loignent le plus des mod\u00e8les centralis\u00e9s assimilables \u00e0 des produits financiers classiques.<\/p><h2 class=\"wp-block-heading\">Un cadre incitatif pour l\u2019innovation r\u00e9glement\u00e9e<\/h2><span class=\"replacer\"><\/span><p>Certes, cette sortie m\u00e9diatique de la SEC ne constitue <strong>pas un blanc-seing<\/strong>. Cela dit, elle pose les bases d\u2019un dialogue plus constructif entre les d\u00e9veloppeurs de la blockchain et les autorit\u00e9s.<\/p><p>\u00c0 travers cette d\u00e9finition pr\u00e9cise de ce qui constitue un &#8220;contrat d\u2019investissement&#8221;, la SEC invite de mani\u00e8re implicite les projets \u00e0 s\u2019auto-r\u00e9guler. Par la m\u00eame occasion, elle fournit une motivation suppl\u00e9mentaire \u00e0 documenter leurs services et \u00e0 anticiper les questions de <strong>conformit\u00e9 d\u00e8s la conception<\/strong>.<\/p><p>Ce cadre favorisera donc une nouvelle g\u00e9n\u00e9ration de protocoles DeFi plus en ad\u00e9quation avec l\u2019esprit de la loi. Dans cette optique, l\u2019initiative de la SEC pourrait bien <strong>acc\u00e9l\u00e9rer la maturation<\/strong> du secteur.<\/p><h2 class=\"wp-block-heading\">Vers une dynamique internationale ?<\/h2><span class=\"replacer\"><\/span><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"662\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/06091912\/globe-4872998_1280-1024x662.jpg\" alt=\"\" class=\"wp-image-161220\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/06091912\/globe-4872998_1280-1024x662.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/06091912\/globe-4872998_1280-300x194.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/06091912\/globe-4872998_1280-768x497.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/06091912\/globe-4872998_1280-450x291.jpg 450w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/3\/2025\/08\/06091912\/globe-4872998_1280.jpg 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure><\/div><p>Pour l\u2019heure, il est important de rappeler que cette annonce ne concerne que le <strong>contexte juridique am\u00e9ricain<\/strong>. Cependant, ses r\u00e9percussions pourraient bien \u00eatre mondiales.<\/p><p>Ceci est aussi bien valable pour les investisseurs institutionnels que pour les projets en qu\u00eate de l\u00e9gitimit\u00e9. En effet, les d\u00e9cisions de la SEC <strong>donnent souvent le ton<\/strong> sur le reste du march\u00e9.<\/p><p>Elles sont d\u2019ailleurs, fr\u00e9quemment reprises comme standard de fait dans d\u2019autres juridictions. Il y a donc fort \u00e0 parier que les <strong>r\u00e9gulateurs europ\u00e9ens<\/strong>, asiatiques ou du Moyen-Orient, confront\u00e9s aux m\u00eames dilemmes r\u00e9glementaires, s\u2019en inspirent.<\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Source : <a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/corpfin-certain-liquid-staking-activities-080525\" target=\"_blank\" rel=\"noreferrer noopener\">SEC<\/a><\/p><hr class=\"wp-block-separator has-alpha-channel-opacity\"><p>Sur le m\u00eame sujet :<\/p><ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/sec-tout-mettre-on-chain-project-crypto\/\">La SEC veut tout mettre on-chain avec son \u00ab Project Crypto \u00bb<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/altcoins\/tron-inc-le-feu-vert-a-1-milliard-de-dollars-de-la-sec-pour-une-holding-geante\/\">Tron Inc : feu vert de la SEC pour un fonds g\u00e9ant en TRX ?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cryptonews.com\/fr\/news\/4-altcoins-pepites-staker-rendement-passif-2025\/\">4 altcoins p\u00e9pites \u00e0 staker pour un rendement passif en 2025<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Aujourd\u2019hui, l\u2019industrie crypto vit au rythme des annonces r\u00e9glementaires et la derni\u00e8re d\u00e9claration de la SEC pourrait bien marquer un tournant silencieux, mais fondamental. En effet, l\u2019agence am\u00e9ricaine a r\u00e9cemment mis \u00e0 jour une r\u00e8gle importante en lien avec le liquid staking. Dans des conditions bien sp\u00e9cifiques, les produits de cette cat\u00e9gorie ne seraient pas [&hellip;]<\/p>\n","protected":false},"author":663,"featured_media":161216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1],"tags":[],"editors":[2554],"sponsored_companies":[],"class_list":["post-161187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi-news","category-news","editors-ronan-gaillard"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Liquid Staking : Un Nouveau Cadre R\u00e9glementaire pr\u00e9cise la SEC<\/title>\n<meta name=\"description\" content=\"La SEC clarifie sa position sur le liquid staking. 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