Overview
- Revenue Procedure 2025-31 takes effect immediately and gives existing ETFs nine months to amend trust documents to add staking features.
- The safe harbor applies to permissionless proof-of-stake assets such as Ethereum and Solana and requires single-asset holdings alongside cash.
- Funds must use qualified custodians and independent staking providers and maintain liquidity protocols so redemptions can be met even while assets are staked.
- Reported implementations cite Coinbase Custody, BitGo, and Gemini as examples, and rewards are to be distributed to investors, reportedly at least quarterly.
- Industry experts, including ConsenSys’s Bill Hughes, say the clarity removes a major legal barrier and is likely to boost staking participation, liquidity, and institutional adoption.