英国财政部得出的结论是，代币质押不符合集体投资的资格。

据 Cointelegraph 9 日（当地时间）报道，英国财政部通过金融法修正案明确规定虚拟资产质押需要

The UK Treasury has decided that coin staking is not a collective investment.

英国财政部已决定，代币质押不是集体投资。

On the 9th (local time), Cointelegraph reported that the UK Treasury specified through a financial law amendment that virtual asset staking, which is required for proof-of-stake (PoS) blockchains such as Ethereum (ETH) and Solana (SOL), is not included in collective investment.

当地时间 9 日，Cointelegraph 报道称，英国财政部通过一项金融法修正案规定，以太坊（ETH）和 Solana（SOL）等权益证明（PoS）区块链所需要的虚拟资产质押，不纳入集体投资。

As the UK has proactively recognized staking as a blockchain verification process, attention is focused on whether the United States will follow the UK's precedent.

由于英国已主动承认质押作为区块链验证流程，人们关注的焦点是美国是否会效仿英国的先例。

The United States Securities and Exchange Commission (SEC) considered staking as a collective investment, such as fund sales, based on the fact that investors' virtual assets are pooled together with those of other investors.

美国证券交易委员会 (SEC) 考虑将 Stake 视为一种集体投资，例如基金销售，因为投资者的虚拟资产与其他投资者的虚拟资产汇集在一起​​。

According to this, the SEC imposed an immediate service suspension and a $30 million fine on the virtual asset exchange Kraken for 'unregistered sales' while operating staking services. Since staking is considered a fund, it is judged that financial authority reporting and regulatory compliance are essential.

据此，美国证券交易委员会（SEC）对虚拟资产交易所Kraken在运营质押服务时因“未注册销售”而立即暂停服务并处以3000万美元罚款。由于质押被视为一种基金，因此金融机构报告和监管合规性至关重要。

In the United States, the staking function has also been removed from the Ethereum spot ETF. The SEC interpreted staking as having securities characteristics and demanded the removal of staking-related content as a condition for approving the Ethereum spot ETF.

在美国，以太坊现货ETF也取消了质押功能。 SEC将质押解释为具有证券特征，并要求删除与质押相关的内容作为批准以太坊现货ETF的条件。