Internet reports that the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Task Force disclosed that it had recently met with Everstake, a provider of unsecured pledge services, which advocated that unsecured pledges should be regarded as a technical agreement mechanism rather than securities transactions. Everstake founder Sergi Vasylchuk said that users always retain control of digital assets during the pledge process and do not transfer ownership of the assets to third parties, so pledge is more similar to the basic technical functions of the blockchain network than investment products. According to the legal opinion submitted by Everstake, unsecured pledges do not meet the four criteria for "investment contracts" in Howey's test: users have not invested funds in a joint enterprise, have no expectation of making profits from the efforts of others, and do not rely on the management of service providers. Behavior, and pledge rewards are automatically distributed by the blockchain protocol, so it is recommended to clarify guidelines to confirm that unsecured pledges do not constitute securities issuance to promote blockchain innovation and reduce regulatory uncertainty. As of now, the US SEC has not issued a clear position on this, but said it will continue to listen to industry opinions.