Seems like Ether staking could trigger securities laws

SEC Chairman has said that PoS rewards could be considered payouts or dividends

“From the coin’s perspective […] that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others,”

Any thoughts?

https://www.wsj.com/articles/ethers-new-staking-model-could-draw-sec-attention-11663266224