“I think there is question whether staking, particularly liquid staking, turns ETH into a security,” Silagadze said. “I think how it is going to start is you will have ETH ETFs that are either contracted out or run their own infrastructure, those nodes will be compliant and censored and all of that stuff, but it’ll have a nice baked-in yield. Restaking is much more complex, so I think it’ll get there; it’ll just be a matter of time.”