Kelman Law's Law and Ledger segment has released an analysis on the legal treatment of decentralized finance (DeFi), staking, airdrops, and non-fungible tokens (NFTs) under securities law. The report highlights that centralized staking and liquidity pools might be classified as securities if they involve profit expectations from the efforts of others. Additionally, the classification of airdrops and NFTs as securities or commodities depends on their structure and marketing strategies. The analysis emphasizes that the determination of these digital assets as securities is based on their economic reality rather than the underlying technology. This legal scrutiny aligns with broader regulatory objectives, including efforts to counter the financing of terrorism, reflecting the increasing intersection of digital assets with traditional financial regulations.