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The SEC and several states argue that the product constitutes a unregistered security offering. Coinbase claims staking is not a security, maintaining that it is a "core part of ensuring the cryptoeconomy functions for hundreds of millions of users around the globe."
Calling staked coins "a security" might be considered an extreme compliment. Most POS tokens/coins are really just glorified Ponzi schemes, if we are really honest, is this correct or not?
The ponzi scheme works differently. There, old users make a profit at the expense of attracted money from new users. If ecosystem tokens are used and have value, then this is no longer a ponzi scheme. And staking is also different, you can create your own node and maintain the network to get a reward for it.
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SEC asked Coinbase to halt trading in everything except bitcoin, CEO says
Request would have meant ‘the end of the crypto industry in the US’, according to Brian Armstrong
https://www.ft.com/content/1f873dd5-df8f-4cfc-bb21-ef83ed11fb4dIn the cryptospace, calling some type of coin or token a ponzi scheme would open an argument that other coins and tokens of a different type might also be ponzi schemes. Also, from a ponzi's definition, assets traded in markets of any type can be considered ponzi schemes, including bitcoin, stocks and futures. For older investors to make money, new money should enter the market.