SEC: PoW Mining Activities Do Not Constitute Securities Offering

The U.S. Securities and Exchange Commission(SEC) issued a statement clarifying that the activities of miners and mining pools under the #PoW mechanism do not involve the issuance of securities, and therefore do not need to comply with the registration requirements of the Securities Act and the Exchange Act.

The statement pointed out that the Protocol #Mining conducted by miners on the PoW network only involves the investment of computing resources to verify transactions and maintain network security. The rewards obtained by miners come from the execution of network protocol rules, rather than relying on the entrepreneurial or management efforts of others, and therefore do not meet the definition of investment contracts under the Howey Test.