The U.S. Securities and Exchange Commission said Thursday that proof-of-work mining—which underpins Bitcoin and some other blockchain networks—does not violate U.S. securities law.
In its latest guidance to clarify rules for the fast-moving industry, the regulator said that mining operations do not need to register their actions as they “do not involve the offer and sale of securities.”
Securing crypto networks has been a controversial issue in the past, with the SEC under the previous administration declaring that proof-of-stake blockchains like Ethereum and Solana—where crypto holders passively earn returns by pledging coins or tokens to a network—could satisfy the Howey test.
Under U.S. law, an asset passes the Howey test and…
Apr 23 2025
