On March 21, according to the statement released today by the U.S. SEC regarding certain PoW mining activities, the SEC's corporate finance division believes that both individual and collective (so-called PoW type) mining activities are not considered securities transactions. Based on the relevant ideas of the Howey Test, miners do not rely on the efforts of others to earn profits, but rather earn rewards through their own computational contributions to the network.
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US SEC: Separate and collective mining activities are not considered securities transactions.
On March 21, according to the statement released today by the U.S. SEC regarding certain PoW mining activities, the SEC's corporate finance division believes that both individual and collective (so-called PoW type) mining activities are not considered securities transactions. Based on the relevant ideas of the Howey Test, miners do not rely on the efforts of others to earn profits, but rather earn rewards through their own computational contributions to the network.