US SEC: PoW mining does not constitute securities issuance

Comparatively, the US Securities and Exchange Commission (SEC) issued a statement on March 20 that cryptocurrency mining activities based on the Proof of Work (PoW) mechanism do not constitute securities issuance, so there is no need to register in accordance with the Securities Act. The statement pointed out that whether miners mine independently or through mining pools, the rewards they receive are direct returns for contributing to their computing resources, not based on other people's management or operating profits, so they do not meet the definition of an “investment contract.” The SEC emphasized that the certification only applies to specific types of mining activities, and other transactions involving crypto assets still require case analysis.