US SEC: PoW mining does not constitute securities issuance

The U.S. 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 and therefore do not need to be registered under the Securities Act. The statement pointed out that whether miners mine independently or through mining pools, the rewards they receive are direct returns on their computing resource contributions, rather than profits based on the management or operation of others, and therefore do not meet the definition of "investment contracts." The SEC emphasized that this determination only applies to specific types of mining activities, and other transactions involving crypto assets still require case-by-case analysis.