比特幣（BTC）礦工和工作證明（POW）池不是證券，確認美國證券交易委員會（SEC）

在帶來急需的監管清晰度的具有里程碑意義的決定中，美國證券交易委員會（SEC）確認比特幣礦工和工作證明（POW）池不被視為證券。

The U.S. Securities and Exchange Commission (SEC) has confirmed that Bitcoin miners and proof-of-work (PoW) pools are not considered securities, a landmark decision that brings much-needed clarity to the crypto industry.

美國證券交易委員會（SEC）已經確認，比特幣礦工和工作證明（POW）池不被視為證券，這是一個具有里程碑意義的決定，這使加密貨幣行業急需清楚。

The SEC’s Division of Corporation Finance clarified that mining activities, whether conducted solo or as part of a pool, do not fall under U.S. securities laws. This clarification is crucial, as it ensures that Bitcoin miners and PoW pools can continue operating without the fear of being classified as investment contracts.

美國證券交易委員會（SEC）的公司財務部澄清說，採礦活動（無論是獨奏還是作為游泳池的一部分）都不屬於美國證券法。這種澄清至關重要，因為它可以確保比特幣礦工和戰俘池可以繼續運行，而不必擔心被歸類為投資合同。

The SEC’s statement emphasized that mining activity on public, permissionless blockchains like Bitcoin is an administrative function rather than an investment arrangement, which exempts it from securities regulations.

SEC的聲明強調，公眾採礦活動，像比特幣這樣的無允許的區塊鍊是一種行政職能，而不是投資安排，可以將其免於證券法規。

This ruling provides stability for PoW mining, but it also comes at a time when Ethereum’s transition to proof-of-stake (PoS) is facing increased scrutiny and criticism.

該裁決為Pow採礦提供了穩定性，但這也是在以太坊過渡到列出（POS）正面臨越來越多的審查和批評的時候。

Critics argue that PoS centralizes power within a smaller group of validators, making the network more susceptible to manipulation. Unlike PoW mining, where anyone with the necessary hardware can participate, PoS requires staking large amounts of Ethereum (ETH), leading to concerns over wealth concentration and reduced decentralization.

批評家認為，POS將權力集中在較小的驗證器中，從而使網絡更容易受到操作。與Pow Mining不同的是，擁有必要硬件的任何人都可以參與，POS需要大量以太坊（ETH），從而導致人們對財富集中和減少權力下放化的擔憂。

Additionally, concerns over the regulatory status of Ethereum staking have surfaced. Some speculate that the SEC may classify certain staking services as securities, given that they involve investors locking up ETH in return for passive income. This uncertainty creates potential legal risks for staking providers and individual investors alike.

此外，人們對以太坊積分的監管狀況的擔憂浮出水面。一些人推測，鑑於投資者鎖定ETH以換取被動收入，因此SEC可以將某些Staging Services分類為證券。這種不確定性為Staking提供者和個人投資者帶來了潛在的法律風險。

The SEC’s recent decision, however, reinforces the regulatory divide between PoW and PoS.

但是，SEC的最新決定加強了POW與POS之間的監管鴻溝。

Under PoW, miners validate transactions through computational power, earning block rewards in return. This mechanism is widely regarded as decentralized since participation is open to anyone with mining equipment.

在POW下，礦工通過計算能力來驗證交易，從而獲得塊獎勵。由於參與對任何具有採礦設備的人開放，因此該機制被廣泛認為是分散的。

On the other hand, PoS relies on validators who stake their cryptocurrency to confirm transactions. While this method is more energy-efficient, it has sparked debates over security and centralization. The potential for PoS systems to be classified as securities adds another layer of complexity to Ethereum’s regulatory landscape.

另一方面，POS依靠驗證者將其加密貨幣確認交易。儘管這種方法更節能，但它引發了有關安全性和集中化的辯論。將POS系統分類為證券的潛力增加了以太坊的監管景觀的另一層複雜性。

As the crypto industry evolves, regulatory clarity will play a pivotal role in shaping its future. The SEC’s ruling on PoW mining is a step in the right direction, providing confidence to miners and investors. However, the broader regulatory framework for cryptocurrencies, especially PoS-based networks, remains in flux.

隨著加密貨幣行業的發展，監管清晰度將在塑造其未來方面發揮關鍵作用。 SEC對POW採礦的裁決是朝著正確方向邁出的一步，為礦工和投資者提供了信心。但是，加密貨幣（尤其是基於POS的網絡）的更廣泛的監管框架仍處於不變狀態。

Moving forward, industry stakeholders must engage with regulators to ensure fair and practical policies that encourage innovation while addressing risks. Collaboration between policymakers, blockchain developers, and legal experts will be crucial in establishing a balanced approach to crypto regulation.

展望未來，行業利益相關者必須與監管機構互動，以確保鼓勵創新的公平和實用政策，同時解決風險。政策制定者，區塊鏈開發人員和法律專家之間的合作對於建立平衡的加密法規至關重要。