美國SEC發布了一份公開聲明，該聲明清楚地指出，工作證明（POW）採礦業務並未解釋為證券交易。

2025年3月20日，美國證券交易委員會（SEC）的公司財務部宣布申請涉及比特幣和萊特幣等區塊鏈的活動。

The U.S. Securities and Exchange Commission (SEC) has clarified that proof-of-work (PoW) mining operations are not construed as securities transactions.

美國證券交易委員會（SEC）澄清說，工作證明（POW）採礦業務並未解釋為證券交易。

The SEC’s Division of Corporation Finance announced its application to activities involving blockchain such as Bitcoin (BTC) and Litecoin (LTC) on March 20, according to a press release.

根據新聞稿，SEC的公司財務部宣布了其申請涉及區塊鏈的活動，例如比特幣（BTC）和Litecoin（LTC）3月20日。

Individuals or groups mining digital assets through public and decentralized networks are not required to register these activities under U.S. securities laws.

通過公共和分散網絡開採數字資產的個人或團體不需要根據美國證券法註冊這些活動。

The way miners participate—by offering computing power to validate transactions and secure the network—is not covered by the legal framework used to define securities.

礦工參與的方式（通過提供計算能力來驗證交易並確保網絡的確保 - 不受用於定義證券的法律框架的涵蓋。

Miners earn tokens through technical processes that do not involve central decision-makers or a shared enterprise promising profit. These actions, such as solving cryptographic puzzles and maintaining network security, are practical and routine tasks.

礦工通過不涉及中央決策者或共享企業承諾利潤的技術流程來賺取令牌。這些動作，例如解決加密難題和維持網絡安全性，是實用和常規的任務。

“Running computational processes to support network functions is not the same as relying on another party to generate profits,” the SEC noted. “Miners are operating tools, not entering into investment contracts.”

SEC指出：“運行以支持網絡功能的計算過程與依靠另一方生成利潤不同。” “礦工是經營工具，而不是簽訂投資合同。”

These protocol-level tasks do not meet the “reliance on others” criteria laid out in the Howey Test—a legal standard used to decide what qualifies as a security in the U.S. As a result, miners do not need to register with the SEC or qualify for an exemption.

這些協議級的任務不符合Howey測試中規定的“依賴他人的依賴”標準，這是一種法律標準，用於決定美國在美國的安全性，因此，礦工無需在SEC註冊或獲得豁免資格。

Mining Pool Operations Also Fall Outside Securities Scope

採礦池運營也落在證券範圍之外

The statement also addressed group mining operations. It said that individuals contributing to mining pools—where computing resources are combined to increase efficiency—are still engaging in direct, resource-based work rather than investment behavior.

該聲明還涉及小組採礦業務。它說，為採礦池做出貢獻的個人（在其中計算資源都合併以提高效率）仍在從事基於資源的直接工作，而不是投資行為。

Pool operators were described as performing routine tasks like organizing contributions and dividing rewards. “These roles are more administrative than managerial,” the SEC said, “and do not transform the process into a regulated investment activity.”

泳池運營商被描述為執行常規任務，例如組織貢獻和分配獎勵。 SEC說：“這些角色比管理人員更具管理性，並且不會將過程轉變為受監管的投資活動。”

By keeping the focus on computational effort and not on third-party involvement, the SEC separated PoW mining from business models that require oversight under securities law.

通過關注計算努力而不是第三方參與，SEC將權力開採與需要根據證券法進行監督的業務模型分開。

New Guidance Comes Ahead of SEC Leadership Review

新指導是在SEC領導評論之前提前的

The update from the SEC arrives just days before Paul Atkins, nominated by President Donald Trump to lead the agency, is set to appear before the Senate Banking Committee.

SEC的最新消息是在由唐納德·特朗普總統提名領導該機構的保羅·阿特金斯（Paul Atkins）出現在參議院銀行委員會之前的幾天。

Committee Chair Tim Scott confirmed that the hearing will take place next week. If confirmed, Atkins would replace previous leadership that took a stricter stance on digital asset regulation.

委員會主席蒂姆·斯科特（Tim Scott）確認，聽證會將於下週舉行。如果得到確認，阿特金斯將取代以前對數字資產法規採取更嚴格立場的領導。

His nomination will first go through committee approval before moving to a full Senate vote.

他的提名將首先獲得委員會的批准，然後再進行參議院投票。

The SEC’s latest statement is seen by industry members as a formal step toward regulatory clarity for companies and individuals involved in PoW mining in the U.S.

SEC的最新聲明被行業成員視為對參與美國POW開採公司的公司和個人的正式一步