美國證券交易委員會（SEC）闡明了其對工作證明（POW）加密貨幣開采的立場

該聲明為加密礦工和更廣泛的區塊鏈行業提供了期待已久的清晰度，證實採礦活動不屬於證券法規

The US Securities and Exchange Commission (SEC) has clarified that proof-of-work (PoW) cryptocurrency mining does not constitute securities trading under US law.

美國證券交易委員會（SEC）澄清說，工作證明（POW）加密貨幣挖掘並不構成根據美國法律的證券交易。

This statement, released on Thursday, provides long-awaited clarity for crypto miners and the broader blockchain industry, confirming that mining activities fall outside securities regulations when conducted on public, permissionless networks.

該聲明於週四發表，為加密礦工和更廣泛的區塊鏈行業提供了期待已久的清晰度，證實採礦活動在公共公共，無允許的網絡進行時，礦業活動範圍落在了證券法規之外。

The decision could have significant implications for Bitcoin and other PoW-based cryptocurrencies. Proof of Work (PoW) is a consensus mechanism used in cryptocurrency mining to validate transactions and add new blocks to a blockchain.

該決定可能會對比特幣和其他基於POW的加密貨幣產生重大影響。工作證明（POW）是加密貨幣挖掘中使用的共識機制，以驗證交易並在區塊鏈中添加新區塊。

The SEC’s Division of Corporation Finance addressed concerns regarding “Protocol Mining,” which involves miners using software to process transactions on a blockchain and collecting protocol tokens such as Bitcoin.

SEC的公司財務部解決了對“協議挖掘”的擔憂，涉及礦工使用軟件在區塊鏈上處理交易並收集協議令牌（例如比特幣）。

The regulator determined that such mining does not involve the “offer and sale of securities” within the meaning of Section 2(a)(1) of the Securities Act of 1933 and Section 3(a)(10) of the Securities Exchange Act of 1934.

監管機構確定，這種採礦不涉及1933年《證券法》第2（a）（1）條的“證券報價和銷售”，以及1934年《證券交易所法》第3（a）（10）條。

“It is the Division’s view that ‘Mining Activities' do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1933 (the 'Securities Act') and Section 3(a)(10) of the Securities Exchange Act of 1934 (the 'Exchange Act'),” the regulator noted.

“司的觀點是，'採礦活動'不涉及1933年《證券證券法》第2（a）（1）條（《證券法》）和1934年《證券交易所法》第3（a）（10）條（“交換法”）的第2（a）（1）條（“交換法”）的含義。”

“Accordingly, it is the Division’s view that participants in Mining Activities do not need to register transactions with the Commission under the Securities Act or fall within one of the Securities Act’s exemptions from registration in connection with these Mining Activities.”

“因此，該部門的觀點是，採礦活動的參與者不需要根據《證券法》在委員會上註冊交易，也不需要在《證券法案法案》中與這些採礦活動有關的一項豁免。”

This means individual miners and mining pools participating in these networks are not subject to securities registration requirements. While the statement did not name specific blockchains, the ruling applies to major PoW networks like Bitcoin and Dogecoin, which rely on mining as their consensus mechanism.

這意味著參與這些網絡的個別礦工和採礦池不受證券註冊要求的約束。雖然該聲明未命名特定的區塊鏈，但該裁決適用於比特幣和狗狗（Dogecoin）等主要的戰俘網絡，這些網絡依靠採礦作為其共識機制。

The Commodity Futures Trading Commission has already classified Bitcoin and other PoW assets, such as Litecoin and Dogecoin, as commodities rather than securities.

商品期貨交易委員會已經將比特幣和其他權力資產（例如萊特幣和狗狗幣）歸類為商品，而不是證券。

The SEC’s position ensures that miners can continue their operations without facing regulatory uncertainty. The ruling applies to both solo miners and mining pools, confirming that mining activities remain outside the scope of securities laws.

美國證券交易委員會的立場確保礦工可以繼續他們的運營而不會面臨監管不確定性。該裁決適用於獨奏礦工和採礦池，證實採礦活動仍然超出了證券法的範圍。

This distinction is crucial for miners investing significant resources in computational power and energy costs to secure blockchain networks. Mining pools, where multiple miners combine their computational resources to improve their chances of earning rewards, also fall under this exemption.

這種區別對於在計算能力和能源成本上投入大量資源以確保區塊鍊網絡的礦工至關重要。多個礦工結合了他們的計算資源以提高收入獎勵的機會，也屬於這種豁免。

Pool operators can coordinate mining efforts and distribute rewards without triggering securities laws, provided they operate within the framework outlined by the SEC.

泳池運營商可以協調採礦工作並分配獎勵，而無需觸發證券法，只要它們在SEC概述的框架內運行。

The SEC’s clarification comes amid broader changes in US regulations towards cryptocurrencies. President Donald Trump has positioned himself as a pro-crypto leader, vowing to make the US a global hub for blockchain and digital assets. His administration has also established the Council of Advisers on Digital Assets to develop industry-friendly regulations.

美國證券交易委員會（SEC）的澄清是在美國對加密貨幣法規的更大變化之中。唐納德·特朗普（Donald Trump）總統已將自己定位為親克賴特（Crypto）領導人，誓言使美國成為區塊鍊和數字資產的全球樞紐。他的政府還建立了數字資產顧問委員會，以製定行業友好的法規。

With the SEC's confirmation that PoW mining does not constitute securities dealing, Bitcoin and other PoW cryptocurrencies may see renewed confidence from investors and miners alike. As the US moves towards clearer crypto regulations, the SEC’s latest stance on mining offers much-needed certainty to the digital asset market.

SEC確認POW礦業不構成證券交易，比特幣和其他POW加密貨幣可能會看到投資者和礦工的信心。隨著美國朝著更清晰的加密法規邁進，SEC對採礦的最新立場為數字資產市場提供了急需的確定性。