美國證券交易委員會（SEC）週四在新領導下（SEC）闡明了其對工作證明（POW）採礦業務的立場

聲明中定義的“採礦活動”無需向委員會註冊，從而有效地將其從遵守證券法的活動清單中刪除。

The U.S. Securities and Proof-of-Work (PoW) mining operations will not need to register with the Commission, a new leadership at the Securities and Exchange Commission (SEC) clarified on Thursday.

美國證券和工作證明（POW）採礦業務將無需向周四澄清的證券交易委員會（SEC）的新領導委員會註冊。

The Wall Street regulator went into detail on its views around cryptocurrency mining, and rolled out its thoughts on PoW mining, which does not fall under the registration requirements of the Securities Act.

華爾街監管機構詳細介紹了其圍繞加密貨幣開采的看法，並將其對POW採礦的看法不屬於《證券法》的註冊要求。

SEC Explains Why PoW Mining Doesn't Need Registration

SEC解釋了為什麼POW採礦不需要註冊

In a statement Thursday, the financial regulator explained why there is no securities laws violation if crypto miners don't register with the SEC.

在周四的一份聲明中，金融監管機構解釋了為什麼如果加密貨幣礦工未向SEC註冊，則為什麼不會違反證券法。

“It is the Division’s view that ‘Mining Activities’ (defined in this statement) in connection with Protocol Mining, under the circumstances described in this statement, do not involve the offer and sale of securities within the meaning of Section 2(a)(1) of the Securities Act of 1993 (the ‘Securities Act’) and Section 3(a)(10) of the Securities Exchange Act of 1934 (the ‘Exchange Act’). [9] 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,” it said.

“在本陳述中所述的情況下，與協議開採有關的'挖掘活動'的觀點（在本聲明中定義）不涉及1993年《證券證券法》第2（a）（a）（“證券法”第3（a）條的第3（a）（a）（a）（a）（a）（a）（10）的證券交易所交換法的第3（a）（“證券法”）的提議和銷售。礦業活動無需根據《證券法》在委員會上註冊交易，也不需要屬於《證券法》與這些採礦活動有關的豁免之一。”

The SEC staff pointed out how PoW, a consensus mechanism that involves rewarding miners who validate transactions on a blockchain network. Bitcoin is the perfect example of the PoW mechanism in crypto mining.

SEC的工作人員指出，POW是一種共識機制，涉及獎勵在區塊鍊網絡上驗證交易的礦工。比特幣是加密採礦中POW機制的完美例子。

They further reiterated that its views on the segment pertain to self or solo mining, and mining pools.

他們進一步重申，其對該細分市場的看法與自我採礦以及採礦池有關。

According to the statement, the SEC staff came up with its conclusion by using the Howey Test, which relies on four questions to determine if an asset is a security or not.

根據聲明，SEC工作人員通過使用Howey測試得出結論，該測試依賴於四個問題來確定資產是否是安全性。

Specifically, the test determines if the asset is an investment, if it is within a common enterprise, if the investor is expecting profits, and if it is derived from the efforts of other people.

具體而言，該測試確定資產是否是一項投資，是否在共同企業中，投資者期望獲得利潤，以及它是否來自其他人的努力。

“A miner’s Self (or Solo) Mining is not undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others,” the SEC said.

美國證券交易委員會說：“礦工的自我（或獨奏）採礦並不是合理地期望從他人的企業家或管理努力中獲得的利潤。”

“Likewise, when a miner combines its computational resources with other miners to increase their chances of successfully mining new blocks on the network, the miner has no expectation of profit derived from the entrepreneurial or managerial efforts of others.”

“同樣，當礦工將其計算資源與其他礦工結合起來以增加在網絡上成功挖掘新塊的機會時，礦工就沒有對他人的企業家或管理工作造成的利潤。”

Crypto Leaders Hail SEC's Move

加密領袖冰雪sec的舉動

For some crypto leaders, the move by the SEC is a blessing.

對於某些加密領導人來說，SEC的舉動是一種祝福。

The Digital Chamber President Cody Carbone said the clarification “gives much-needed legal certainty and clears the path for the mining industry to grow in the U.S.”

數字商會主席科迪·卡伯恩（Cody Carbone）表示，澄清“給出了急需的法律確定性，並清除了在美國發展的道路”

Other crypto executives and prominent figures in the Bitcoin community have since thanked the SEC, specifically Commissioner Hester Peirce, for the work accomplished in providing clarity for Bitcoin miners. Pierre Rochard, the VP of Research at leading BTC miner Riot Platforms, is one among them.

此後，比特幣社區的其他加密高管和著名人物都感謝SEC，特別是專員Hester Peirce，為為比特幣礦工提供了清晰度所完成的工作。 Pierre Rochard是領先的BTC Miner Riot Platform的研究副總裁，是其中之一。

Thank you Commissioner!

謝謝專員！

Thank you Commissioner Peirce!

謝謝Peirce專員！

Peirce is dubbed as “Crypto Mom” and she leads the regulatory agency’s task force on digital assets.

皮爾斯（Peirce）被稱為“加密媽媽”（Crypto Mom），她領導監管機構的數字資產工作組。

For Coinbase Chief Legal Officer Paul Grewal, the clarity provided on Thursday “is so refreshing.” He agreed with the SEC’s stance on mining pools, saying they don't offer securities and instead only offer “administrative or ministerial” services.

對於Coinbase首席法律官Paul Grewal來說，週四提供的清晰度“真是令人耳目一新”。他同意SEC對採礦池的立場，稱他們不提供證券，而僅提供“行政或部長級”服務。

Mining pool operators do not offer securities. Mining pool operators only offer administrative or ministerial services. Regulatory clarity is so refreshing. https://t.co/CGxFmmuCuX

採礦泳池運營商不提供證券。採礦池運營商僅提供行政或部長級服務。監管清晰度是如此令人耳目一新。 https://t.co/cgxfmmucux

Meanwhile, the SEC has yet to provide clarification on its views around Proof-of-Stake mechanisms in crypto, wherein transaction validators are chosen based on the amount of crypto they stake.

同時，SEC尚未澄清其圍繞加密貨幣證明機制的看法，其中根據其持有的加密貨幣選擇了交易驗證器。