比特币（BTC）矿工和工作证明（POW）池不是证券，确认美国证券交易委员会（SEC）

在带来急需的监管清晰度的具有里程碑意义的决定中，美国证券交易委员会（SEC）确认比特币矿工和工作证明（POW）池不被视为证券。

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.

美国证券交易委员会（SEC）已经确认，比特币矿工和工作证明（POW）池不被视为证券，这是一个具有里程碑意义的决定，这使加密货币行业急需清楚。

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.

美国证券交易委员会（SEC）的公司财务部澄清说，采矿活动（无论是独奏还是作为游泳池的一部分）都不属于美国证券法。这种澄清至关重要，因为它可以确保比特币矿工和战俘池可以继续运行，而不必担心被归类为投资合同。

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的声明强调，公众采矿活动，像比特币这样的无允许的区块链是一种行政职能，而不是投资安排，可以将其免于证券法规。

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.

该裁决为Pow采矿提供了稳定性，但这也是在以太坊过渡到列出（POS）正面临越来越多的审查和批评的时候。

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.

批评家认为，POS将权力集中在较小的验证器中，从而使网络更容易受到操作。与Pow Mining不同的是，拥有必要硬件的任何人都可以参与，POS需要大量以太坊（ETH），从而导致人们对财富集中和减少权力下放化的担忧。

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，人们对以太坊积分的监管状况的担忧浮出水面。一些人推测，鉴于投资者锁定ETH以换取被动收入，因此SEC可以将某些Staging Services分类为证券。这种不确定性为Staking提供者和个人投资者带来了潜在的法律风险。

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

但是，SEC的最新决定加强了POW与POS之间的监管鸿沟。

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，矿工通过计算能力来验证交易，从而获得块奖励。由于参与对任何具有采矿设备的人开放，因此该机制被广泛认为是分散的。

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依靠验证者将其加密货币确认交易。尽管这种方法更节能，但它引发了有关安全性和集中化的辩论。将POS系统分类为证券的潜力增加了以太坊的监管景观的另一层复杂性。

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.

随着加密货币行业的发展，监管清晰度将在塑造其未来方面发挥关键作用。 SEC对POW采矿的裁决是朝着正确方向迈出的一步，为矿工和投资者提供了信心。但是，加密货币（尤其是基于POS的网络）的更广泛的监管框架仍处于不变状态。

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.

展望未来，行业利益相关者必须与监管机构互动，以确保鼓励创新的公平和实用政策，同时解决风险。政策制定者，区块链开发人员和法律专家之间的合作对于建立平衡的加密法规至关重要。