美国SEC发布了一份公开声明，该声明清楚地指出，工作证明（POW）采矿业务并未解释为证券交易。

2025年3月20日，美国证券交易委员会（SEC）的公司财务部宣布申请涉及比特币和莱特币等区块链的活动。

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

美国证券交易委员会（SEC）澄清说，工作证明（POW）采矿业务并未解释为证券交易。

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.

根据新闻稿，SEC的公司财务部宣布了其申请涉及区块链的活动，例如比特币（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.

通过公共和分散网络开采数字资产的个人或团体不需要根据美国证券法注册这些活动。

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.

矿工参与的方式（通过提供计算能力来验证交易并确保网络的确保 - 不受用于定义证券的法律框架的涵盖。

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.

矿工通过不涉及中央决策者或共享企业承诺利润的技术流程来赚取令牌。这些动作，例如解决加密难题和维持网络安全性，是实用和常规的任务。

“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：“运行以支持网络功能的计算过程与依靠另一方生成利润不同。” “矿工是经营工具，而不是签订投资合同。”

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.

这些协议级的任务不符合Howey测试中规定的“依赖他人的依赖”标准，这是一种法律标准，用于决定美国在美国的安全性，因此，矿工无需在SEC注册或获得豁免资格。

Mining Pool Operations Also Fall Outside Securities Scope

采矿池运营也落在证券范围之外

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.

该声明还涉及小组采矿业务。它说，为采矿池做出贡献的个人（在其中计算资源都合并以提高效率）仍在从事基于资源的直接工作，而不是投资行为。

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.”

泳池运营商被描述为执行常规任务，例如组织贡献和分配奖励。 SEC说：“这些角色比管理人员更具管理性，并且不会将过程转变为受监管的投资活动。”

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.

通过关注计算努力而不是第三方参与，SEC将权力开采与需要根据证券法进行监督的业务模型分开。

New Guidance Comes Ahead of SEC Leadership Review

新指导是在SEC领导评论之前提前的

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纳德·特朗普总统提名领导该机构的保罗·阿特金斯（Paul Atkins）出现在参议院银行委员会之前的几天。

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.

委员会主席蒂姆·斯科特（Tim Scott）确认，听证会将于下周举行。如果得到确认，阿特金斯将取代以前对数字资产法规采取更严格立场的领导。

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

他的提名将首先获得委员会的批准，然后再进行参议院投票。

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的最新声明被行业成员视为对参与美国POW开采公司的公司和个人的正式一步