美国证券交易委员会（SEC）阐明了其对工作证明（POW）加密货币开采的立场

该声明为加密矿工和更广泛的区块链行业提供了期待已久的清晰度，证实采矿活动不属于证券法规

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

美国证券交易委员会（SEC）澄清说，工作证明（POW）加密货币挖掘并不构成根据美国法律的证券交易。

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.

该声明于周四发表，为加密矿工和更广泛的区块链行业提供了期待已久的清晰度，证实采矿活动在公共公共，无允许的网络进行时，矿业活动范围落在了证券法规之外。

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.

该决定可能会对比特币和其他基于POW的加密货币产生重大影响。工作证明（POW）是加密货币挖掘中使用的共识机制，以验证交易并在区块链中添加新区块。

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的公司财务部解决了对“协议挖掘”的担忧，涉及矿工使用软件在区块链上处理交易并收集协议令牌（例如比特币）。

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.

监管机构确定，这种采矿不涉及1933年《证券法》第2（a）（1）条的“证券报价和销售”，以及1934年《证券交易所法》第3（a）（10）条。

“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.

“司的观点是，'采矿活动'不涉及1933年《证券证券法》第2（a）（1）条（《证券法》）和1934年《证券交易所法》第3（a）（10）条（“交换法”）的第2（a）（1）条（“交换法”）的含义。”

“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，该部门的观点是，采矿活动的参与者不需要根据《证券法》在委员会上注册交易，也不需要在《证券法案法案》中与这些采矿活动有关的一项豁免。”

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.

这意味着参与这些网络的个别矿工和采矿池不受证券注册要求的约束。虽然该声明未命名特定的区块链，但该裁决适用于比特币和狗狗（Dogecoin）等主要的战俘网络，这些网络依靠采矿作为其共识机制。

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

商品期货交易委员会已经将比特币和其他权力资产（例如莱特币和狗狗币）归类为商品，而不是证券。

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.

美国证券交易委员会的立场确保矿工可以继续他们的运营而不会面临监管不确定性。该裁决适用于独奏矿工和采矿池，证实采矿活动仍然超出了证券法的范围。

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.

这种区别对于在计算能力和能源成本上投入大量资源以确保区块链网络的矿工至关重要。多个矿工结合了他们的计算资源以提高收入奖励的机会，也属于这种豁免。

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

泳池运营商可以协调采矿工作并分配奖励，而无需触发证券法，只要它们在SEC概述的框架内运行。

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.

美国证券交易委员会（SEC）的澄清是在美国对加密货币法规的更大变化之中。唐纳德·特朗普（Donald Trump）总统已将自己定位为亲克赖特（Crypto）领导人，誓言使美国成为区块链和数字资产的全球枢纽。他的政府还建立了数字资产顾问委员会，以制定行业友好的法规。

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确认POW矿业不构成证券交易，比特币和其他POW加密货币可能会看到投资者和矿工的信心。随着美国朝着更清晰的加密法规迈进，SEC对采矿的最新立场为数字资产市场提供了急需的确定性。