美国证券交易委员会（SEC）周四在新领导下（SEC）阐明了其对工作证明（POW）采矿业务的立场

声明中定义的“采矿活动”无需向委员会注册，从而有效地将其从遵守证券法的活动清单中删除。

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.

美国证券和工作证明（POW）采矿业务将无需向周四澄清的证券交易委员会（SEC）的新领导委员会注册。

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.

华尔街监管机构详细介绍了其围绕加密货币开采的看法，并将其对POW采矿的看法不属于《证券法》的注册要求。

SEC Explains Why PoW Mining Doesn't Need Registration

SEC解释了为什么POW采矿不需要注册

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

在周四的一份声明中，金融监管机构解释了为什么如果加密货币矿工未向SEC注册，则为什么不会违反证券法。

“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.

“在本陈述中所述的情况下，与协议开采有关的'挖掘活动'的观点（在本声明中定义）不涉及1993年《证券证券法》第2（a）（a）（“证券法”第3（a）条的第3（a）（a）（a）（a）（a）（a）（10）的证券交易所交换法的第3（a）（“证券法”）的提议和销售。矿业活动无需根据《证券法》在委员会上注册交易，也不需要属于《证券法》与这些采矿活动有关的豁免之一。”

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的工作人员指出，POW是一种共识机制，涉及奖励在区块链网络上验证交易的矿工。比特币是加密采矿中POW机制的完美例子。

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

他们进一步重申，其对该细分市场的看法与自我采矿以及采矿池有关。

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.

根据声明，SEC工作人员通过使用Howey测试得出结论，该测试依赖于四个问题来确定资产是否是安全性。

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.

具体而言，该测试确定资产是否是一项投资，是否在共同企业中，投资者期望获得利润，以及它是否来自其他人的努力。

“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.

美国证券交易委员会说：“矿工的自我（或独奏）采矿并不是合理地期望从他人的企业家或管理努力中获得的利润。”

“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.”

“同样，当矿工将其计算资源与其他矿工结合起来以增加在网络上成功挖掘新块的机会时，矿工就没有对他人的企业家或管理工作造成的利润。”

Crypto Leaders Hail SEC's Move

加密领袖冰雪sec的举动

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

对于某些加密领导人来说，SEC的举动是一种祝福。

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.”

数字商会主席科迪·卡伯恩（Cody Carbone）表示，澄清“给出了急需的法律确定性，并清除了在美国发展的道路”

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.

此后，比特币社区的其他加密高管和著名人物都感谢SEC，特别是专员Hester Peirce，为为比特币矿工提供了清晰度所完成的工作。 Pierre Rochard是领先的BTC Miner Riot Platform的研究副总裁，是其中之一。

Thank you Commissioner!

谢谢专员！

Thank you Commissioner Peirce!

谢谢Peirce专员！

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

皮尔斯（Peirce）被称为“加密妈妈”（Crypto Mom），她领导监管机构的数字资产工作组。

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.

对于Coinbase首席法律官Paul Grewal来说，周四提供的清晰度“真是令人耳目一新”。他同意SEC对采矿池的立场，称他们不提供证券，而仅提供“行政或部长级”服务。

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

采矿泳池运营商不提供证券。采矿池运营商仅提供行政或部长级服务。监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.

同时，SEC尚未澄清其围绕加密货币证明机制的看法，其中根据其持有的加密货币选择了交易验证器。