In a recent statement, the U.S. Securities and Exchange Commission (SEC) clarified that Proof-of-Work (PoW) cryptocurrency mining activities, such as those involving Bitcoin, do not fall under federal securities laws.

The SEC’s Division of Corporation Finance noted that both solo and pooled mining operations do not meet the criteria of a securities transaction under the Howey Test, as miners’ profits are derived from their own computational efforts rather than the managerial efforts of others.

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