I am grateful to the Division of Corporation Finance staff for clarifying its view that voluntary participation in a proof-of-work or proof-of-stake network as a “miner,” “validator,” or “staking-as-a-service” provider is not within the scope of the federal securities laws.[2] As happy as I am over that step, it is not a duly promulgated rule with the force of law, so we cannot stop there. The Securities and Exchange Commission must adopt a regulation based on the authority that Congress has given us.
