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Solo proof-of-work mining does not satisfy the Howey Test criteria for securities transactions because individual miners do not rely on others' managerial efforts for profits, according to the SEC’s statement that proof-of-work mining isn't a security
The SEC, under Acting Chair Mark Uyeda, issued the statement clarifying that proof-of-work mining isn't a security as part of a broader effort to provide regulatory clarity for crypto assets, reversing prior enforcement actions and guidance
Mining pools, which combine the computational resources of multiple miners, do not constitute securities transactions under federal securities laws, as clarified by the SEC in its statement that proof-of-work mining isn't a security
The U.S. Securities and Exchange Commission (SEC) clarified in its statement that proof-of-work cryptocurrency mining does not involve the offer or sale of securities and is therefore not regulated under federal securities laws

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SEC declares PoW mining out of its jurisdiction

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