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SEC Finally Specifies Proof-of-Work Mining Does Not Involve Securities Offering

The statement brings legal certainty against the murky argument that crypto mining satisfied the Howey Test.
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Mar 21, 2025 • 1 min read

The SEC has determined that proof-of-work mining does not involve the offer or sale of securities, drawing a clear line between mining activities and regulatory concerns.

What’s the Scoop?

  • SEC Clarifies Mining Rules: The SEC has officially stated that proof-of-work mining does not constitute the offer or sale of securities, separating it from typical regulatory oversight applied to other crypto activities.
  • Mining Pools Addressed: The SEC also considered the implications of mining pools, where participants combine their processing power and divide rewards, affirming these do not imply securities offerings either.

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