The US Securities and Exchange Commission's (SEC) Division of Corporation Finance has clarified its position on Proof-of-Work (PoW) mining, stating such activities are not considered "the offer and sale of securities" under the Securities Act of 1933, provided they meet specific criteria.
In a March 20 statement, the SEC division addressed crypto asset mining integral to the operation of permissionless networks, concluding that decentralized PoW networks should not be considered securities.
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Although the statement did not specify any particular blockchain, it applies to permissionless networks that use mining for consensus, encompassing both individual miners and mining pools.
Although Bitcoin is the largest PoW blockchain, other prominent ones include Dogecoin, Litecoin and Monero.