According to a message from ChainCatcher, the U.S. Securities and Exchange Commission (SEC) issued a statement on March 20, stating that the "mining activities" of the Proof-of-Work (PoW) mechanism do not constitute a securities offering as defined in the Securities Act of 1933 and the Securities Exchange Act of 1934.

The statement indicates that whether it is individual mining or mining pool mining, they do not meet the key element of the "Howey Test" of "a reasonable expectation of profits derived from the entrepreneurial or managerial efforts of others".

The SEC stated that the rewards miners receive for contributing computing resources to secure the network, verify transactions, and add new blocks are payments for the services they provide to the network, rather than profits derived from the efforts of others. The SEC emphasized that this determination only applies to certain types of mining activities, and other transactions involving crypto assets still require case-by-case analysis.