The SEC corporate finance unit described the activities of two main types of miners-solo-mainers and mining pools-as an administrative one. By adding their own computing resources to the mining pool, the miner is involved in administrative activities related to ensuring network security, checking transactions and adding new blocks, as well as with receiving remuneration.
Any expectations of miners do not depend on the efforts of the third party, including the pool operator. Even as participants in a mining pool, individual miners use their computing power to solve cryptographic problems. The department noted that the term “securities”, mentioned in the law on securities and the law on exchanges, covers shares, bills and bonds. The crypto acts using the Pow consensus mechanism do not represent any of the listed financial instruments.
Regardless of whether the miner mines the cryptocurrency independently or with the help of a mining pool, this does not change the nature of the mining in terms of Haui’s test, which helps to determine whether this or that asset belongs to the category of securities. The profit on mining does not depend on the efforts of others, the SEC emphasized, so miners do not need to be registered with the regulator in accordance with the law on securities.
In February, the department announced that memcoirs are not considered securities. At the same time, the SEC warned that, investing in meme tokens, users could not count on legal protection in case of loss of funds.
Source: Bits
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