The SEC has issued guidance on treating proof-of-work mining activities under existing securities laws
As part of an effort to provide greater clarity on the application of federal securities laws in the crypto-asset space, the company finance division has issued a Statement on Certain Proof-of-Work (PoW) Mining Activities (known as "mining").
The statement specifically relates to the mining of crypto-assets that are closely related to the programmatic functions of a public, permissionless network, which are used to participate in or obtain by participating in the consensus mechanism of the network, or to maintain or obtain by maintaining the technical operation and security of the network. We refer to these crypto-assets as "Covered Crypto Assets" in this statement, and its mining activities on proof-of-work networks as "Protocol Mining".