The U.S. Securities and Exchange Commission said on Thursday that proof-of-work mining—which underpins Bitcoin (CRYPTO: BTC) and some other blockchain networks—does not violate U.S. securities law.

美國證券交易委員會周四表示，工作證明採礦（基於比特幣（Crypto：BTC）和其他一些區塊鍊網絡）並不違反美國證券法。

In its latest move to clarify rules for the fast-moving crypto industry, the regulator said that mining operations would not need to register their actions as they "do not involve the offer and sale of securities."

監管機構在闡明快速發展的加密貨幣行業規則的最新舉措中說，採礦業務不需要註冊其行動，因為他們“不涉及證券的要約和銷售”。

Securing crypto networks has been a controversial issue in the past, with the SEC under the previous administration declaring that proof-of-stake blockchains like Ethereum (CRYPTO: ETH) and Solana could satisfy the Howey test. An asset passes the Howey test and meets the definition of a security if it is an investment of money in a common enterprise from which there is an expectation of profit based on that enterprise's efforts.

過去，確保加密網絡一直是一個有爭議的問題，在上一屆政府下的SEC宣布，諸如以太坊（Crypto：eth）和Solana之類的商品證明區塊鏈可以滿足Howey測試。資產通過Howey測試，並符合擔保的定義，如果這是在共同企業中的投資，從該企業中，人們期望根據該企業的努力對利潤有所期望。

But major cryptocurrencies such as Bitcoin, Dogecoin (CRYPTO: DOGE), and Litecoin are all running on proof-of-work blockchains. For such a blockchain to function, computers around the world race to solve mathematical problems in order to process blocks on the network and transactions.

但是，比特幣，狗狗（Dogecoin（Crypto：Doge）和Litecoin）等主要加密貨幣都在工作證明區塊鏈上運行。為了使這種區塊鏈發揮作用，世界各地的計算機競賽解決數學問題，以處理網絡和交易中的塊。

Proof-of-work requires miners, which are typically large, industrial operations—especially with Bitcoin, the biggest and oldest cryptocurrency. But some people try to mine the asset alone, with Dogecoin and some other less-valuable cryptocurrencies proving easier to mine than Bitcoin.

工作證明需要礦工，通常是大型工業運營，尤其是比特幣，是最大，最古老的加密貨幣。但是，有些人試圖單獨開採資產，而Dogecoin和其他一些不太可行的加密貨幣則比比特幣更容易挖掘它。

As proof-of-work miners are rewarded with digital coins, the SEC said it wanted to clear up whether or not this would constitute dealing with securities.

由於工作證明礦工獲得了數字硬幣的獎勵，因此SEC表示希望清除這是否構成與證券打交道。

According to the regulator, as a miner's "expectation to receive rewards is not derived from any third party's managerial or entrepreneurial efforts upon which the network's success depends," it does not come under the SEC's jurisdiction.

根據監管機構的說法，作為礦工的“期望獲得獎勵的期望，並不是從任何第三方的管理或企業家努力中得出的，網絡的成功所依賴的努力並不屬於SEC的管轄範圍。

"By adding its computational resources to the network, the miner merely is engaging in an administrative or ministerial activity to secure the network, validate transactions and add new blocks, and receive rewards," the SEC said.

SEC說：“通過將其計算資源添加到網絡中，礦工只是從事行政或部長級活動以確保網絡，驗證交易並增加新的障礙並獲得獎勵。”

The regulator did not mention any specific coins or networks by name, but Bitcoin and Dogecoin are the two largest proof-of-work coins by total market cap, with both coins sitting in the top 10 by that metric. Ethereum originally ran on a proof-of-work network but transitioned to a proof-of-stake model in 2022.

監管機構沒有按名稱提及任何特定的硬幣或網絡，但是比特幣和狗狗是總市場上限的兩個最大的工作證明硬幣，這兩枚硬幣都位於該指標的前10位。以太坊最初是在工作證明網絡上運行的，但在2022年過渡到了銷售證明模型。

The SEC under ex-Chair Gary Gensler hit a number of top American crypto companies with fines for offering staking services, arguing that they were making profit by allowing customers to stake unregistered securities.

前董事加里·蓋斯勒（Gary Gensler）的SEC擊中了許多美國頂級加密貨幣公司，併罰款，以提供存放服務，並認為他們正在通過允許客戶存放未註冊的證券來獲利。

Since the election of pro-crypto President Donald Trump, the SEC is attempting to make its rules clearer for the industry, scrapping a number of lawsuits and investigations.

自從親克賴普托總統唐納德·特朗普（Donald Trump）當選以來，美國證券交易委員會（SEC）試圖使該行業的規則更加清晰，並取消了許多訴訟和調查。