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.

美国证券交易委员会周四表示，工作证明采矿（基于比特币（Crypto：BTC）和其他一些区块链网络）并不违反美国证券法。

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."

监管机构在阐明快速发展的加密货币行业规则的最新举措中说，采矿业务不需要注册其行动，因为他们“不涉及证券的要约和销售”。

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.

过去，确保加密网络一直是一个有争议的问题，在上一届政府下的SEC宣布，诸如以太坊（Crypto：eth）和Solana之类的商品证明区块链可以满足Howey测试。资产通过Howey测试，并符合担保的定义，如果这是在共同企业中的投资，从该企业中，人们期望根据该企业的努力对利润有所期望。

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，比特币，狗狗（Dogecoin（Crypto：Doge）和Litecoin）等主要加密货币都在工作证明区块链上运行。为了使这种区块链发挥作用，世界各地的计算机竞赛解决数学问题，以处理网络和交易中的块。

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.

工作证明需要矿工，通常是大型工业运营，尤其是比特币，是最大，最古老的加密货币。但是，有些人试图单独开采资产，而Dogecoin和其他一些不太可行的加密货币则比比特币更容易挖掘它。

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.

由于工作证明矿工获得了数字硬币的奖励，因此SEC表示希望清除这是否构成与证券打交道。

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.

根据监管机构的说法，作为矿工的“期望获得奖励的期望，并不是从任何第三方的管理或企业家努力中得出的，网络的成功所依赖的努力并不属于SEC的管辖范围。

"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说：“通过将其计算资源添加到网络中，矿工只是从事行政或部长级活动以确保网络，验证交易并增加新的障碍并获得奖励。”

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.

监管机构没有按名称提及任何特定的硬币或网络，但是比特币和狗狗是总市场上限的两个最大的工作证明硬币，这两枚硬币都位于该指标的前10位。以太坊最初是在工作证明网络上运行的，但在2022年过渡到了销售证明模型。

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·盖斯勒（Gary Gensler）的SEC击中了许多美国顶级加密货币公司，并罚款，以提供存放服务，并认为他们正在通过允许客户存放未注册的证券来获利。

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.

自从亲克赖普托总统唐纳德·特朗普（Donald Trump）当选以来，美国证券交易委员会（SEC）试图使该行业的规则更加清晰，并取消了许多诉讼和调查。