Ah, the dry … This gendarme of the crypto markets which sometimes gives us cold sweats. But this time, she decided to put her whistle and offer us a little breath of fresh air. On March 20, 2025, in a (almost) historic declaration, the Securities and Exchange Commission clarified a point that many minors were waiting for the Dégel du Spring: no, the proof-of-work mining (POW) does not constitute a securities offer!
Pow is not powder in the eyes
Let's come back to what the POW is quickly: it is a mechanism that makes our computers sweat to secure networks like Bitcoin or Dogecoin, which seems undervalued. We solve equations, we consume a little (a lot) of electricity, and in return, we earn cryptos. But until then, a gray area hovered: does Miner amount to emitting a model value? Spoiler Alert: The dry says no. Phew.
This clarification is a bit as if the dry had just removed a poorly placed “danger” sign. The regulator specifies that when minors, solo or in pool, validate blocks and receive rewards automatically, they are not in the context of the ACT Securities of 1933. Clearly: as long as there is no expectation of profit based on the efforts of others, everything rolls.
Crypto industry breathes … to breathe better
Suffice to say that the ecosystem welcomed this declaration with applause. This position protects the players from the POW from a paralyzing legal vagueness, and puts a spotlight on a practice sometimes wrongly accused of all evils. Even the slightly dusty cryptos by dint of digging digital soil take up colors.
But let's not shout too quickly victory: the dry did not say “total leave”. Crypto, ICO platforms and DAO border remain in the viewfinder. But for POW minors, the sky clears up. Perhaps we are advancing, but with less pebbles in the shoes.
SEC has been surprising things lately, and could even abandon major regulations on crypto platforms. This clarification on POW gives hope and offers more perspectives. Minors can therefore resume their digital shovel with a smile. Morality? Mining is not a crime. It's just a job … that heats up a bit.
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