New Guidance Offers Legal Clarity for Miners
The U.S. Securities and Exchange Commission (SEC) clarified Thursday that proof-of-work mining—the mechanism behind Bitcoin—is not subject to federal securities laws. The announcement signals a more cooperative regulatory approach under the current administration.
In a statement from the Division of Corporation Finance, the SEC said that miners who operate independently or in pools are not engaged in the offer or sale of securities. As such, they are not required to register their activities under the Securities Act.
Shift in Regulatory Tone Under New SEC Leadership
The ruling comes as part of a broader regulatory shift since President Donald Trump took office. Under acting Chair Mark Uyeda, the SEC has dropped multiple enforcement actions, created a crypto task force, and re-examined legacy guidance—including on memecoins and crypto accounting rules.
The agency cited the Howey Test, a four-part legal standard, in concluding that self-mining does not meet the criteria for an investment contract.
Industry Reaction and Implications
Crypto advocacy groups have welcomed the decision. Cody Carbone, president of The Digital Chamber, called it a “game-changer” for U.S.-based miners, saying it provides the legal certainty the industry has long sought.
The announcement could encourage further growth in the domestic mining sector, especially as Bitcoin mining becomes a more central part of U.S. energy and economic policy.
