Yesterday the Securities and Exchange Commission took a big step in starting to provide regulatory clarity around cryptocurrencies, by issuing a note saying that solo and pooled mining for proof of work blockchains will generally not be considered to involve securities.
The crux of the argument is that in both cases the expectation of profit is based on the efforts of the miner, not of others. The Howey securities test requires the expectation of profit based on the efforts of third parties.
Acting SEC Chair Uyeda and Commissioner Peirce complained that the SEC under the previous administration failed to provide clarity around cryptocurrencies and instead aimed to regulate by enforcement. They are now trying to correct the course.
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