The Foundation’s Finance Department at the US Securities and Exchange Committee (SEC) Release A statement on the mining of Cryptocurrency to prove work, explaining that single mining or billiard mining is involved in securities laws.
Bitcoin mining does not involve reasonable profits. Miners contribute to their arithmetic resources to gain rewards and secure the network. When it comes to mining, no possible profit expectations are derived from the efforts of billiard operators.
Some of the activities of billiard operators can benefit from miners do not satisfy the Howe’s test.
Bitcoin is to a large extent the largest evidence of work currencies. Other examples of coins that fall into this category include Dogecoin (Doge), Litecoin (LTC) and Monero (XMR).
Related
In June 2018, SEC reported that Bitcoin and Ethereum were not securities. When it comes to Bitcoin, this opinion was repeatedly reaffirmed by former SEC SEC President Gary Ginsner, who was known for his position known to combat Creibo.
However, the legal status of Ethereum became more complicated after Altcoin moved to the proof of return in December 2020. Gensler was repeatedly avoiding whether the symbol was security or not.
The latest statement related to proving work is the last SEC voltage to bring in organizational clarity to this industry.
In contrast to the sharp policy, SEC has now dropped many lawsuits against prominent companies such as Kaken and Coinbase. The agency also gave up its appeal against Ripple.
