# SEC staff states that described proof-of-work mining activities are not securities transactions

> Corporation Finance staff stated that the proof-of-work mining activities described in the statement do not involve securities transactions. The view is limited to the stated facts and is not a Commission rule or a conclusion about mining-company securities, hosted products, or other arrangements.

- URL: https://riadefi.com/regulation/2025-03-20-sec-proof-of-work-mining-staff-statement/
- Posture: Official signal · nonbinding
- Authorities: SEC Division of Corporation Finance
- Event date: 2025-03-20
- Version: 1, published 2026-08-07 (first published 2026-08-07)
- Advisor-relevant: no

This entry records an official signal, such as a speech or a statement. It does not change the law.

## What changed

Corporation Finance staff stated that the proof-of-work mining activities described in the statement do not involve securities transactions. The view is limited to the stated facts and is not a Commission rule or a conclusion about mining-company securities, hosted products, or other arrangements.

## Who it affects

- Advisers assessing mining-related strategies and client assets
- Miners, mining-pool operators, platforms, and issuers

## What is still open

- Treatment of materially different pooled, financed, or managed mining arrangements
- Tax, commodities, environmental, state, and contractual consequences

## What it means for an advisor

- Separate protocol mining activity from interests in mining businesses or managed arrangements
- Retain classification and counterparty analysis for each recommended exposure

## Previous interpretation

No current SEC staff statement expressly addressed the described proof-of-work activities as a category.

## Sources

1. [Statement on Certain Proof-of-Work Mining Activities](https://www.sec.gov/newsroom/speeches-statements/statement-certain-proof-work-mining-activities-032025) · SEC Division of Corporation Finance · 2025-03-20


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.