The Staff Statement provides clarity that Proof-of-Work crypto mining does not involve securities, reducing regulatory uncertainty and enforcement risks for miners.

By Jenny Cieplak, Zachary Fallon, Stephen P. Wink, Connor Jobes, and Deric Behar

On March 20, 2025, the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance (the Staff) published a Statement on Certain Proof-of-Work Mining Activities (the Statement). The Statement is the Staff’s second non-binding clarification on how it views the federal securities laws…