The US stock and values commission. UU. (SEC) presented this March 20 its perspective on certain activities related to cryptoactives issued in networks that operate under the work test system (POW).
This is the consensus mechanism used to confirm that the participants of a network such as Bitcoin, called miners, calculate valid alphanumeric codes (hashes) to verify the transactions. It serves as a basis for The development of cryptocurrency mining.
According to the SEC statement, in order to clarify the legal status of Bitcoin mining, the body’s corporate finance division has issued its conclusions about the specific activities carried out in Pow networks.
Points out in that sense that the digital currencies that are obtained through participation in this consensus mechanism, which it qualifies as «covered cryptoactives», They do not respond to legal criteria necessary to be qualified as title value (security).
The analysis of the SEC is based on the definition of «value» established in sections 2 (a) (1) of the Law of Securities and 3 (a) (10) of the exchange law. There are lists various financial instruments that are considered securityas shares, promissory notes and bonds.
The statement adds that the covered cryptoactives (or minted bitcoins) They do not fit the definition of any financial instrument explicitly included in the List of the SEC.
Therefore, they were applied The so -called Howey test, Used by American regulators since the 40s of the last century to determine if an asset is a value title. Through this tool it is evaluated whether transactions with a certain asset They imply an investment contract.
When evaluating the economic realities of a transaction, the test lies in itself an investment of money in a company, based on establishing whether there is a reasonable expectation of obtaining profits of third -party business or management efforts.
SEC.
According to the results of the analyzes applied to minted bitcoins, they also do not imply investment contracts. This, considering that the rewards are payments to the miner in exchange for the services provided to the Network, and not profits derived from the business or third -party management efforts.
Therefore, the division establishes that participants in mining activities They do not need to register transactions before the commission. Nor are within any of the registration exemptions of the Law of Securities in relation to these activities.
In that sense, it is clarified that the evaluation carried out focused on activities related to what is known as solo mining and pools. What implies so much to whom he is dedicated to work alone or those who do it as a team, in order to operate a cryptocurrency node and mine.
These conclusions of the SEC are part of the government’s effort to advance in the regulation of the Bitcoin ecosystem in the United States.
As Cryptonoticia has reported, now under the mandate of Donald Trump, the agency has taken an important turnaround in its policies to the sector, joining the plan drawn from the White House for the promulgation of favorable laws.