Bitcoin mining has achieved a significant regulatory victory in the United States.

The Corporate Finance Division of the U.S. Securities and Exchange Commission (SEC) issued a statement regarding proof-of-work cryptocurrency mining, clarifying that individual mining or pooled mining does not conflict with securities laws.
Bitcoin mining does not involve reasonable profit expectations. Miners contribute their own computing resources to earn rewards and secure the network. In the case of mining pools, any potential profit expectations do not stem from the efforts of the pool operators.
Some activities of pool operators that can benefit miners do not meet the hobbyist test.
Bitcoin is undoubtedly the largest digital currency based on proof of work. Other examples of currencies that fall under this category include: Dogecoin (DOGE), Litecoin (LTC), and Monero (XMR).
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In June 2018, the U.S. Securities and Exchange Commission (SEC) stated that both Bitcoin and Ethereum are not securities. Regarding Bitcoin, the former chairman of the SEC, Gary Gensler, has repeatedly confirmed this view, and he is known for his anti-cryptocurrency stance.
However, the legal status of Ethereum became more complicated after the leading altcoin transitioned to proof of stake in December 2020. Gensler repeatedly dodged questions about whether the token qualifies as a security or not.
The latest statement regarding proof of work is the latest effort by the Securities and Exchange Commission to bring regulatory clarity to the industry.
In a sharp reversal of its policy, the U.S. Securities and Exchange Commission dropped several lawsuits against prominent companies like Kraken and Coinbase. The agency also abandoned its appeal against Ripple.
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