Wu said that the US Securities and Exchange Commission has issued a statement clarifying that miners and mining pool activities under the PoW mechanism do not involve securities issuance, and therefore do not need to comply with the registration requirements under the Securities Act and the Exchange Act. The statement points out that Protocol Mining conducted by miners on PoW networks only involves the investment of computing resources to verify transactions and maintain network security. The rewards obtained by miners come from the execution of network protocol rules, rather than relying on others' entrepreneurial or management efforts, which does not meet Howey Test's definition of investment contracts. https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=6&id=39786