The Division's statement clarifies something many have long believed: proof-of-work crypto mining is not a form of investment contract under the Securities Act. The statement covers both solo and pooled mining—the latter being of more interest. The Division's Howey analysis of pooled mining "efforts" indicated that pooling computational resources is merely an administrative or ministerial activity. To that end, the Division also noted that "a pool operator's activities in operating the…

The House and the Senate have been advancing dual stablecoin bills—the STABLE and GENIUS Acts—in anticipation of passage in the near future. At a House Financial Services  titled "Navigating the Digital Payments Ecosystem," there was clear bipartisan agreement on necessary steps forward. It appears that it is now a question of how stablecoins will be regulated, rather than whether they will be regulated.

At last Friday's crypto summit, President Trump  that stablecoin…

As the SEC from the Gensler-era regulation-by-enforcement approach, there is increasing demand for legislation to provide a framework for crypto in the United States. As with the , there is more of a political will than ever before to enact crypto legislation. Chair Hill has significant support among crypto advocates. He appears ready to lead the charge for such legislation. This op-ed reinforces his intent to do so. 

This hearing is another Congressional step toward a framework for digital assets in the United States. The rollback of SAB 121 and the introduction of two stablecoin bills reflect real movement and a new direction for the industry. All the witnesses had a common refrain: damage was done to digital asset innovation by the prior administration, but now there is a real opportunity for positive change—all that's needed is the right legislative framework. The details, however, are to be…