SoSo Daily Mar 21 | US SEC: Proof-of-Work Mining Does Not Involve Securities Law

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 12:00 Hong Kong time, according to sosovalue, the top five gainers are:
Top 1 gainer is Neiro on ETH. As of 23:50 today, its market cap is 741.46K, with a coin price of 0.00074146 USD, witnessing a 24-hour increase of 962%.
The second is Bedrock Token. As of 23:50 today, its coin price is 0.16310 USD, with a 24-hour increase of 716%.
The third is Pluton. As of 23:50 today, its coin price is 1.4500 USD, showing a 24-hour increase of 90.8%.
In fourth place is Layer3. As of 23:50 today, its coin price is 0.082200 USD, with a 24-hour rise of 37.5%.
In fifth place is Bone ShibaSwap. As of 23:50 today, its coin price is 0.32490 USD, increasing by 36.2% over the last 24 hours.




Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The U.S. Securities and Exchange Commission (SEC) has clarified its position on certain proof-of-work (PoW) mining activities, stating that these activities do not involve the issuance and sale of securities. The SEC indicated that individuals participating in mining activities are not required to register their transactions with the Commission under the Securities Act, nor do they fall within the scope of exemptions from registration under the Securities Act. The SEC relied on the Howey test to conclude that miners' self-mining does not meet the definition of an investment contract, as miners use their own computational resources to earn rewards rather than relying on the efforts of others. The SEC also pointed out that mining pools do not expect to make profits. Cody Carbone, chairman of the Digital Chamber of Commerce, stated that this declaration provides legal certainty for Bitcoin miners and aids in the development of the mining industry in the United States.
Next news:

According to reports from journalist Eleanor Terrett, former President Donald Trump stated in a speech at the Digital Assets Summit that he aims to make the United States the "undisputed Bitcoin superpower and the global capital of cryptocurrency." At the same time, Trump called on Congress to pass landmark legislation to establish simple and sensible rules for stablecoins and market structure.

Next news:Pump.fun has launched a decentralized exchange (DEX) called PumpSwap, designed for the instant migration of completed tokens. Built on Solana, PumpSwap aims to replace Raydium, eliminate the 6 SOL migration fee, and provide future revenue-sharing opportunities for creators. Each transaction incurs a fee of 0.25%, with 0.2% going to liquidity providers and 0.05% retained by the protocol. Similar to Uniswap v2 and Raydium v4, PumpSwap employs a constant product Automated Market Maker (AMM). Alon Cohen, co-founder of Pump.fun, stated that PumpSwap is an important step in attracting non-crypto users. The launch of PumpSwap comes at a time when competition between Pump.fun and Raydium is intensifying, with Pump.fun's trading volume having dropped by 94% since the beginning of 2025.
Next news:Canary Capital has filed for the first-ever Pengu ETF, aiming to expand its crypto offerings. The ETF will include the PENGU token and Pudgy Penguins NFTs, along with other cryptocurrencies like SOL and ETH. This move is part of a broader trend where firms are seeking SEC approval for various crypto ETFs, including those tracking Sui, Hedera, and Litecoin. The SEC has shown a more favorable stance towards the crypto industry recently, approving spot Bitcoin and Ethereum ETFs and reducing enforcement actions.
Next news:The TON token experienced a significant price increase following the announcement that venture capital firms have invested $400 million into the token. This investment is seen as a strong endorsement of the token's potential and has generated positive sentiment in the market.
Next news:Walrus Foundation has successfully raised $140 million through a private token sale to enhance its decentralized data storage protocol, Walrus. The funding round was led by Standard Crypto, with participation from notable investors such as a16z crypto, Electric Capital, and others. The Walrus platform, based on the Sui blockchain, uses the WAL token to operate its storage nodes and prevent Sybil attacks. The funds will be used to further develop the platform, which is set to launch on the mainnet on March 27. The WAL token has a total supply of 5 billion, with 60% allocated to the community. Initial token unlocks are planned for March.
Next news:

According to Wu, Bitnomial has announced the launch of XRP US Dollar Myra (XRUY) futures, which is the first CFTC-regulated XRP futures in the United States, adopting a physical delivery model. In addition, Bitnomial Exchange, LLC has withdrawn its lawsuit against the SEC, which centered around whether XRP futures qualify as security futures contracts.

Next news:

Paul Atkins, the nominee for chairman of the U.S. Securities and Exchange Commission (SEC), will testify before the Senate Banking Committee on March 27, alongside Jonathan Gould, the nominee for Comptroller of the Currency (OCC), and Luke Pettit, the nominee for Assistant Secretary of the Treasury. If the committee votes in favor of the nominations, the full Senate will conduct the final confirmation, and Atkins could take office as early as next month. (CoinDesk)

Next news:The staking trend for Ethereum ETFs is heating up. Robert Mitchnick, the head of digital assets at BlackRock, stated at a conference that allowing Ethereum ETF issuers to stake cryptocurrencies simultaneously could increase demand. Meanwhile, NYSE Arca has submitted a rule change proposal that, if approved, would allow Bitwise's Ethereum ETF to earn returns. Last year, the U.S. Securities and Exchange Commission (SEC) had a more hostile attitude towards cryptocurrencies, but now, as the government's stance on cryptocurrencies has become more friendly, ETFs could soon be able to stake. If the SEC approves the rule change, Ethereum ETFs will be able to generate income by holding cryptocurrencies. Although Ethereum ETFs have attracted billions of dollars in investment, their success pales in comparison to the historical performance of Bitcoin ETFs.
Next news:According to Wu, the on-chain detective ZachXBT revealed that his investigation into the mysterious "whale" identity of Hyperliquid shows that the account is suspected of profiting approximately 20 million dollars through high-leverage trading from January to March 2025, possibly involving illegal activities. The whale account 0xf3f operated multiple high-leverage positions on the Hyperliquid and GMX platforms, including making a profit of 10 million dollars by going long on $ETH and $BTC with 50x leverage in March 2025 before the announcement of Trump’s crypto reserves, as well as making a profit of 9 million dollars by shorting $BTC with 40x leverage. ZachXBT confirmed that 0xf3f is related to the X account qwatio and found that this account may have been recently purchased (the account had been inactive for years and was recently renamed). Furthermore, the wallet cluster controlled by 0xf3f is associated with accounts such as Roobet, Binance, and Gamdom, and was marked as a receiving address in phishing[.]fi and other phishing sites in January, involving a capital inflow of 171 thousand dollars. Currently, ZachXBT has contacted Scam Sniffer to further track the related phishing activities, and the investigation is ongoing.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.com, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.