According to one commissioner, the Securities and Exchange Commission's statement yesterday that proof-of-work mining is not a securities sale under its jurisdiction is not as airtight as it seems. Commissioner Caroline Crenshaw, the agency’s lone Democratic appointee, argued that the fine print of the SEC’s March 20 statement on the subject has some loopholes you could drive a truck through. The SEC’s statement that “participants in Mining Activities do not need to register transactions with the Commission under the Securities Act or fall within one of the Securities Act’s exemptions from registration in connection with these Mining Activities" is the latest in a series of pro-crypto actions taken by the Commission since the departure of anti-crypto former Chairman Gary Gensler. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io