#pi Pi Network's official status is that it is not regulated by the U.S. Securities and Exchange Commission (SEC), as its core team is registered in the United States but excludes users from the U.S. and the European Union. Its tokens are not listed on mainstream exchanges, facing potential securities law risks and allegations of illegal issuance. Although the project claims to be a community-driven digital currency, its lack of official licensing and its operation within a closed ecosystem make it a gray area outside of regulation, posing legal and financial risks.

Reasons why it may be subject to SEC regulation:
Securities Definition: If Pi is deemed a "security," it must be registered or exempted under the Securities Act of 1933; otherwise, it constitutes an illegal issuance.
Team Location: The core team is registered in the U.S., making it subject to U.S. laws.
Legal Risks: The SEC may intervene and regulate any crypto project considered a security.
Pi's Current Status and Risks:
Not listed on mainstream exchanges: Pi cannot be exchanged for fiat currency on external markets and can only be used within its internal ecosystem, with uncertain economic value.
Misleading "Free Mining": Participating for free may be mistaken as risk-free, but high risks are hidden within.
Suspicion of Pyramid Schemes: Lacking market circulation and value, it raises suspicions of a pyramid scheme.
Information Security and Privacy: Users submit large amounts of personal information, risking leaks.
Regulatory Attitudes in Various Countries: Countries like China have already banned participation in such virtual currency trading.
Summary:
Although Pi Network is a project by Stanford graduates, its operational model places it in a regulatory vacuum, with significant legal risks of being classified as an unregistered security by the SEC or other agencies. Caution is advised when investing or participating.