The U.S. Securities and Exchange Commission (SEC) has stated that it will not take enforcement action against tokens related to decentralized physical infrastructure networks (DePIN) based on blockchain.
In a no-action letter issued on Monday, SEC Chief Legal Counsel for Corporate Finance Michael Seaman stated that he "would not recommend that the SEC take enforcement action" against the planned token issuance of the DePIN project DoubleZero.
SEC Commissioner Hester Peirce further added that "the economic realities of the DePIN project are fundamentally different from the financing transactions authorized by Congress for this Commission to regulate."
This rare no-action letter from the SEC is the latest example of the agency's retreat from cryptocurrency enforcement under the Trump administration, which promised to ease regulations to attract companies and projects to the U.S.
Seaman stated that the procedural transfer detailed by the DoubleZero Foundation in a letter on Thursday does not require registration under U.S. securities laws, and its planned 2Z token "is not registered as an equity security."
In its letter, DoubleZero stated that its protocol enables blockchain systems to access "underutilized private fiber links" managed by various contributors. Network participants will earn and purchase 2Z tokens.
"This is not just a milestone for DoubleZero—it demonstrates that American founders and innovators can work with regulators to achieve clarity while still moving quickly," said Austin Federa, co-founder of DoubleZero and former head of strategy at the Solana Foundation.
DoubleZero's General Counsel Mari Tomunen stated that the SEC's no-action letter "highlights that there is a path to launching tokens. When the value of the token comes from the work of other network participants, the Howey test simply does not apply."
SEC's Peirce noted that the no-action letter "provides an opportunity to reflect on how we as regulators can promote innovation without expanding our reach beyond what Congress has authorized."
She added that the agency's position allows crypto infrastructure providers to "spend time delving into the details of building infrastructure rather than getting bogged down in parsing the nuances of securities law."
Peirce stated that DePIN tokens "are functional incentives designed to encourage infrastructure development," neither representing company shares nor promising profits from the efforts of others, and therefore are not covered by securities law.
"These projects allocate tokens as compensation for the work performed or services provided, rather than as an investment with the expectation of profiting from the entrepreneurial or managerial efforts of others," she explained.
Peirce indicated that if regulators "force all activities into the existing financial market regulatory framework," blockchain technology will not be able to reach its full potential.
The DePIN tokens seem to have had no reaction to the SEC's decision, with CoinGecko showing that tokens related to this market segment fell by 2% in the past day.
Related: Nasdaq-listed Predictive Oncology launches $344 million DePIN treasury linked to Aethir (ATH)
Original article: “SEC Determines DePIN Tokens Are ‘Fundamentally’ Outside Its Jurisdiction”
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