Fuse Crypto Limited, an energy-technology company that operates distributed-energy programs across the U.S. and Europe, received a key regulatory boost on Monday after the SEC said it would not pursue enforcement over the firm’s planned rewards token.

In a response to Fuse’s November 19 no-action request, the SEC’s Division of Corporation Finance said it would not object if Fuse offers and sells its ENERGY token without registration, provided the company adheres to the structure described in its submission. 

While the SEC stressed that its view is contingent on Fuse maintaining the token structure described in its submission, the decision offers one of the clearest examples yet of the regulator distinguishing a loyalty-style digital token from an investment product.

“This landmark is the result of months of productive engagement with the SEC, and Fuse is proud to play a role in pushing forward regulatory clarity for crypto in the U.S., the company said in a statement on X. “The momentum is building.”



Fuse tokenomics

London-based Fuse had argued the Solana-based token’s design limits speculation, noting that redemption values are capped by its profit margins and tied to the average market price when consumers use them.

Fuse’s system awards tokens to households that install or operate distributed energy resources, such as rooftop solar, batteries, and EV chargers. 

The firm also argued that the token functions like a rebate for energy-efficiency participation rather than an investment tied to the company’s performance. 

SEC staff ultimately agreed that the token’s value will not depend on the overall success of Fuse or the Fuse Network, a core element of the Howey test used to determine whether an asset is a security.

The decision drew support from Bill Hughes, a lawyer at Consensys, who said the SEC's cited factors made the outcome clear. 

“There is not a lawyer in crypto that would have thought this token was a security,” he wrote on X, calling the matter an “easy case.”

Lawyers representing Fuse did not immediately respond to Decrypt’s request for comment.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。