The U.S. Securities and Exchange Commission (SEC) has recently issued a "no-action letter" to the second decentralized physical infrastructure network (DePIN) crypto project, providing its native token with "regulatory protection" from enforcement.
The no-action letter was sent to the Solana DePIN project Fuse, which issues the network token FUSE as a reward for actively maintaining the network and does not sell it to the public.
Fuse initially submitted a letter to the SEC's Division of Corporation Finance on November 19, requesting official confirmation that if the project continues to offer and sell FUSE tokens, the SEC would not recommend "taking enforcement action."
In the letter, Fuse also outlined that FUSE is designed for network utility and consumption purposes, rather than for speculation. It can only be redeemed through third parties at the average market price.
"Based on the facts provided, if Fuse offers and sells tokens in the manner and circumstances described in your letter based on your advice as legal counsel, this division will not recommend that the Commission take enforcement action," wrote Jonathan Ingram, Deputy Chief Counsel of the Division of Corporation Finance, on Monday.
The SEC's latest no-action letter follows a similar "highly sought after" letter issued to Double Zero a few months ago, which is seen as a result of the SEC's new, more crypto-friendly leadership.
At that time, Double Zero co-founder Austin Federa stated that such letters are common in traditional finance but "very rare" in the crypto space.
The SEC welcomed new leadership in April, with Paul Atkins sworn in as the 34th chairman, and the agency is perceived to have adopted a more balanced approach toward cryptocurrencies. As part of the leadership, crypto-friendly Hester Peirce also leads the agency's cryptocurrency working group.
Rebecca Rettig, legal representative of Solana MEV infrastructure platform Jito Labs, added in a discussion on the X platform that no-action letters are sought after by many crypto projects.
"Why do crypto teams want them? 'Regulatory clarity.' If you plan to issue tokens, a no-action letter provides reasonable assurance that you won't immediately face enforcement for violating securities laws. It's a form of 'regulatory protection,'" she wrote.
However, this no-action letter does not necessarily set any new precedent.
Consensys lawyer Bill Hughes commented on the matter on the X platform on Monday, stating that given the nature of the Fuse token, this is "a straightforward case."
"The conclusion is that no lawyer in the crypto space would consider this token a security. Even lawyers who are only familiar with the Howey test might not think so," Hughes said.
Under former chairman Gary Gensler, many U.S. crypto founders, businesses, and projects reported feeling hostility from the SEC, while the latest interaction with Fuse indicates that the agency has significantly shifted its stance.
In the same month that Double Zero received its no-action letter, the SEC also issued a similar no-action letter to crypto custodians that do not meet banking qualifications.
While they still need to meet strict conditions, the no-action letters provide clear guidelines for these types of companies to operate and handle cryptocurrencies, which the industry has been pleading for over the past few years.
Related: Stand With Crypto will review the digital asset positions of 2026 candidates
Original article: “SEC Issues ‘Rare’ No-Action Letter for Solana DePIN Project Token FUSE”
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