SEC Grants Second No-Action Letter to a DePIN Project, Cementing a New Regulatory Pathway for Crypto

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The US Securities and Exchange Commission (SEC) has issued a second no-action letter to a decentralized infrastructure (DePIN) project, reinforcing a potential new framework for crypto regulation.

The letter to the Solana-based project Fuse assures that the agency will not recommend enforcement action over the offer and sale of its FUSE token.

In its submission, Fuse argued that the FUSE token is functionally a reward for users who maintain its distributed network, not a speculative investment vehicle.

After reviewing the facts, the SEC’s Division of Corporation Finance, led by deputy chief counsel Jonathan Ingram, concurred.

This decision follows a similar no-action relief granted to DePIN project Double Zero in August, signaling a potentially more measured and collaborative approach from the SEC under Chair Paul Atkins, contrasting with the tenure of his predecessor, Gary Gensler.