SEC issues uncommon no‑action letter to Solana DePIN initiative Fuse

crypthub

about 1 hour ago

SEC Grants No‑Action Relief to Fuse

The SEC issued a rare no‑action letter to Solana‑based DePIN project Fuse, shielding its token distribution from enforcement. The decision follows a similar letter for DoubleZero, hinting at a gentler regulatory stance. Analysts view both as signs of a steadier climate for DePIN builders.

Token Design Supports the Ruling

Fuse said its token rewards users who sustain the network and is engineered to limit speculation. Redemption is only possible at an average market price via third parties, curbing resale motives. The SEC’s Corporation Finance Division accepted these points and declined to pursue action.

Regulatory Climate Shifts

A tone change emerged after Paul Atkins became chair and commissioner Hester Peirce leads the crypto task force. Lawyers argue the token fails the Howey test, matching industry expectations. A no‑action letter now offers issuers reasonable assurance against immediate enforcement, lowering legal risk.