SEC Issues No-Action Letter to Fuse as Agency Reviews More DePIN Tokens

Highlights:

• Fuse has gained clear guidance as the SEC supports its utility token model and reviews more DePIN-focused projects.
• SEC issues no-action letter to Fuse as the agency seeks to offer clarity for token distribution rules.
• Industry leaders have welcomed a softer regulatory tone as new SEC leadership expands engagement with crypto firms.

Fuse gained fresh regulatory clarity after the Securities and Exchange Commission confirmed it would not pursue action over its FUSE token. The project sought a decision on Nov. 19 when it asked the regulator to review its token structure. Fuse told the agency that the token supports a defined utility within its energy network. The group stressed that users earn FUSE for direct consumption rather than speculation. Fuse also noted that customers redeem tokens only at market value through third parties.

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🚨BREAKING: The SEC has issued a no-action letter to @fuseenergy, the @Solana based DePin project building a decentralized energy grid.

The agency says Fuse’s token offer is not an investment contract since its value is tied to network utility rather than investor profit… pic.twitter.com/XOyIvFeGBG

— SolanaFloor (@SolanaFloor) November 24, 2025

The FUSE token powers the company’s push to support electricity use across several states. Fuse installs electric vehicle chargers, rooftop solar units, and other grid tools. The firm said these technologies help reduce congestion within the electricity network. Fuse added that the token rewards users who install smart energy devices at home or within local businesses. The company said this approach supports a larger goal of improving modern grid efficiency.

Fuse insisted that the token should not be seen as an investment contract. The firm explained that users do not expect profit from the efforts of Fuse or its partners. The company also told the regulator that it designed the token to encourage responsible energy habits. Fuse linked this framework to its strategy of building a decentralized energy network. The project said this allows customers to take part in energy programs without buying speculative assets.

The SEC’s Division of Corporation Finance reviewed the request and responded on Monday. Jonathan Ingram, the deputy chief counsel, confirmed that the agency accepted the facts stated in the submission. He added that Fuse must follow the structure outlined in the letter. He warned that different conditions may produce another outcome. The letter still helped Fuse secure guidance that many token projects have sought for years.

SEC Issues No-Action Letter as Experts Call Fuse an ‘Easy Case’

Several legal experts said the decision reflected the clear structure of the FUSE token. Consensys lawyer Bill Hughes said the case presented no challenge due to the token’s design. He argued that no crypto lawyer would classify FUSE as a security. He also noted that the token’s features showed no signs of an investment contract. Hughes said the project followed a model that aligns with long-standing interpretations of securities laws.

As Greg points out, there is a secondary market for these tokens, but it isn't one that is susceptible to out of control speculation because the utility and redeemability of the token put a cap on that. https://t.co/g6s2YOrbdq

— Bill Hughes 🦊 (@BillHughesDC) November 24, 2025

Rebecca Rettig, counsel for Jito Labs, added her view on the decision. She said many teams chase no-action letters because they want regulatory cover. She explained that a letter brings reasonable assurance for firms planning token launches. Rebecca also highlighted that the guidance helps teams reduce the risk of immediate enforcement. Rettig said many groups still struggle to understand what the SEC expects from token issuers.

1/ Today @SECGov issued a no action letter (the 2nd in 2 months) to a team pre TGE (congrats @fuseenergy – link to letter below). What does it mean to get a NAL, why would a team want one & how does someone try to get it? 🧵 below (*not* legal advice!) pic.twitter.com/Jz73OnTre4

— Rebecca Rettig (@RebeccaRettig1) November 25, 2025

Fuse’s case followed a similar ruling for DoubleZero in recent months. DoubleZero secured its own letter after explaining the utility behind its 2Z token. The group received support earlier this year after months of talks with the agency. At the time, its founders said the SEC showed a cooperative tone during the process. They called the discussions professional and detailed.

Crypto Industry Welcomes Softer Tone Under New SEC Leadership

Industry groups noted a shift at the regulator over the past several months. They pointed to new leadership under Chair Paul Atkins and his broader approach to digital assets. They also highlighted Hester Peirce’s role in shaping token policy through a focused task force. Several founders said the agency now hosts more direct talks with crypto teams. They added that recent roundtables and updated reviews support a better environment for new projects.

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