The SEC recently provided a no-action letter to the Solana DePIN project Fuse, granting its token regulatory clarity following an application submitted on November 19.
This marks the second such letter issued by the SEC to a decentralized physical infrastructure network (DePIN) crypto project recently. Fuse issues its FUSE network token as a reward to individuals who maintain the network. The project stated FUSE is for network utility and consumption, not speculation, and is redeemable for average market price via third parties.
Jonathan Ingram, deputy chief counsel for the Division of Corporation Finance, affirmed on Monday, “Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel, Fuse offers and sells the Tokens in the manner and under the circumstances described in your letter.”
This action follows a similar letter issued to Double Zero several months prior. Double Zero co-founder Austin Federa noted such letters are common in TradFi but “very rare” in crypto, stating, “It was a months long process, but we found the SEC to be quite receptive, we found them to be quite professional, quite diligent, there was no crypto animosity.”
Austin (@Austin_Federa) on what it was like getting approval from the SEC.
"A no action letter is something that is pretty common in the TradFi but they're very rare in crypto and they're sort of a highly coveted letter. pic.twitter.com/V0v3LHYgse
— The Rollup (@therollupco) October 2, 2025
New leadership at the SEC, with Paul Atkins sworn in as the 34th chairman in April, and crypto-friendly Hester Peirce heading the agency’s crypto task force, is associated with this balanced approach to crypto. Rebecca Rettig of Solana MEV infrastructure platform Jito Labs explained that crypto projects seek no-action letters for “regulatory clarity,” providing assurance against immediate enforcement for securities law violations.
Consensys lawyer Bill Hughes commented that this was “an easy case” given the FUSE token’s nature. Hughes stated, “The take away is that there is not a lawyer in crypto that would have thought this token was a security. And maybe not even any lawyer who is merely familiar with Howey.” The letter does not establish new precedents.
The SEC also issued a no-action letter for crypto custodians that do not qualify as banks, providing guidelines for their operations, coinciding with Double Zero’s letter. This suggests a shift in the agency’s approach compared to a previous era perceived by some US crypto founders, businesses, and projects as hostile under former chair Gary Gensler.
