SEC Greenlights Fuse Token in Second DePIN Relief, Marking Shift from Gensler Era

By convincingly framing its token as a tool for network participation rather than a speculative asset, the Solana-based project Fuse has secured a critical no-action letter from the SEC.

The regulatory relief protects the FUSE token, which is awarded to users who help maintain Fuse’s decentralized physical infrastructure (DePIN) and can only be redeemed on third-party platforms.

The SEC’s agreement, detailed in a letter from its Division of Corporation Finance, hinged on Fuse’s demonstration of the token’s specific, non-investment utility.

This “utility-over-speculation” model is proving to be a replicable strategy, as Fuse becomes the second DePIN project after Double Zero to receive such approval, suggesting a viable blueprint for other functional crypto projects seeking regulatory clarity.