The SEC recently submitted a no-action letter to the Solana DePIN Fuse project, giving it distinct regulatory clarity following the filing. Submitted On November 19th.
This marks the second such letter the SEC has recently issued for the Decentralized Physical Infrastructure Network (DePIN) crypto project. Fuse issues its FUSE network token as a reward to individuals who maintain the network. The project stated that FUSE is intended for network utility and consumption, not speculation, and can be exchanged at the average market price via third parties.
Jonathan Ingram, deputy chief counsel for the Division of Corporate Finance, confirmed Monday, “Based on the facts presented, the Division will not recommend enforcement action to the Commission if Fuse, based on your opinion as counsel, offers and sells tokens in the manner and under the circumstances described in your letter.”
This action follows a similar letter issued to Double Zero several months ago. Austin Videra, co-founder of Double Zero, noted that such messages are common at TradFi but “very rare” in cryptocurrencies, saying: “It was a months-long process, but we found the SEC to be quite receptive, we found them to be quite professional, quite diligent, and there was no crypto hostility.”
austin (@Austin_Federa) about what it was like to get SEC approval.
“The no-action letter is very common in TradFi but very rare in cryptocurrencies and is a very desirable type of letter. pic.twitter.com/V0v3LHYgse
– Rollupco (@therollupco) October 2, 2025
New leadership at the SEC, with Paul Atkins sworn in as its 34th Chairman in April and crypto-friendly Hester Peirce heading up the agency’s cryptocurrency task force, is tied to this balanced approach to cryptocurrencies. Rebecca Rettig of infrastructure platform Solana MEV Jito Labs explained that cryptocurrency projects seek no-action letters for “regulatory clarity,” providing a safeguard against immediate enforcement for securities law violations.
Consensys’ attorney, Bill Hughes, commented that this was an “easy case” given the nature of the FUSE code. Hughes stated, “The bottom line is that no cryptocurrency lawyer would have thought this token was a security. And there probably isn’t even any lawyer who was familiar with just Howey.” The message does not create new precedents.
The SEC also issued a no-action letter to crypto custodians that do not qualify as banks, providing guidance for their operations, in conjunction with the Double Zero letter. This signals a shift in the agency’s approach compared to a previous era that was viewed as hostile by some cryptocurrency founders, US companies and projects under former President Gary Gensler.
