SEC issues second no-action letter for Solana DePIN token FUSE

The document stipulates that the regulator will not initiate action against the project if the stated conditions are met

SEC sends Solana DePIN Fuse letter of no action on FUSE token

25.11.2025 - 09:45

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2 min

Key points:

The SEC has issued a no-action letter to the DePIN Fuse project regarding the FUSE token.
The decision follows a similar letter to DoubleZero several months ago.

The US Securities and Exchange Commission (SEC) has sent a “no action letter” to the Solana DePIN Fuse project. The document confirms that the agency will not recommend enforcement action for the issuance and sale of the FUSE token if the project operates within the described conditions.

Fuse submitted its request on November 19, stating that FUSE is used as a network token to reward infrastructure participants and is not intended for speculation.

What is DePIN in cryptocurrencies?

We talk about an innovation that successfully combines the digital and physical spheres

Why this is important for the DePIN market

The SEC letter explicitly states that there are no grounds to consider FUSE an investment contract. SEC Deputy Chief Counsel Jonathan Ingram noted that, provided the specified parameters are met, the regulator will not initiate enforcement action.

This is the second such case in recent months. DoubleZero previously received a similar letter, which the crypto community interpreted as a sign of a more constructive approach by the SEC to projects with real utility.

Lawyers note that FUSE does not meet the Howey test for securities, so the decision was not unexpected.

The SEC’s new position is consistent with recent statements by Chairman Paul Atkins, who emphasized that most crypto tokens are not securities. The regulator is developing the Crypto project to create a token taxonomy and, together with the CFTC, is forming an updated model for supervising tokenized markets.

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