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SEC Provides DePIN Guidance: $24B Industry Receives Regulatory Framework

SEC Provides DePIN Guidance: $24B Industry Receives Regulatory Framework

Bitget-RWA2025/11/25 17:48
By:Bitget-RWA

- SEC grants no-action letter to Solana-based DePIN project Fuse, confirming FUSE token as utility token, not a security. - Legal clarity aligns with non-security classification under Howey Test, marking second such approval for DePIN sector in 2025. - Regulatory shift under Chair Atkins signals measured crypto oversight, boosting compliance roadmap for $24B DePIN industry. - FUSE token's green energy focus and market rebound highlight potential for sustainable infrastructure innovation under clear regulat

The U.S. Securities and Exchange Commission

to Fuse, a decentralized physical infrastructure network (DePIN) initiative operating on the blockchain. This marks a notable regulatory breakthrough for the rapidly advancing DePIN industry. Announced in late November 2025, the decision clarifies the legal standing of the FUSE token, recognizing it as a utility token rather than a security, and in the SEC’s stance on digital asset regulation under its current leadership.

SEC Provides DePIN Guidance: $24B Industry Receives Regulatory Framework image 0

The no-action letter from the SEC, signed by deputy chief counsel Jonathan Ingram,

if Fuse moves forward with its FUSE token sale as outlined. This comes after Fuse formally requested guidance from the SEC’s Division of Corporation Finance on Nov. 19, 2025, that its token launch would not breach securities regulations. The FUSE token for participants who support Fuse’s infrastructure—such as by setting up solar panels or using EV charging stations—and can only be exchanged via third-party platforms at prevailing market prices. Legal analysts —with no rights to ownership, dividends, or profit sharing—closely matches the criteria for non-securities under the Howey Test.

This marks the second no-action letter for a DePIN project in recent months,

for in August 2025. Observers see this as part of a broader regulatory direction under SEC Chair Paul Atkins, who has on crypto, in contrast to the enforcement-centric approach of former chair Gary Gensler. Commissioner Hester Peirce, a prominent supporter of crypto advancement, , promoting better dialogue between the SEC and industry stakeholders.

This decision has far-reaching consequences for the DePIN sector, which utilizes blockchain to motivate contributions to real-world infrastructure. With the sector’s market capitalization surpassing $24 billion, it has

in the U.S. due to a lack of definitive legal guidelines. The green light for Fuse , illustrating how utility tokens can be structured to avoid being classified as securities while advancing sustainable energy projects. Fuse’s emphasis on renewable energy and decentralized infrastructure resonates with global decarbonization efforts, making it especially attractive to environmentally minded investors.

The SEC’s ruling has been met with optimism in the market. After falling from a peak of $2.13 in 2022 to about $0.0077, the FUSE token

, now boasting a market cap near $2.4 million and a total value locked above $68 million. Experts believe that this regulatory certainty could strengthen long-term investor confidence in the token as the DePIN landscape evolves.

Although the no-action letter does not create binding legal precedent, it marks a pivotal move toward aligning crypto innovation with regulatory standards. The SEC’s recent steps—

to crypto custodians—reflect a growing openness to working collaboratively with the digital asset sector. As Solana continues to draw DePIN projects thanks to its scalability and low fees, this regulatory support could spur further growth within the ecosystem.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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