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This Article Was First Published on TurkishNY Radio.
The SEC has granted its second “no-action letter” to a decentralized physical infrastructure network (DePIN) crypto project. This letter provides regulatory clarity for Solana DePIN project Fuse.
It ensures that Fuse’s native token, FUSE, operates within legal bounds. This marks a significant step forward for Fuse, giving the project legal certainty.
SEC Provides No-Action Letter to Fuse
On November 19, 2025, the SEC issued a no-action letter to the Solana DePIN project Fuse. Fuse had asked for confirmation that it would not face enforcement action for offering and selling FUSE tokens.
The tokens are given to users who help maintain the network. Fuse clarified that the FUSE token is for network use, not speculation. Tokens can only be redeemed through third-party platforms at an average market price.
This no-action letter provides Fuse with the legal cover needed to continue its operations. It gives the project clarity on how it can operate under U.S. securities laws.
Overview SEC’s Shift in Crypto Regulation
The SEC’s decision to issue the no-action letter to Fuse is part of a larger shift in the agency’s approach to cryptocurrency regulation. Under new leadership, the SEC has become more open to working with crypto projects.
Paul Atkins became SEC chairman in April 2025. Hester Peirce, a crypto-friendly commissioner, now leads the SEC’s crypto task force. This shift has brought more balance to the SEC’s stance on digital assets.
Solana DePIN Project Fuse and SEC’s No-Action Letter
The SEC’s no-action letter to Fuse confirms that the SEC will not take enforcement action against the project. Jonathan Ingram, Deputy Chief Counsel at the SEC, stated that Fuse’s operations do not trigger the need for SEC intervention.
Also Read: Why JPMorgan Thinks Solana’s ETF Launch Won’t Be the Next Big Boom
The SEC has confirmed that Fuse’s token, FUSE, is not considered a security. This provides Fuse with the certainty it needs to continue its token offerings and network activities.
Fuse’s success in obtaining the no-action letter shows that the SEC is willing to work with decentralized projects. The letter is a clear signal that the SEC sees Fuse’s token as a utility, not a security.
The Impact of SEC’s New Leadership on Crypto Regulation
This decision is a reflection of the SEC’s new leadership under Chairman Paul Atkins. Earlier in 2025, the SEC issued a similar no-action letter to the project Double Zero.
These actions show that the SEC is adopting a more open approach to regulating digital assets. Under the leadership of Atkins and Peirce, the SEC has shifted toward clearer guidelines for crypto projects.
No-Action Letters A Critical Tool for Crypto Projects
No-action letters are an important regulatory tool for crypto projects. These letters protect projects from immediate enforcement actions.
They provide clarity and reassurance that projects can operate within legal limits. For Solana DePIN project Fuse, this letter gives them the legal certainty they need to continue operating without fear of SEC intervention.
Rebecca Rettig, a legal representative for Solana MEV infrastructure platform Jito Labs, explained that no-action letters provide “regulatory clarity.” They give projects peace of mind, knowing they are compliant with the law.
Regulatory Clarity What It Means for Solana DePIN Project Fuse
The no-action letter to Fuse removes regulatory uncertainty. It ensures that Fuse can continue offering and selling FUSE tokens without the threat of enforcement action. This clarity is vital for Fuse’s growth and its future in the crypto space. With the SEC’s letter, Fuse can now move forward with confidence, knowing its operations are in line with U.S. securities laws.
Conclusion
The SEC’s no-action letter is a major win for Solana DePIN project Fuse. It gives the project the regulatory clarity it needs to continue operating without fear of legal action.
The SEC’s decision reflects a more balanced approach to crypto regulation under new leadership. As the SEC continues to provide clarity for crypto projects, Fuse is set to lead the way for other DePIN projects in the industry.
Also Read: EU Explores Ethereum and Solana to Power Digital Euro Amid U.S. Pressure
Appendix: Glossary of Key Terms
No-Action Letter: Formal statement from the SEC confirming that it will not take enforcement action against a project under specific conditions.
DePIN : A decentralized system using blockchain to support physical infrastructure projects.
FUSE Token: The native utility token of the Solana DePIN project Fuse, used to reward network participants.
SEC: U.S. government agency responsible for regulating the securities industry and enforcing securities laws.
Regulatory Clarity: Clear guidance from regulatory bodies on how projects should comply with the law.
Network Utility Token: A digital asset used within a blockchain network for specific purposes, such as transaction facilitation or rewards.
Frequently Asked Questions About Solana DePIN project Fuse
1- What is the no-action letter granted to Solana DePIN project Fuse?
The no-action letter grants Solana DePIN project Fuse regulatory clarity, confirming that it can continue offering its FUSE tokens without facing SEC enforcement.
2- How does the no-action letter affect Fuse?
The no-action letter allows Fuse to continue offering its FUSE tokens without fear of SEC enforcement.
3- Why are no-action letters important for crypto projects?
No-action letters provide crypto projects with legal clarity and protection from immediate regulatory action.
4- Can other projects apply for a no-action letter?
Yes, other projects can request a no-action letter from the SEC for regulatory certainty.
