Solana DePIN Project FUSE Gets ‘Regulatory Cover’ as SEC Declines Enforcement in Rare Move

• The Solana DePIN project Fuse noted that the FUSE token is intended solely for network utility, not speculation.
• The approval marks the second recent no-action letter issued to a crypto firm.

The U.S. Securities and Exchange Commission (SEC) has issued a no-action letter to Solana-based DePIN platform Fuse. This decentralised physical infrastructure network (DePIN) project distributed the native FUSE token as a reward to all network participants who contribute towards infrastructure maintenance.

Sonala DePIN Project Fuse Secures SEC Permission

Earlier on November 19, the Solana DePIN project Fuse submitted a request to the SEC’s Division of Corporation Finance, seeking confirmation that the agency would not pursue enforcement action if the project continues offering and selling FUSE tokens.

In its request, the project argued that FUSE is intended strictly for network utility rather than speculation. They also noted that the FUSE tokens can only be redeemed through third parties at prevailing market prices and are designed for use within the protocol.

In a letter on November 24, Jonathan Ingram, the Division of Corporation Finance’s deputy chief counsel, wrote:

Commenting on the development, Rebecca Rettig, legal counsel for Solana MEV platform Jito Labs, noted on X that no-action letters remain highly desirable within the crypto sector. “Why do crypto teams want them? Regulatory clarity,” Rettig wrote.

The SEC’s latest no-action letter follows a similar approval issued just months earlier to the decentralised identity project Double Zero. This decision came amid a more crypto-friendly regulatory tone under the agency’s current leadership.

US SEC Evolves Under Paul Atkins’ Leadership

With Paul Atkins becoming the US SEC chair earlier this year, in April, the US SEC has undertaken bold measures to accommodate crypto firms in mainstream finance.

As a result of the crypto-friendly jurisdiction, DePIN projects have also started to gain limelight recently. As we reported earlier this month, another blockchain project, Filecoin, is seeing growing utility from decentralised physical infrastructure (DePIN) projects.

A growing number of storage and AI-infrastructure companies — including Protocol Labs, Seal Storage Technology, Glif, Lighthouse, DeltaV, and Retriev — are adopting Filecoin-based systems to support AI-driven data workloads. This expanding ecosystem is contributing to stronger organic demand for FIL.