SEC don give no‑action letter to Solana DePIN Fuse, say sey im FUSE tokens no be securities
U.S. Securities and Exchange Commission Division of Corporation Finance don issue no‑action letter to Fuse, one Solana‑based DePIN (decentralized physical infrastructure network) wey former Revolut staff Alan Chang and Charles Orr build. Fuse ask for relief on November 19; SEC conclude say the project token model — wey dey issue FUSE tokens to reward people wey contribute distributed energy resources (like rooftop solar) and allow dem redeem for goods, services, rebates or bill discounts through third‑party channels at average market price — no go be security if Fuse operate exactly as dem describe. The decision follow similar no‑action letter for Double Zero (one decentralized fiber network) for September, wey show regulators dey more tolerant of DePIN projects wey issue functional, utility‑focused tokens instead of speculative investment instruments. Legal experts praise the clarity, but regulators warn say any material deviation from the disclosed token mechanics go void the relief. For traders, the ruling reduce legal tail risk for FUSE and fit boost positive sentiment for Solana‑based DePIN tokens, but continuous compliance and implementation details go be key to steady market confidence.
Bullish
SEC no‑action letter reduce legal and regulatory wahala specially for Fuse’s FUSE token, wey be major risk factor for how people value the token. For short term, this clear signal fit boost positive sentiment and speculative buying of FUSE and fit make people interested in similar Solana‑based DePIN tokens, causing price to press up. The ruling also set constructive precedent (after Double Zero) wey fit reduce perceived risk for other utility‑focused DePIN projects, improving funding and secondary‑market liquidity. But the relief get condition — any big deviation from the disclosed token mechanics fit cancel the protection — so traders suppose to monitor on‑chain behaviour, token redemption flows, partnership integrations, and any compliance signals. Long term, if Fuse siga follow the model well and deliver real utility (actual energy rebates/discounts and active infrastructure contributors), the token fit get sustainable demand; if not, regulatory or operational wahala fit make gains reverse. Overall, immediate market reaction likely bullish for FUSE within the Solana DePIN niche, but e depend on continued compliance and execution.