Derived from Coinomedia, the U.S. Securities and Exchange Commission (SEC) has issued a no-action letter to Fuse Crypto, a Solana-based decentralized physical infrastructure network (dePIN) project. The letter confirms that the SEC does not consider Fuse’s native token a security, citing its utility-driven use case rather than speculative investment characteristics. The decision highlights the token’s role in accessing services and powering infrastructure, rather than generating profit from third-party efforts. This regulatory clarity may set a precedent for other dePIN and utility token projects.
SEC Issues No-Action Letter to Solana-Based Fuse Crypto, Token Not Classified as Security
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