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The SEC just handed Fuse Crypto a no action letter on November 24, saying they wonât chase charges. That is over the companyâs energy rewards token as long as it sticks to the plan laid out. That means Fuse can sell the token without registering it as a security under the 1933 Act or listing it as equity under the 1934 Act.
Jonathan Ingram from the SEC made it clear the okay is based strictly on Fuseâs factsâif things change, so could the relief. The letter doesnât say if the token is or isnât a security, just that enforcement wonât kick in right now.
Fuse works in clean energy across the U.S., putting in EV chargers, rooftop solar, and grid support gear. Their token, called FUSE or ENERGY, rewards people who join programs easing grid strain, like smart energy use.
Fuse argued it doesnât fit the Howey Test no money invested for profits from othersâ work. Users earn it for their own actions, like consuming energy smarter, not betting on Fuseâs success. The company sees it as a flexible rewards setup for a growing need in decentralized energy.
This is the second such letter lately the SEC gave one to DoubleZero in September for its DePIN token. Under Trump, the agency has shifted: hosting crypto talks, dropping old probes, starting âProject Cryptoâ to update rules, and working on a token taxonomy to sort securities from non-securities. Chair Paul Atkins pushed for clearer lines on digital assets.
For Fuse, itâs a green light to roll out without heavy registration, focusing on utility over speculation. For the crypto world, itâs a sign the SEC might ease up on tokens tied to real world use, cutting uncertainty after years of gray areas. Still, any slip from the described setup could flip the script fast.
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