The US regulator, which has shifted toward a more moderate stance under its new leadership, issued another decision confirming that a DePIN-focused token does not constitute a security.
Following changes in leadership, the agency sent a no-action letter for the native asset of an energy-driven project built on Solana, stating that the token does not fall under investment contract definitions. This marks the second favorable ruling for the DePIN segment in recent months, after a similar letter was sent earlier to another project in the same category.
The regulator’s decision to close the file without enforcement has been viewed as a meaningful step toward reducing legal uncertainty across the sector. The project team said their whitepaper had been published and described the decision as the result of months of productive engagement. They added that contributing to regulatory clarity in the US was an important milestone.
Observers see the move as a positive signal for utility-driven token models. Crypto journalist Eleanor Terrett commented that the outcome was based on the conclusion that the token’s value derives mainly from its actual function within the network rather than investor profit expectations, indicating a more open regulatory position toward usage-based assets.
