SEC issues ‘rare’ no-action letter for Solana DePIN project token ENERGY

first published 2025-11-24T23:43:55Z

The SEC’s Division of Corporation Finance informed Fuse Crypto Limited it would not object to the offering and sale of its Solana-based ENERGY token without registration provided Fuse follows the structure and facts in its Nov. 19 no‑action submission. The relief is explicitly conditional on Fuse maintaining the token design and the conditions described in the filing. Fuse said the token is a loyalty/rebate-style reward for households using distributed energy resources, with redemption values capped by profit margins and tied to average market price; SEC staff agreed the token’s value does not depend on Fuse’s overall success.

AI Analysis

SEC Division of Corporation Finance said it would not object to Fuse offering ENERGY without registration if Fuse follows its Nov. 19 no‑action submission; the position is explicitly conditional on maintaining the token design and conditions in the filing. Fuse described ENERGY as a capped, loyalty/rebate-style reward tied to average market price and SEC staff agreed its value does not depend on Fuse’s overall success. These facts support a modestly positive sentiment and a moderate market impact restricted to the token/issuer because relief is conditional and specific to the filing.

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