The US SEC confirms that "DePIN Token" is not under its jurisdiction: it does not fall within the scope of securities law.

The SEC has rarely issued a no-action letter, determining that the DoubleZero DePIN token is not a security. The market is watching whether the regulatory trend in the U.S. will reverse. (Background: 2025 DePIN Report: Opportunities and Challenges in the AI Era) (Additional context: Depin explosion! Helium has reached an “automatic connection” agreement with AT&T, leading to an 18% pump in HNT.) On the 29th, the U.S. Securities and Exchange Commission issued a rare “no-action letter,” confirming that the 2Z token of the decentralized physical infrastructure network project DoubleZero is not governed by the Securities Act. This document has sent shockwaves through the crypto industry, which has long been troubled by regulatory uncertainty, and is seen as a clear signal of the Trump administration's relaxed policies. The SEC's no-action letter reveals that the DoubleZero token has been recognized. SEC Chief Counsel Michael Seaman stated in the letter that the committee “will not recommend enforcement action regarding the token issuance of DoubleZero.” The letter explains that the purpose of the 2Z token is to reward users for building physical networks such as private fiber optics, and it is not a passive investment vehicle, thus differing from traditional equity or debt securities. This view effectively marks the first formal delineation between functional tokens and investment securities, allowing the industry to see that as long as the business model clearly serves physical infrastructure, there is a chance to escape the complex securities registration process. The controversy over the Howey Test and new regulatory philosophical thinking. The SEC has historically followed the “Howey Test” to determine whether a token is a security, focusing on whether investors “rely on the efforts of others to profit.” However, under the DePIN model, users must personally deploy nodes or operate equipment to earn token rewards, significantly different from the expectations of passive investment. SEC Commissioner Hester Peirce emphasized in a public statement that “the economic substance of DePIN projects fundamentally differs from capital-raising transactions regulated by the SEC; treating them as securities would inhibit the growth of distributed service networks.” Her remarks echoed SEC Chairman Paul Atkins' distinction between “functional vs. speculative” tokens, aligning with the direction of the CLARITY Act being promoted in Congress, indicating a shift in regulatory thinking from comprehensive blocking to “compliance means access.” Development momentum and subsequent observations for DePIN. With clearer rules, capital and talent are expected to invest in DePIN with greater confidence. DoubleZero co-founder Austin Federa stated: “This is not just a milestone for DoubleZero; it proves that American innovators can advance quickly while collaborating with regulatory agencies.” Additionally, the SEC recently withdrew its lawsuit against Helium, further confirming the shift in regulatory attitudes. Despite the good news, CoinGecko data shows that the DePIN index still fell by 2% on that day, reflecting the gap between short-term investor sentiment and structural positive news. Looking ahead, the market will focus on how the SEC and the Commodity Futures Trading Commission (CFTC) coordinate details concerning secondary market trading, anti-money laundering, and consumer protection. Although the no-action letter is a critical start, it does not automatically apply to all DePIN projects; startup teams still need to disclose functions, rights, and risks in detail to reduce subsequent legal disputes. In summary, this ruling opens a new chapter for U.S. crypto regulation, also giving official endorsement to the business model of “physical contributions in exchange for tokens.” As long as policies are predictable and boundaries are clear, there will be a chance to reposition the balance among innovation, capital, and regulation between Silicon Valley and Wall Street. Related reports: The ambition of four cents: How DeFi disrupts the stablecoin market through vertical integration. A newbie's guide to DeFi (1): How large investors use $10 million to achieve 100% APR through interest arbitrage. One fishing trip: Why does it unveil the contradictory essence of whether DeFi can “have its cake and eat it too”? Venus Attack Revelation <The U.S. SEC confirms that 'DePIN tokens' are not under its jurisdiction: they do not fall within the Securities Act scope>. This article was first published in BlockTempo, the most influential blockchain news media.