{"id":55976,"date":"2025-11-25T09:35:00","date_gmt":"2025-11-25T02:35:00","guid":{"rendered":"https:\/\/hbbgroup.net\/sec-clears-fuse-energy-token-in-win-for-us-crypto-regulatory-clarity\/"},"modified":"2025-11-25T09:35:00","modified_gmt":"2025-11-25T02:35:00","slug":"sec-clears-fuse-energy-token-in-win-for-us-crypto-regulatory-clarity","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/sec-clears-fuse-energy-token-in-win-for-us-crypto-regulatory-clarity\/","title":{"rendered":"SEC Clears Fuse Energy Token in Win for US Crypto \u2018Regulatory Clarity\u2019"},"content":{"rendered":"<div>\n<div>\n<h4 color=\"#333\">In brief<\/h4>\n<ul>\n<li>The SEC has granted no-action relief stating it will not recommend enforcement if Fuse offers and sells its ENERGY token without registration, provided the company follows the structure in its November 19 submission.<\/li>\n<li>The agency has emphasized that its position depends on Fuse maintaining the facts and conditions described in its filing.<\/li>\n<li>Fuse said the decision follows months of engagement with the SEC in a win for U.S. crypto clarity.<\/li>\n<\/ul>\n<\/div>\n<p><span>Fuse Crypto Limited, an energy-technology company that operates distributed-energy programs across the U.S. and Europe, received a key regulatory boost on Monday after the SEC said it would not pursue enforcement over the firm\u2019s planned rewards token.<\/span><\/p>\n<p><span>In a <\/span><a href=\"https:\/\/www.sec.gov\/rules-regulations\/no-action-interpretive-exemptive-letters\/division-corporation-finance-no-action\/fuse-crypto-limited-112425\" target=\"_blank\"><span>response<\/span><\/a><span> to Fuse\u2019s November 19 <\/span><a href=\"https:\/\/www.sec.gov\/files\/corpfin\/no-action\/fuse-incoming-final-conformed-111925.pdf\" target=\"_blank\"><span>no-action request<\/span><\/a><span>, the SEC\u2019s Division of Corporation Finance said it would not object if Fuse offers and sells its ENERGY token without registration, provided the company adheres to the structure described in its submission.\u00a0<\/span><\/p>\n<p><span>While the SEC stressed that its view is contingent on Fuse maintaining the token structure described in its submission, the decision offers one of the clearest examples yet of the regulator distinguishing a loyalty-style digital token from an investment product.<\/span><\/p>\n<p><span>\u201cThis landmark is the result of months of productive engagement with the SEC, and Fuse is proud to play a role in pushing forward regulatory clarity for crypto in the U.S., the company said in a <\/span><a href=\"https:\/\/x.com\/fuseenergy\/status\/1993071393941156082?s=20\" target=\"_blank\" rel=\"nofollow external noopener\"><span>statement<\/span><\/a><span> on X. \u201cThe momentum is building.\u201d<\/span><\/p>\n<h2 color=\"#333\"><b>Fuse tokenomics<\/b><\/h2>\n<p><span>London-based Fuse had argued the Solana-based token\u2019s design limits speculation, noting that redemption values are capped by its profit margins and tied to the average market price when consumers use them.<\/span><\/p>\n<p><span>Fuse\u2019s system awards tokens to households that install or operate distributed energy resources, such as rooftop solar, batteries, and EV chargers.\u00a0<\/span><\/p>\n<p><span>The firm also argued that the token functions like a rebate for energy-efficiency participation rather than an investment tied to the company\u2019s performance.\u00a0<\/span><\/p>\n<p><span>SEC staff ultimately agreed that the token\u2019s value will not depend on the overall success of Fuse or the Fuse Network, a core element of the Howey test used to determine whether an asset is a security.<\/span><\/p>\n<p><span>The decision drew support from Bill Hughes, a lawyer at Consensys, who said the SEC&#8217;s cited factors made the outcome clear.\u00a0<\/span><\/p>\n<p><span>\u201cThere is not a lawyer in crypto that would have thought this token was a security,\u201d he <\/span><a href=\"https:\/\/x.com\/BillHughesDC\/status\/1993074693008773236?s=20\" target=\"_blank\" rel=\"nofollow external noopener\"><span>wrote<\/span><\/a><span> on X, calling the matter an \u201ceasy case.\u201d<\/span><\/p>\n<p><span>Lawyers representing Fuse did not immediately respond to <i>Decrypt\u2019s<\/i> request for comment.<\/span><\/p>\n<div>\n<h3>Daily Debrief Newsletter<\/h3>\n<p>Start every day with the top news stories right now, plus original features, a podcast, videos and more.<\/p>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>In brief The SEC has granted no-action relief stating it will not recommend enforcement if Fuse offers and sells its [&hellip;]<\/p>","protected":false},"author":5,"featured_media":55979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-55976","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/55976","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=55976"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/55976\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/55979"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=55976"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=55976"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=55976"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}