Paul Atkins

Token

Fuse

<ul>
 <li>SEC okays Fuse’s ENERGY token; no registration needed.</li>
 <li>Token rewards users for energy-saving, not investment profits.</li>
 <li>Signals SEC easing on real-world utility tokens.</li>
</ul>
The SEC just<a href="https://www.sec.gov/rules-regulations/no-action-interpretive-exemptive-letters/division-corporation-finance-no-action/fuse-crypto-limited-112425" target="_blank" rel="noopener noreferrer nofollow"> handed </a>Fuse Crypto a no action letter on November 24, <a href="https://www.sec.gov/files/corpfin/no-action/fuse-incoming-final-conformed-111925.pdf" target="_blank" rel="noopener noreferrer nofollow">saying</a> they won’t chase charges. That is over the company’s 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.
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Jonathan Ingram from the SEC made it clear the okay is based strictly on Fuse’s facts—if things change, so could the relief. The letter doesn’t say if the token is or isn’t a security, just that enforcement won’t kick in right now.
<h3 class="wp-block-heading" id="h-fuse-s-token-and-why-it-s-not-a-security">Fuse’s Token and Why It’s Not a Security</h3>
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 doesn’t fit the Howey Test no money invested for profits from others’ work. Users earn it for their own actions, like consuming energy smarter, not betting on Fuse’s 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 “Project Crypto” 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, it’s a green light to roll out without heavy registration, focusing on utility over speculation. For the crypto world, it’s 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.

SEC Grants Fuse Crypto a No-Action Letter

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