The DoubleZero Foundation’s 2Z token faced a significant decline in value following the SEC’s no-action letter regarding its regulatory status, leading to market uncertainty. Despite the expected positive impact on the cryptocurrency’s valuation post-approval, the market reaction has been largely negative. This divergence highlights concerns surrounding the token’s intrinsic value and potentially deeper underlying issues. 2Z’s journey since receiving this no-action letter from the SEC is a fascinating case study of how regulatory clarity can affect market sentiment. The SEC’s decision brings much-needed clarity to DePIN projects, paving the way for greater trust among institutional investors. However, the lackluster market response suggests that these expectations haven’t yet materialized in tangible gains.