The SEC has given Fuse Crypto a green light to proceed with its ENERGY token without needing to register it as a security under the 1933 Act or list it on equity exchanges. The decision, granted on November 24th, signifies the agency’s easing stance on tokens tied to real-world utility, according to a statement by Jonathan Ingram of the SEC. Fuse’s token is designed to reward users for their participation in energy efficiency programs, not speculation or investment returns. 1933 Act (Securities Act) registration, and listing on equity exchanges under the 1934 Act, are required unless they meet specific regulatory criteria outlined by the SEC. The no-action letter does not make any explicit judgment about whether the token constitutes a security. Instead, it simply indicates that enforcement action will be withheld for now. Fuse’s ENERGY token rewards users who participate in programs aimed at easing grid strain and reducing energy consumption through smart usage. Fuse argues their token is based on real-world utility – users earn it by participating in these energy-saving activities – not by investing in or speculating on the success of the company itself. This decision follows a similar action taken by the SEC earlier this year for DoubleZero’s DePIN token. The move signals an evolving stance from the SEC towards digital assets, with clear steps toward updating rules and categorizing securities based on their nature. The SEC’s Chair Paul Atkins has championed clearer guidelines for digital assets, paving the way for a potentially more predictable regulatory landscape for crypto companies focusing on real-world utility tokens.