Overview
- The Division of Corporation Finance told Fuse it would not recommend enforcement if the company offers and sells the token exactly as described in its November 19 filing.
- The relief is explicitly fact-specific, and any change to the token’s structure or underlying assumptions could prompt a different conclusion.
- SEC staff agreed the token’s value does not turn on Fuse’s managerial efforts under the Howey test, reflecting a utility and rewards function instead of an investment purpose.
- Fuse described tokenomics that limit speculation, including redemptions tied to average market prices and caps linked to profit margins for distributed‑energy participants.
- The letter follows a recent no-action response for DoubleZero and is viewed as case-by-case guidance for DePIN models under the agency’s current leadership, with coverage noting renewed trading interest in FUSE.