It was another important week in Washington and beyond, with US regulators sending mixed but significant signals on crypto, AI and financial policy. From the SEC greenlighting a Solana-based token to the prospect of a crypto-friendly Federal Reserve chairman, the regulatory climate is rapidly evolving, especially as policymakers grapple with emerging technologies that exceed existing frameworks.
The headline came from the U.S. Securities and Exchange Commission, which issued a no-action letter to Solana-based DePIN project Fuse, an unusual step for a blockchain project seeking to clarify token sales.
Fuse on November 19 asked the SEC’s Division of Corporation Finance to confirm that it would not recommend enforcement action regarding the offering and sale of its FUSE token. The project emphasized that FUSE is not presented as a speculative asset: it is strictly a network stake token, distributed as a reward to users who maintain the protocol’s decentralized infrastructure. The SEC agreed.
In a letter signed by Deputy Chief Counsel Jonathan Ingram, the regulator said it would not pursue enforcement “based on the facts presented” if Fuse followed the safeguards it outlined.
Additionally, the token can only be traded through third-party sites at market rates, showing the SEC’s focus on removing any investment-like features.
This is the second no-action letter related to DePIN in recent months. While not precedent-setting, the decision serves as a useful data point: When tokens are closely tied to utility and distribution is controlled, the SEC appears more open to relief. For projects creating real-world on-chain infrastructure, this is one of the clearest regulatory signs we’ve seen in months.
Crypto markets may soon have a sympathetic voice at the top of US monetary policy. Kevin Hassett, director of the White House National Economic Council and a longtime Trump ally, has emerged as the leading candidate to replace Jerome Powell as chairman of the Federal Reserve.
What’s striking is Hassett’s history with digital assets. He has publicly engaged with the crypto sector, consulted with space-related policy groups, and indicated his openness to digital asset innovation.
Trump advisers describe him as someone the president has deep confidence in on interest rate policy, particularly on the issue of cutting more aggressively than Powell. Hassett also reportedly indicated that he would accept the role if selected.
If nominated, he will be the most crypto-friendly Fed chairman in U.S. history. Although the Fed is not a cryptocurrency regulator, its stance on dollar liquidity, stablecoins, and payment systems has enormous downstream effects. A pro-innovation chair could create greater openness between other agencies or, at the very least, reduce friction.
