Journalist Eleanor Terrett reports that the U.S. Securities and Exchange Commission (SEC) has issued a rare no-action letter to Fuse Energy, a decentralized physical infrastructure network (DePin) project built on the Solana blockchain. The regulator determined that Fuse's token offer does not constitute an investment contract, citing its utility-based value. The digital asset in question, $ENERGY, serves as the native utility token for The Energy Network, a decentralized infrastructure system. This regulatory clarity allows Fuse Energy to operate with significantly reduced legal uncertainty regarding the classification of its token. Solana co-founder Anatoly Yakovenko has highlighted this development as a significant milestone for decentralized networks, hailing the move as a major regulatory win for the ecosystem. [Update 1] The SEC's no-action letter confirms that the $ENERGY token operates as part of a decentralized energy infrastructure on Solana. This move is increasingly seen by industry observers as a positive regulatory precedent for utility tokens, particularly within the DePin sector.