Catenaa, Wednesday, November 26, 2025-The US Securities and Exchange Commission said it will not pursue enforcement against Fuse Crypto Limited if the company issues its ENERGY token according to the structure outlined in a November 19 submission.
The decision provides regulatory clarity for the token, which rewards households participating in distributed-energy programs across the US and Europe.
Fuse, a London-based energy-technology firm, operates programs involving rooftop solar panels, batteries, and EV chargers.
The company designed the Solana-based ENERGY token to function as a rebate for energy-efficiency participation rather than an investment dependent on company performance.
The SEC confirmed that as long as Fuse adheres to the specified structure, the token does not trigger registration requirements.
The regulator emphasized that its position relies on Fuse maintaining the token conditions described in its filing. The ruling distinguishes loyalty-style tokens from investment products, clarifying compliance expectations for similar crypto initiatives.
Fuse said the decision follows months of engagement with the SEC and represents a win for US crypto regulatory clarity. Lawyers noted the outcome was expected, given that the token’s redemption values are capped and not tied to the company’s success, meeting the SEC’s standards under the Howey test.
The approval comes as decentralized physical infrastructure networks (DePINs) expand in the renewable energy sector, with blockchain-based tokens increasingly used to incentivize energy generation and distribution.
