SEC decided that depin tokens do not fall under its jurisdiction

Securities and Exchange Commission USA (SEC) In an official letter to the project doublezero said that the tokens used within DEPIN networks are not classified as securities and therefore do not require registration from the regulator.

Chief Lawyer of the SEC Corporate Department, Michael Siman, in the letter noted that he did not intend to recommend the use of coercive measures regarding the launch of the token 2Z. According to him, the distribution model and economic nature of the coin do not fall under the registration criteria as security under the current American law.

Team doublezero explained the purpose of 2Z: the protocol provides blockchain systems access to unused private fiber optic lines controlled by network nodes; Participants who provide resources will receive 2Z rewards.

Project co-founder Austin Federa He regarded the regulator’s decision as an example of a fruitful dialogue between startups and supervisory authorities.

Today is a monumental day for crypto in America.

The @SECGov Division of Corporation Finance confirmed that the DoubleZero Networks’ native token (2Z) flows to contributors of the network are not subject to the registration requirements under the Securities Acts, and has issued… https://t.co/zefnuHDW2p

— Austin Federa | 🇺🇸 | IBRL/ACC (@Austin_Federa) September 29, 2025

Federa stressed that the 2Z decision of the SEC is a precedent that goes beyond one project: it demonstrates the possibility of a legal zone for tokens, whose main function is to provide infrastructure, and not to attract capital.

The community reacted positively: the congratulations joined, among other things, the co-founder Solana Anatoly Yakovenko.

Yuuuge!!!

— toly 🇺🇸 (@aeyakovenko) September 29, 2025

Former Fox Business Journalist Eleanor Terrett She noted that this document is the first of its kind official letter of renunciation of persecution, which gives a certain regulatory clarity for some models of token distribution.

SEC position as a whole

SEC Commissioner Hester Pierce Separately, she explained that in its economic essence, Depin’s projects differ from the classic schemes for attracting investment. According to her, the tokens of such projects are more of a working incentive for network participants – a tool for providing resources – than shares in business or a promise of profits made by third parties.

Pierce also warned against attempts to bring all kinds of blockchain activity under the traditional securities laws framework, as this may hinder the development of technology. She stressed that the SEC task was to regulate the securities markets, and not all economic activity in a row.

Context and further steps

The SEC 2Z decision comes out against the backdrop of a wider legal definition for the crypto industry: in July, the White House published recommendations on the regulation of digital assets, and then the regulator launched the initiative Project Crypto. In August, the head of the commission Paul Atkins announced the beginning of the development of formal rules for the sector and stated that only a small part of the tokens really falls under the definition of a security.