According to @EleanorTerrett, the SEC issued a no-action letter to Fuse Energy, a Solana-based DePin project building a decentralized energy grid, stating the token offer is not an investment contract. source: @EleanorTerrett on X, Nov 24, 2025. The regulator’s stated rationale is that the token’s value is directly tied to its utility inside the network rather than investor profit expectations. source: @EleanorTerrett on X, Nov 24, 2025. For traders tracking Solana SOL and DePin assets, this event is directly connected to utility-token treatment in this specific case within the Solana ecosystem. source: @EleanorTerrett on X, Nov 24, 2025.