The SEC has confirmed that DePIN tokens are not securities. DoubleZero has received a no-action letter, and Commissioner Pierce said: the agency should not regulate the entire economy.

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SEC: DePIN tokens are not securities — DoubleZero receives official no-action letter

The US Securities and Exchange Commission has officially confirmed for the first time that tokens associated with decentralized infrastructure networks (DePIN) are not subject to regulation as securities. On Monday, the SEC issued a no-action letter to DoubleZero, a project that is building a network using private fiber-optic channels.

Why 2Z was not recognized as a security

SEC lawyers noted that the issuance of the 2Z token is not a registration of a class of shares, and the remuneration of participants in the network occurs for the work performed and services provided, and not due to the expectation of profit from the efforts of others. This fundamentally distinguishes DePIN from classic cases of the Gove test.

Commissioner Pierce: SEC is not for everything

Hester Pierce separately emphasized that the economic reality of DePIN projects is different from capital raising transactions:

“The SEC was created to oversee securities markets, not to regulate all economic activity.”

She added that DePIN tokens are functional incentives that motivate participants to build infrastructure, and their classification as securities would slow down the development of the technology.

What this means for the market

DoubleZero considers this move “proof that American founders can get regulatory clarity and move quickly.”

Market lawyers emphasize that the precedent allows for the launch of tokens where value is formed through decentralized participation, rather than centralized management.

At the same time, DePIN tokens on CoinGecko did not react – the segment even sank by 2% in a day.