The U.S. Securities and Exchange Commission (SEC) issued a no-action letter on September 29, 2025, confirming that tokens associated with Decentralized Physical Infrastructure Networks (DePIN) and Real-World Asset (RWA) tokenization projects, starting with DoubleZero's 2Z token, do not require registration as securities. This decision, detailed in a submission from DoubleZero's legal team on September 25, marks a pivotal regulatory precedent, reducing legal uncertainties for the crypto sector.
The 2Z token is designed as a functional reward for network participants, compensating providers for high-performance connectivity and resource calculations, rather than as an investment vehicle. SEC Commissioner Hester Peirce emphasized that "the economic reality of DePIN projects differs fundamentally from the capital-raising transactions Congress charged this Commission with regulating," highlighting the distinction from traditional securities under the Howey Test. This move is expected to stimulate investment, accelerate adoption of decentralized infrastructure, and attract institutional interest by easing regulatory fears.
