Suche
SEC approved Doublezero: Depin tokens are not securities!
The SEC approves Doublezeros Depin token, confirms their status outside of the securities laws and promotes innovations.
SEC approved Doublezero: Depin tokens are not securities!
On October 2, 2025, an important step for the blockchain industry was announced when the US Securities and Exchange Commission (SEC) approved Doublezero’s Depin token. This could have an impact on Far-Reaching on the legal classification of blockchain-based infrastructure rewards, since they may fall outside of the US investment laws. The SEC issued a no-action letter that states that Doublezero's 2Z token does not have to be registered as security reported] (https://crypto.news/sec-grants-first-ever-no-action-letter-to-doublezero/).
The no-action letter was published on September 29 by the Department for Corporate Financing of the SEC and means that the SEC would not recommend enforcement measures, provided that the programmatic transfers of the 2Z token take place under the conditions specified in the application of September 25th. According to information from Doublezero, the 2Z token is not designed as an investment vehicle, but as a functional reward within the network. During the introduction, the tokens are sold in two types to network participants: as compensation for network providers and for resource providers.
Innovations through depin token
The SEC has made it clear that depin tokens that offer rewards for the provision of physical infrastructure differ significantly from the traditional investment offer. This is in line with the Howey test, which forms the basis for the classification of securities in the USA. SEC commissioner Hester Peirce said that the classification of such tokens could hinder innovations in decentralized networks as securities.
Peirce emphasized that the tokens are not stocks or profit promises from the efforts of others. Instead, it is "functional incentives" to promote the growth of the infrastructure. She also warned that classification as securities would consider the growth of networks of distributed service providers considerably. Doublezero’s General Counsel Mari Tomunen supported this view and added that the Howey test was not applicable if the value of the token depends on the work of other network participants.
The role of Depin projects
Depin projects (Decentralized Physical infrastructure networks) like Doublezero use token incentives to coordinate contributions to physical resources such as memory, bandwidth, card data or energy. The introduction of the 2Z token is considered centrally for the operation of the protocol and underlines that these so-called "programmatic transfers" do not have to be registered under the Securities Act.
Overall, the approval of the 2Z token causes a new era for the regulatory treatment of cryptocurrencies and blockchain-based solutions. It remains to be seen how this will affect the industry and in particular similar projects. The decision could serve as a precedent and pave the way for further innovations in the rapidly developing world of defic and infrastructure projects.